Eurozone Private Sector Growth Highest Since 2011

Eurozone private sector grew at the fastest pace in almost four years in March, flash data from Markit Economics showed Tuesday. 

The flash composite PMI rose more-than-expected to 54.1 in March from 53.3 in February. The index rose for the fourth consecutive month to reach the highest since May 2011. The reading stayed above the forecast of 53.6. 

At 53.3, the average PMI reading for the first quarter was the highest since the second quarter of last year. 

The services PMI came in at 54.3 in March, a 46-month high. Economists had forecast the index to rise to 53.9 from 53.7 in February. 

Likewise, the manufacturing PMI rose to a 10-month high of 51.9 from 51 in February. The index was expected to rise to 51.5. 

"The region's GDP looks to have expanded by 0.3 percent in the first quarter, buoyed by a 0.4 percent expansion in Germany and signs of a long-awaited recovery in France," Chris Williamson, chief economist at Markit said.