BRUSSELS, Aug. 22 (Xinhua) -- The eurozone's Purchasing Managers Index (PMI) rose to 51.7 in August, the highest level since June 2011, the Markit's report showed on Thursday.
The eurozone's PMI rose for the fifth successive month, up from 50.5 in July, according to the flash estimate. A PMI reading of 50 points or greater indicates expansion.
Germany saw output rise at the fastest rate since January as new orders posted the second-largest rise seen over the past two years. In manufacturing, the PMI rose to a 25-month high, while services growth was the strongest for six months.
France registered a faster drop in output than in July. Services activity fell at a sharper rate and there was a renewed decline in manufacturing output, but the overall downturn in manufacturing held steady at a marginal pace.
Output across the rest of the eurozone rose for the first time since May 2011. Growth of both manufacturing output and services activity was recorded, with the former rising for the second successive month and the latter showing the first increase since May 2011.
Chris Williamson, chief economist at Markit, commented on the latest data, "So far, the third quarter is shaping up to be the best that the euro area has seen in terms of business growth since the spring of 2011."
"The dataflow continued to improve outside of France and Germany, suggesting that a longawaited recovery seems to be taking shape in the periphery," he added.