Eurozone growth nears 6-year high in February: IHS Markit

Growth of eurozone economic output accelerated to a near six-year record high in February, according to IHS Markit on Friday.

IHS Markit's Purchasing Managers' Index (PMI), seen as a good overall growth indicator, rose sharply to 56 points in February from 54.4 points in the previous month.

IHS Markit said the output growth was mainly a result of the eurozone's manufacturing sector.

"Total new orders and new export business drove the rate of expansion in manufacturing production to its highest since April 2011," it said.

Growth momentum also strengthened in the service sector, with business activity rising to the greatest extent in over five-and-a-half years, according to IHS Markit.

IHS Markit, based in London, is a global financial information and analytics company.

National data signalled that Ireland remained at the top of the PMI output growth rankings, it said, adding that this was despite being the only nation to see its rate of expansion moderate since January.

IHS Markit said all of the "big four" economies reported stronger increases in output.

Growth hit an 18-month high in Spain, a 34-month high in Germany, a 69-month peak in France and was the sharpest since December 2015 in Italy, according to the company.

Chris Williamson, chief business economist at IHS Markit, said the final PMI numbers painted "a bright picture of a eurozone economy starting to fire on all cylinders."

"Growth accelerated in all of the four largest member states in February to suggest an increasingly sustainable and robust-looking upturn," Williamson said.

Both France and Germany look to be on course to grow by 0.6 percent in the first quarter, with Spain set for at least a 0.7-percent expansion, he said.

Italy is lagging behind, but is nevertheless enjoying its best growth in over a year, and likely to see its gross domestic product (GDP) rise by 0.4 percent in the first quarter, he added. Endit