The HCOB Flash Eurozone purchasing managers’ index (PMI) published by S&P Global, an important gauge of the overall health of the economy, registered a figure of 51.9 for the month, up from 51.3 in January and the highest reading in three months.

A reading above 50 indicates growth, while a figure below 50 shows contraction.

“The economy of the eurozone seems to be on a stable footing,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank (HCOB).

The survey also showed that headline manufacturing PMI rose to 50.8 in February from 49.5 in January.

“It might be premature, but this could be the turning point for the manufacturing sector as the headline PMI increased to growth territory,” de la Rubia said.

The services PMI increased slightly to 51.8 this month from 51.6 in January.

Economists do not expect the European Central Bank to be swayed by the data to change its position on interest rates.

The central bank for the 21-nation single-currency area kept its benchmark rate on hold this month at 2%, where it has been since June last year.

“Given the stable expansion of economic activity and a still elevated service inflation the ECB does not seem to be inclined to change its view to stay put with respect to their key policy rates,” de la Rubia said.