According to a report from the Wall Street Journal,"Europe's factories had a busy start to 2014, with some of the strongest improvements seen in countries inside and around the euro zone that have been hobbled by its fiscal and banking crises".
By contrast, manufacturing activity fell further in Russia and slowed in Turkey—developments that will add to the challenges faced by policy makers as foreign investors withdraw their funds, weakening the ruble and the lira.
Surveys of purchasing managers pointed to a pickup in manufacturing activity in the euro zone, especially Greece and Spain. There was an even more marked acceleration in central European and Nordic nations that have close trading and financial links with the currency area.
The surveys were conducted by data firm Markit and published Monday.
"I am more optimistic about Europe than I think I was a couple of months ago," said Leif Johansson, chairman of Swedish telecoms network-equipment maker Ericcson and the U.K.-based pharmaceutical company AstraZeneca PLC.
"We have actually done quite a lot of structural reform in Europe," he said, listing Spain, Portugal, Italy, France and Greece. He said there was a "good chance" of higher growth than normal, even if it takes "a year or two."
Markit said its purchasing managers index for the euro zone's manufacturing sector—based on a survey of 3,000 companies—rose to 54 from 52.7 in December, signaling the fastest expansion since May 2011.
The reading was slightly above the preliminary estimate of 53.9 released last month. A reading above 50 indicates an expansion in activity.
The euro zone's rebound was led by Germany, where PMI rose to a 32-month high of 56.5 from 54.3. It was also aided by an acceleration in Spain, while Italy's manufacturing sector slowed slightly and the contraction in France eased.
"Perhaps the most important development in the report is the further revival of manufacturing in the region's periphery," said Chris Williamson, chief economist at Markit. "The Greek PMI's rise above 50 for the first time since August 2009 is an important signal of how even the most troubled member states are returning to growth."
Europe's broad revival contrasts with the slowdown recorded in some developing economies, and reflects a rebalancing in the drivers of world growth.
According to a survey of purchasing managers released Thursday, China's manufacturing sector contracted in January, while the PMI for Russia released Monday showed activity there was the weakest since June 2009.
Turkey's manufacturers continued to increase output in January, but at the slowest pace since August 2013.
"January's manufacturing PMI data provide further evidence that the economies of central Europe are enjoying a decent recovery, but that manufacturing in emerging Europe's two largest economies, Russia and Turkey, is struggling," said William Jackson, an economist at Capital Economics.
In the U.K., the PMI fell to 56.7 from 57.2, but continued to record a strong rate of growth in one of Europe's better-performing economies.
Mr. Johansson, who is also chairman of the European Round Table of Industrialists, a policy forum for CEOs and chairmen of major European companies, was also upbeat about the growth trajectory of the U.S. economy.
"In the U.S. I think we actually see a fairly stable recovery. Somewhat scattered and fragmented, but still broadly so," he said.
