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EU Trumpets Good Stats,|but Before Greek Debacle

(CN) - In leisurely statistical fashion, the European Union has released excellent economic news -- from March. Before the Greece debacle hit the EU economy, industrial orders were picking up very nicely with a 5.2% jump in new orders in the euro zone.

In March 2010 compared with February 2010, the euro area1 (EA16) industrial new orders index rose by 5.2%. In February the index increased by 1.9%. In the EU27, new orders gained 5.9% in March 2010 after a rise of 1.1% in February.

Excluding ships, railway & aerospace equipment, for which changes tend to be more volatile, industrial new orders grew by 4.5% in the euro area and by 5.0% in the EU27.

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