LONDON – A closely watched survey indicates that economic growth across the 19-country eurozone struck a 6-year high in April.
Financial information company IHS Markit says Thursday that its purchasing managers' composite output index — a broad gauge of economic activity — rose to 56.8 in April from 56.4 the previous month. The reading was at its highest level since April 2011.
Anything above 50 indicates expansion.
Chris Williamson, the firm's chief business economist, said the survey portrays "an economy that is growing at an encouragingly robust pace and that risks are moving from the downside to a more balanced situation." He said it's consistent with quarterly growth of 0.7 percent.
On Wednesday, figures showed the eurozone grew by 0.5 percent in the first quarter.