Investing.com - The euro zone economy picked up further momentum in at the end of 2017, with December seeing the fastest growth in business activity in almost seven years, according to data released on Thursday.
The preliminary reading of the Markit manufacturing purchasing managers’ index rose to 60.6 this month from 60.1 in November. It was a record high reading
Economists had expected a reading of 59.8.
The services PMI rose to 56.5, compared to expectations for 56.1, from 56.2 a month earlier. It was the highest reading since early 2011.
The composite output index, which measures the combined output of both the manufacturing and service sectors rose to 58.0 from 57.5, compared to expectations for 57.2.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
“The eurozone economy is picking up further momentum as the year comes to a close, ending its best quarter since the start of 2011. The PMI is signalling an impressive 0.8% GDP increase in the fourth quarter, with accelerating growth seen in both Germany and France," Chris Williamson, chief business economist at survey compiler Markit said.