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Eurozone industrial decline 'beginning to slow'
The latest figures from the eurozone suggest that the recession may have bottomed out, according to analysts.
Eurostat data shows that new industrial orders fell sharply during March - by 0.8 per cent compared with February and 26.9 per cent compared with March 2008 - but the annual drop was less than that recorded in the first two months of 2009.
The annual fall was less than analysts spoken to by Reuters had predicted and could signal an end to the downturn.
"All the news from the industrial sector is telling us that the pace of decline in activity is beginning to slow," Fortis Bank economist Nick Kounis told the news provider.
According to the figures, new industrial orders in Slovakia rose in number by 2.5 per cent month-on-month during March, although the total was 29.1 per cent down on March 2008''s figure.
GDP as a whole in the eurozone contracted by 2.5 per cent in the first quarter of the year when compared with the final quarter of 2008, the statistics also revealed.
