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(CEP News) Frankfurt - According to Eurostat, industrial orders in the euro zone declined 4.4% in May on an annualized basis, the strongest decline recorded since August 2003.
Economists had expected only a slowing in the growth rate to 2.1% after the orders' level had gained 12.3% in the previous month. April's increase was revised up from an initial reading of +11.7%. Looking at the euro zone states for which data is available, France posted the most severe fall in industrial orders with a reading of -8.9% year-over-year. Meanwhile, Ireland saw the strongest gain in orders with a 9.9% increase in May, up significantly from its 6.7% fall in April. Month-over-month, industrial orders slipped 3.5% in seasonally adjusted terms, down from both the 1.3% decline forecast and the previous month's gain of 2.0% April's figure was revised down from a growth rate of 2.5% previously reported. By Todd Wailoo,
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, edited by Nancy Girgis,
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