Euro zone Feb orders surge more than expected

Euro zone industrial new orders jumped more than expected in February on the back of healthy demand for intermediate goods, data showed on Friday, pointing to a pick-up in the pace of economic recovery.

Industrial new orders in the 16-country currency area rose 1.5 percent month-on-month and jumped 12.2 percent year-on-year, European Union statistics office Eurostat said.

Economists polled by Reuters had on average expected gains of 0.8 percent month-on-month and 11.2 percent from a year earlier.

Orders for intermediate goods, such as steel, pipes, paint or plywood that are used to make other products, surged 2.6 percent month-on-month and 23.0 percent year-on-year.

Volatile demand for ships, planes and trains pulled down the February total as without them, orders rose 2.5 percent monthly and 14.0 percent year-on-year.