Manufacturing in the euro zone defied forecasts in March, hitting a 40-month high, according to a sector survey released today by data and research group Markit.
The 16-nation euro currency bloc's purchasing managers' index for the manufacturing sector, published by Markit, rose 2.4 points from February to 56.6 points in the month of March. In an estimate last week, Markit set the March index at 53.3 points.
This is the sixth consecutive month in which the index has stood above the 50-point barrier, which signals a growth in manufacturing activity.
Markit chief economist Chris Williamson said the 'further surge in growth in March' suggests that 'the economic recovery remained in full swing at the end of the first quarter'.
Ireland, Austria, France, Germany, Italy and the Netherlands all saw output expand. Greece was the only euro zone country to report a contraction.
