Eurozone economy maintains growth momentum in Aug

The 19-country Eurozone maintained growth momentum during August as survey data Wednesday showed business activities expanded at a solid pace.

The single currency zone's manufacturing purchasing managers' index (PMI) posted 55.8 in August, up fractionally from July's reading of 55.7, according to the preliminary flash estimate of data monitoring company Markit.

The index, well above the 50 boom-and-bust line, again signaled strong growth of the Eurozone's private sector, with the rate of expansion remaining around the best seen over the past six years.

The manufacturing sector performed strongly, with both output and new orders rising at sharper rates in August. The latter was boosted by the fastest rise in exports for six-and-a-half years, said Markit.

The service sector, on the other hand, saw growth of activity ease to a seven-month low. That said, the rate of expansion remained solid amid a further increase in new orders.

"The latest PMI readings for the Eurozone signal a continuation of the recent strong performance of the currency bloc's economy. This stabilization in the rate of expansion is pleasing, following signs of growth easing in recent months," said Andrew Harker, associate director at Markit.

The survey data over the first two months of the quarter are consistent with only a fractional easing in the rate of growth of gross domestic product (GDP) from the 0.6 percent rise in the second quarter, Harker added.

"Overall, this is another positive set of numbers for the euro area, which continues to enjoy its best growth spell for a number of years," Harker noted.