The recovery in euro zone business activity gathered pace last month as growth accelerated in the bloc's dominant services industry, a survey showed, providing the latest piece of evidence suggesting the currency union will avoid a recession.
S&P Global's Composite Purchasing Managers' Index , seen as a good barometer of overall economic health, climbed to an eight-month high of 52.0 last month from 50.3 in January, a little shy of a 52.3 preliminary reading."A resounding expansion of business activity in February helps allay worries of a euro zone recession, for now," said Chris Williamson, chief business economist at S&P Global.
"There are clear signs that business confidence has picked up from the lows seen late last year, buoyed by fewer energy market concerns, as well as signs that inflation has peaked and recession risks have eased."
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