Eurozone growth remained robust at the beginning of 2018 according to the region's purchasing managers, who reported business activity continued to accelerate in January.
While manufacturing output stayed close to December's record levels, the rate of growth dipped slightly. However, strong service sector performances helped lift overall activity in January to a new 12-year high.
Purchasing manager index (PMI)
The final headline IHS Markit eurozone composite PMI rose to 58.8 in January - its highest level since June 2006 - and up from 58.6 in December, beating forecasts that it would remain at 58.6.
Purchasing manager indexes measure business activity based upon several metrics including new orders, employment and prices. The benchmark number is 50, where economic expansion begins, and the higher above 50, the stronger the rate of implied economic growth.
While manufacturing activity, which was reported last week, remained near - but just below - record levels, service sector activity pushed to a 10-and-a-half-year high.
The services PMI rose to 58 in January, above a previous flash estimate of 57.6, as German services rose at their fastest rate since March 2011. Growth also improved in services in Italy and Spain, and while French growth dipped from the initial estimate, it remained one of its best performances since 2011.
New business orders rose at the quickest pace in a decade causing some backlogs of work which, in turn, encouraged further hiring during the first month of 2018.
Prices, as noted in last week's manufacturing survey, were also on the rise in service industries, with input costs hitting an 81-month high in January.
Subsequent rises in selling prices were seen across all of the 19 eurozone nations for the first time since July 2008.
Chris Williamson, economist at IHS Markit, said: "The survey data are therefore indicating that the eurozone has started 2018 with very good growth momentum, and that price pressures are building commensurately.
"If such impressive numbers continue to be seen in coming months, expect policymakers to sound increasingly hawkish."
While stock markets were down across Europe, the euro garnered some support from the figures, climbing 0.11% to $1.2469 against the dollar and up 0.07% to £0.8828 versus the pound.