Eurozone business activity better than initially estimated


Eurozone services PMI increased to 52.6 (flash 51.7) in February from 51.6 in January.

Composite output rose to 53.3 (flash 52.7) from 52.9.

Italy's composite PMI improved to a 34-month high of 53.4, while Germany grew strongly as well, although Spain and Ireland slowed a bit and France continued to contract.

Of particular encouragement, though, in the overall survey, was that headcount improved for the first time since 2011.

The PMI data suggests that eurozone GDP is on track to grow 0.4-0.5% in Q1, which would be the "best performance for three years."

The euro is flat at $1.3742 after being lower before the eurozone PMI reports were released. (PR)

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