Business activity in the euro region was marked by steady growth during May, according to a respected business survey.
The latest research from Markit indicated that business in the eurozone did enjoy some growth.
The news was greeted with relief after lower than expected expansion marked the first three months of the year. During that period, the overall economy of the area grew by 0.2%, the same rate as the previous quarter.
Analysts had predicted growth would be 0.4% and the lower reality caused many economists to fear that eurozone recovery was failing to gain traction.
Markit was optimistic that despite the slight slowdown, the eurozone could well be on trace to grow by 0.5% in the second quarter of this year. It said even the limited growth was the “best spell of growth for three years”.
In the lead, as ever, was Germany which continues to have robust expansion. Concern was expressed, however, over France for sliding back into contraction.
Markit surveys about 5,000 firms in the eurozone to produce its PMI data. The latest readings are the initial "flash" estimates, which are based on responses from 85-90% of the companies.
