Eurozone economic development better than expected

PanARMENIAN.Net - Further evidence has emerged that the economy of the 17 European Union countries that use the euro has started 2013 better than many people had expected, The Associated Press reports.

Markit, a financial information group, says Tuesday, Feb 5, that its monthly purchasing managers' index for the eurozone's services sector — a closely-watched gauge of activity — rose to a ten-month high of 48.6 in January from 47.2 in December.

Though the index remains below the 50 mark that would indicate expansion, the survey does echo findings elsewhere that the eurozone economy may be over the worst. Markit's equivalent manufacturing survey last Friday was similarly encouraging.

Though figures next week are expected to show the eurozone remained in recession in the final quarter of 2013, there are hopes a recovery may take root by summer.