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Eurozone set for further growth

THE Eurozone is on track for another quarter of growth in the last three months of the year after December’s flash purchasing managers’ indices posted a new high.

The composite index – which accounts for both the manufacturing and services sectors – reached a 26-month high of 54.2 in December and is well above the critical 50 level that indicates unchanged activity.

Meanwhile, Eurostat confirmed that the single currency area exited deflation in November. But its original estimate was revised down to an annual 0.5 per cent from 0.6 per cent.