A new method for extracting respiratory signals from the ECG/VCG is presented. The method is based on the alignment of an observed VCG loop to a reference loop with respect to the transformations of rotation and time synchronisation. The resulting series of estimated rotation angles reflects respiratory-induced changes in the electrical axis of the heart. The respiratory frequency is estimated by power spectral analysis of the derived respiration signal. The value of respiratory modulation of the heart rate is considered by analysing the cross power spectrum of the signals related to rotation angles and heart rate. For comparison, a respiratory signal derived from the QRS area of two different leads is implemented. The performance of the methods is validated on a database with simultaneously recorded VCG and respiratory signals acquired from 20 healthy subjects. The agreement between the respiratory frequencies obtained from the derived and the respiratory signals is presented. The angle-based respiratory signal is found to produce the best agreement with a gross median error of only 4.2%.