New industrial orders in the euro zone beat expectations in July, data showed today.
Orders rose 1.8 per cent month-on-month in the 12-nation single currency area for an annual rise of 9.7 per cent, boosted by machinery and equipment as well as volatile transport equipment, European Union statistics agency Eurostat said.
Excluding volatile orders for ships, railway and aerospace equipment, new orders grew by 1.1 per cent month-on-month for a 9.8 per cent annual increase. July orders for transport equipment gained 3.9 per cent from the previous month and 3.3 per cent year-on-year.
Eurostat revised up the new order numbers for June, reporting a 2.2 per cent fall month-on-month and an annual gain of 5.6 per cent versus the previous readings of a drop of 2.5 per cent and a rise of 5.2 per cent, respectively.
Although analysts warned that industrial orders are volatile, making it difficult to predict an economic trend from them, the figures added to a string of positive data from the currency area.
French consumer spending in August surged 3.3 per cent month-on-month, the highest since 3.5 per cent in July 1999, national statistics office INSEE said.
The euro zone economy has been performing well this year, despite high oil prices, a strong euro currency and interest rate rises by the European Central Bank.