In February, economic activity in the euro zone surged at the fastest pace since 2011, driving optimism over the region’s prospects, as preliminary data disclosed on Tuesday.
Market research group Markit told that its Flash Euro Zone Composite Output Index, which evaluates the combined output of both the manufacturing and service sectors edged up from 54.4 in January to 56.0 in February, which is above forecasts for 54.3. By the way, the latest reading turned to be the highest since April 2011.
Growth accelerated in both manufacturing as well as services to rates not observed since early-2011, with the goods-producing sector enjoying the faster rate of expansion again.
The preliminary euro zone manufacturing purchasing managers’ index tacked on to 55.5 this month from a final outcome of 55.2 in January. Financial experts had expected the index to sag to 55.0 in February.
The flash services purchasing managers’ index edged up to 55.6 this month from January’s outcome of 53.7, easily surpassing hopes for a reading of 53.7.
