This scored eurozone output at 50.5, a two-year high, and the first time growth had risen above the neutral 50.0 mark since January 2012.

In Germany, manufacturing output hit a seven-month high, whereas growth in the service sector was at a five-month peak. In the other major eurozone economies – France, Italy and Spain – rates of contraction eased further.

Rob Dobson, senior economist at Markit, said: ‘The final output index reading of 50.5 confirms a welcome return to growth for the eurozone economy at the start of the third quarter, raising hopes that the region can finally claw its way out of its longest-running recession. Granted, the euro area has experienced false dawns before, but the improvements in confidence and other forward-looking indicators warrant at least some optimism for the outlook this time around.’

He observed that the ‘real sparks’ that were likely to ignite the recovery were the increasing signs of stabilisation in domestic markets, which have benefited both manufacturing and services.

The index also revealed that, although job losses were recorded for the nineteenth successive month, the rate of reduction was easing to a one-year low. An uptick in the German labour market was, however, offset by further declines in France, Italy and Spain.

Dobson added: ‘With price pressures also relatively contained, the European Central Bank will maintain its confidence that there are brighter skies on the horizon.’