The latest Markit Purchasing Managers’ Index (PMI) shows that the euro-zone’s manufacturing industry has taken a “significant step forward”. The PMI rose by 1.2 points to 52.2 in March (a number above 50 indicates growth).

Howard Archer, of IHS Global Insight, said that the improved economic news from the euro-zone “is coming pretty thick and fast at the moment, which is a very pleasant development after its prolonged struggles. Only in France and Spain did the rise in industrial activity disappoint.”

Mr Archer said that manufacturers have benefitted from the European Central Bank’s quantitative-easing policy, which was introduced at the start of the year. He now predicts that euro-zone GDP growth will rise to 0.4% in the first three months of this year (the official figures will be published at the end of April), from 0.3% in the fourth quarter of 2014.

Emily Nicol, of Daiwa Capital Markets, said the PMI readings confirmed “that manufacturing activity in the euro area was still rising at the end of the first quarter”.