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Eurozone Private Sector Growth Accelerates In January

Eurozone private sector grew at the fastest pace in five months in January, flash survey data from Markit Economics showed Friday.

The composite output index rose more-than-expected to a five-month high of 52.2 in January from 51.4 in December. Economists has forecast it to rise to 51.7 nominally.

The flash services Purchasing Managers' Index climbed to 52.3 in January from 51.6 a month ago. It was the highest reading in three months. Economists had forecast the index to rise to 52.

At the same time, the manufacturing PMI increased slightly to a six-month high of 51.0 from 50.6 in December. The expected score was 51.

"The rate of expansion remains worryingly weak, however, with the PMI running at a level consistent with GDP rising at a quarterly rate of just 0.2%, and the economy both fragile and susceptible to shocks and further setbacks," Chris Williamson, chief Economist at Markit said.

"That said, there's good reason to believe the rate of expansion will continue to improve in coming months."

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