Euro zone growth surges to near six-year high despite upcoming French elections

Fabrice Dimier | Bloomberg | Getty Images

An employee at the Renault factory in Maubeuge, France

Growth in euro zone business activity surged in February to its highest level in almost six years, according to the latest survey of the services and manufacturing sectors by IHS Markit.

The results showed robust upturns for the French and German economies despite political uncertainty in both countries due to elections this year.

The overall flash composite index of services and manufacturing activity in the euro zone spiked to 56.0 in February, up from 54.4 in January, Markit said on Tuesday. This was its highest reading since April 2011. The index surpassed expectations for a reading of 54.3, according to analysts polled by Reuters. The 50-point threshold separates expansion from contraction.

France reported a composite PMI (Purchasing Managers' Index) of 56.2 for February, well above analyst forecasts and the 54.1 reported for January. Germany's figure also surged to a figure of 56.1 for February.

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