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Euro zone Feb orders surge more than expected

Source: Reuters - Fri 23rd Apr 2010

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.

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