According to IHS Markit, eurozone business activity accelerated in February. The IHS Markit/CIPS business activity index (PMI) rose to 51.9 in February from January’s reading of 51, its three-month high.

The index below the 50 mark separates growth from contraction. Last month, the eurozone service sector PMI rose from 51.2 to 52.8, demonstrating the maximum score for the last three months. According to preliminary flash evaluation, it was 52.3.

"The final PMI for February showed a slight improvement over the preliminary assessment. In general, however, the results of the study weren’t very positive. The main reason for this is the limiting business activity factors such as the slowdown in global economic growth, an increase in the number of geopolitical problems, trade wars, Brexit, and tighter financial conditions," Chris Williamson, chief economist at IHS Markit, reported.

The increase in business activity was recorded throughout the eurozone excluding Spain, where the consolidated PMI decreased to 53.5 from the previous 54.5. In France, business activity rose again after a decline in December-January, having reached 50.4. The composite PMI in Germany rose to 52.8 from the previous 52.1, being at its highest for the last four months. On the whole, strong sales growth was recorded in the eurozone service sector in February. It offset the decline in orders in the industrial sector.

Business sentiment also reached record levels in the last five months. The growth forecast for the current year was revised from 1.9% to 1.3%, and for 2020 – from 1.7% to 1.6%.

Currently, the quarterly GDP growth rate rose to 0.2% in February from 0.1% in January this year. According to analysts, this means that in the first quarter the eurozone economy will not be able to overtake the growth rate of 0.2% recorded in the fourth quarter of 2018.