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Business growth in the eurozone is blazing ahead as the year nears its end, a survey published on Thursday showed, providing proof of the effectivity of the European Central Bank's choice of monetary stimulus and its path.
IHS Markit's composite Purchasing Managers' Index, which covers the activity in both services and manufacturing industries, surged to 57.5 this month, the index's highest reading since April 2011 and surpassing the average forecast. It was also higher compared to the prior month's 56.0 reading.
The non-manufacturing sector's PMI also topped average estimates, rising from the previous month's 55.0 to a six-month peak of 56.2 and significantly higher than the average projection for a modest rise to 55.1.
Manufacturers performed better than expected. The industry's PMI rose to 60.0 from 58.5, the index's second-highest reading on record. A measure of production surged to an almost seven-year high of 60.8 from 58.8.
Prospects for December also looks positive. A new business index rose to 56.9 from 56.6, close to a seven-year high.
Britain's overall economic expansion moderately accelerated in the third quarter, but only recorded a GDP growth of 0.4 percent as household spending increased. However, this was offset by the slowdown in business investment.
In contrast , exports, as well as capital expenditures, fueled the eurozone economy powerhouse, Germany, in the previous quarter.
