{"id":3870,"date":"2015-02-23T12:04:40","date_gmt":"2015-02-23T12:04:40","guid":{"rendered":"http:\/\/english.thesunrisetoday.com\/?p=3870"},"modified":"2015-02-23T12:04:40","modified_gmt":"2015-02-23T12:04:40","slug":"euro-zone-business-activity-hits-seven-month-high","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/euro-zone-business-activity-hits-seven-month-high\/","title":{"rendered":"Euro zone business activity hits seven-month high"},"content":{"rendered":"

\"EU\"<\/a>Euro zone business activity hit a seven-month high in February, extending gains despite concerns over the Greek debt crisis as the economy recovers from a soft patch, a key survey showed.
\nAnalysts broadly welcomed the closely-watched Markit Economics report after the economy had looked in real difficulty late last year, but some remained cautious on the outlook.
\nMarkit Economics said its Composite Purchasing Managers Output Index (PMI) for the 19-nation single currency bloc jumped to 53.5 points from 52.6 in January, putting it well above the 50-points boom or bust line.
\nThe PMI for the services sector, which accounts for about two-thirds of all economic activity, rose sharply to 53.9 points from 52.7 in January while manufacturing edged up to 51.1 from 51.
\n\u201cThere are mounting signs that eurozone economic activity really is now improving,\u201d said Howard Archer of IHS Global Insight.
\nThe report \u201creinforces our frequently stated belief that growth will surprise on the upside in 2015 and come in at 1.5 percent,\u201d Archer added.
\nEarlier this month, the European Commission raised its 2015 eurozone growth forecast to 1.3 percent from the previous 1.1 percent.
\nMarkit Economics chief economist Chris Williamson said the \u201csurveys paint an upbeat picture of improving eurozone economic health.
\n\u201cUndeterred by the ongoing Greek debt crisis, economic growth is gathering momentum and looks set to gain further traction in coming months.\u201d
\nThe figures suggested the eurozone economy was on course to grow at least 0.3 percent in the first three months of the year, he added.
\nThe euro zone expanded a better-than-expected 0.3 percent in the fourth quarter of 2014 after a 0.2 percent gain in the third.
\nJessica Hinds at Capital Economics cautioned against getting carried away, saying the PMI report \u201cpoints to further slow recovery for now.\u201d
\n\u201cIt provides some reassurance that the region\u2019s recovery may have continued in the first quarter of 2015 despite the ongoing crisis in Greece,\u201d Hinds said in a research note.
\n\u201cHowever, on the basis of past form, this is only consistent with quarterly growth of around 0.3 percent, no better than the fourth quarter, suggesting that the region\u2019s economic recovery is still struggling to gain much momentum.\u201d<\/p>\n

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