Euro-Area Services Output Stays Close to 2011 High as ECB Meets

Euro-area services output remained close to the highest level since 2011 in March, signaling that the economic recovery in the 18-nation euro area is on track.

An index based on a survey of purchasing managers slipped to 52.2 from 52.6 in February, London-based Markit Economics Ltd. said in a statement today. While that’s less than the initial estimate of 52.4 published last week and below the median of 29 forecasts in a Bloomberg News survey, the data show that the euro area is still set to grow at the fastest rate in three years, said Chris Williamson, Markit’s London-based chief economist.