Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) was at 54 points in January, up from December's 52.7 points and up from the earlier flash estimate of 53.9 points, confirming the strongest rate of expansion in the euro zone manufacturing sector since May 2011.
Among the countries covered by the survey, Greece's PMI moved back into growth territory for the first time since August 2009, joining the ongoing expansions seen in Germany, Italy, Spain, the Netherlands, Austria and Ireland. The upturn was led by Germany, where growth hit a 32-month record high. Rates of increase also remained solid in the Netherlands and Austria, while Spain was the only country apart from Germany to see its rate of expansion quicken.
Chris Williamson, chief economist at Markit, said, "The euro zone manufacturing recovery gained significant further momentum in January, with final PMI readings for Germany, France and the region as a whole all exceeding the earlier flash estimates. However, perhaps the most important development in the report is the further revival of manufacturing in the region's periphery. Both Italy and Spain are seeing robust growth of output and order books, and the Greek PMI's rise above 50 for the first time since August 2009 is an important signal of how even the most troubled member states are returning to growth."