Eurozone private sector expands at fastest pace since 2006

08:40, February 22, 2011      

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Activities in the private sector of the euro zone expanded in February at the fastest pace since July 2006, survey data from Markit Economics showed on Monday.

A composite index based on a survey of purchasing managers in the 17-nation euro zone rose to 58.4 from 57 in January, the highest reading since July 2006 and beating expectations for 56.9.

A figure above 50 suggests expansion. Analysts said the fastest growth in more than four years of the closely-watched index showed economic recovery in the euro zone is gaining strength.

"Growth has accelerated sharply since hitting a low last October, with manufacturing continuing to lead the renewed upturn in February as production rose at a pace only marginally below the 10-year peak seen in April of last year," Markit said in a statement.

The accelerated growth was supported by a sharp pickup in both the service and manufacturing sector.

Figures showed eurozone service business activity rose to 57.2 from 55.9 in January, while manufacturing output jumped to 59, the highest level since June 2000, from 57.3 in January.

Source: Xinhua

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