2018.02.2104:17:00UTC+00Eurozone Private Sector Growth Cools In February

Eurozone private sector growth continued to rise at a steep pace in February, albeit with the rate of expansion cooling from the near 12-year high in January, flash data from IHS Markit showed Wednesday.

The composite output index dropped to 57.5 from 58.8 in the previous month. The score was forecast to fall to 58.4.

The services Purchasing Managers' Index came in at 56.7, down from 58.0 in January and also below the forecast of 57.6.

Similarly, the factory PMI slid to 58.5 from 59.6 in the previous month. The score was expected to fall moderately to 59.2.

"The PMI readings for the first two months of the quarter generally provide a reliable guide to official GDP growth, and indicate that the eurozone economy is expanding at a quarterly rate of 0.9 percent in the opening quarter of 2018," Chris Williamson, chief business economist at IHS Markit said.