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Oil fuels pace of recovery in Eurozone

oil

Cheap oil and the European Central Bank's decision to launch a €1.1 trillion quantitative easing programme have helped to spur Eurozone growth to the highest level for four years, according to Markit's composite purchasing managers' index for March. Eurozone business activity accelerated in March at its equal-fastest pace for three years, at 54, up from 53.3 in February. The improvement was driven by a pick-up in orders, which rose at a rate not seen since May 2011. Credit Suisse economists expect the Eurozone to produce GDP growth of 0.4% in the first quarter. The ECB bought nearly €61bn of government bonds and other assets in March, narrowly beating its target in the first month of its asset-purchase programme.

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