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Eurozone Private Sector Growth At 3-month High

Eurozone Private Sector Growth At 3-month High

Eurozone's private sector expanded at the fastest pace in three months in February, led by stronger growth in services, while manufacturing contracted, preliminary survey data from IHS Markit showed on Thursday.

The flash Composite Purchasing Managers' Index rose to 51.4 from 51 in January. Economists had forecast a score of 51.1.

A PMI reading above 50 suggests growth in the sector.

The Services PMI climbed to a three-month high of 52.3 from 51.2 in January.

In contrast, the manufacturing sector shrunk in February with the PMI falling to a 68-month low of 49.2 from 50.5 in the previous month.

The manufacturing PMI Output index also dropped to a 69-month low of 49.2 from 50.5 in January.

"The survey data suggest that GDP may struggle to rise by much more than 0.1% in the first quarter," IHS Markit Chief Business Economist Chris Williamson said.

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