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Financial News: Eurozone Private Sector Growth Hits 6-Year High

Eurozone Private Sector Growth Hits 6-Year High

03/24/2017 - 05:17:00 (RTTNews)

(RTTNews) - Eurozone private sector reached a near six-year high in March, flash survey data from IHS Markit showed Friday.

The composite output index rose to 56.7 in March from 56.0 in February. The latest reading was the highest since April 2011. Economists had forecast the index to fall to 55.8.

The flash services Purchasing Managers' Index improved unexpectedly to 56.5 from 55.5 in February. The score was forecast to fall to 55.3.

Likewise, the manufacturing PMI climbed to 56.2 from 55.4 in February. The expected reading was 55.3.

"The March flash PMI rounds off the best quarter for six years and signals GDP growth of 0.6 percent in the first quarter," Chris Williamson, chief business economist at IHS Markit, said.

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