Eurozone flash composite PMI up to 7-month high in Feb.

The flash eurozone composite purchasing managers' index (PMI) rose to a seven month high and eased concerns about the region's economy, data from Markit showed Friday.

The flash Markit eurozone PMI Composite Output Index rose to 53.5 in February, up from its January level of 52.6.

Growth of business activity has now accelerated for three successive months, having almost stalled back in November, driven higher by stronger demand, said Markit. New orders also grew at the sharpest rate for seven months in February.

Faster growth was seen in both services and manufacturing. The flash eurozone services PMI activity index increased to 53.9 in February, up from 52.9 in January. The flash eurozone manufacturing PMI rose to 51.1 in February, up from 51.0 in January, marking a seven-month high.

Services continued to see the stronger pace of expansion of the two sectors, with manufacturing growth remaining relatively subdued, said the London-based survey compiler.

"February's PMI surveys paint an upbeat picture of improving eurozone economic health. Undeterred by the ongoing Greek debt crisis, economic growth is gathering momentum and looks set to gain further traction in coming months," said Chris Williamson, chief economist at Markit.

"Looking ahead, the persistent weakness of the euro and the launch of ECB QE next month should help to support a continued slow recovery," said Jessica Hinds, European economist of Capital Economics, a London-based economic research company.

"But with negotiations over Greece's bailout going down to the wire and the chances of a Greek euro exit rising, there is a clear risk that any improvement is short-lived," said Hinds. Endit