Eurozone economy expanding at fastest rate since June 2011
We might finally be seeing a stronger recovery in the Eurozone.
Eurozone output is rising at its fastest pace since 2011 according to the latest purchasing managers' index (PMI) data from Markit.
Up from 52.1 to 52.9 in January – but still short of analyst expectations. Consensus estimates suggested we'd be seeing a jump to 53.2 this morning.
Any number above 50 is broadly good news however, suggesting that economic activity is expanding.
Chris Williamson, chief economist at Markit, thinks that "we should expect GDP forecasts for 2014 to start being revised up if the PMI continues to rise, with the consensus of one per cent growth already looking somewhat conservative."