Investing.com – The euro zone's services sector grew more than initially projected in March, rising to a three-and-a-half year high, industry data showed on Tuesday.
In a report, the market research group, Markit said the final euro zone services business activity index rose to 57.2 in March, following a preliminary estimate of 56.9.
Analysts had expected the index to remain unchanged from a preliminary estimate of 56.9.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
According to the data, growth of new business also remained close to February’s three-and-a-half year peak, firming marginally from the flash reading. National differentials remained marked, as growth in Germany and France continued to run well ahead of the euro zone average.
March saw average input prices rise to the greatest extent since August 2008, with rates of inflation accelerating in all of the nations covered by the survey.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.23% to hit 1.4187.
Meanwhile, European stock markets were down. The EURO STOXX 50 slumped 0.52%, France’s CAC 40 dipped 0.51%, the FTSE 100 fell 0.32%, while Germany's DAX dropped 0.36%.
In a report, the market research group, Markit said the final euro zone services business activity index rose to 57.2 in March, following a preliminary estimate of 56.9.
Analysts had expected the index to remain unchanged from a preliminary estimate of 56.9.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
According to the data, growth of new business also remained close to February’s three-and-a-half year peak, firming marginally from the flash reading. National differentials remained marked, as growth in Germany and France continued to run well ahead of the euro zone average.
March saw average input prices rise to the greatest extent since August 2008, with rates of inflation accelerating in all of the nations covered by the survey.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.23% to hit 1.4187.
Meanwhile, European stock markets were down. The EURO STOXX 50 slumped 0.52%, France’s CAC 40 dipped 0.51%, the FTSE 100 fell 0.32%, while Germany's DAX dropped 0.36%.