LONDON (AP) – The 19-country eurozone economy grew in February at a seven-month high rate, a closely-watched survey found Wednesday, the latest in a string of evidence suggesting the region’s recovery is gaining momentum.
Financial information company Markit said its composite purchasing managers’ index – a broad gauge of economic activity – rose for the third month running to 53.3 points in February from 52.6 the previous month, with new orders doing particularly well.
Though down from an initial estimate of 53.5, the index is at its highest level since July, 2014. Anything above 50 indicates expansion. Markit says the February survey suggests the economy grew by a quarterly 0.3 percent in the first three months of the year, the same as it did in the fourth quarter of 2014.
And in what may be a positive signal for the future, Markit recorded expansions in economic activity across each of the ‘big-four’ eurozone economies – Germany, France, Italy and Spain – for the first time since April, 2014.
Chris Williamson, Markit’s chief economist, said the most encouraging aspect of the survey was the signs of renewed growth in France, Europe’s second-largest economy. France has been a laggard during the recovery with many economists blaming the government for not pursuing enough reforms.