Markit Economics released final services purchasing managers' index (PMI) for the Eurozone on Thursday. Eurozone's final services purchasing managers' index (PMI) increased to 54.4 in August from 54.0 in July, up from the preliminary reading of 54.3.

The index was driven by rises in new business and business activity.

Eurozone's final composite output index rose to 54.3 in August from 53.9 in July, up from the preliminary reading of 54.1.

"Although global economic worries have intensified in recent weeks, the calming of Grexit fears has led to an improvement in the business environment across the Eurozone, pushing the pace of economic growth to its fastest for just over four years in August. The PMI is indicating euro area GDP growth close to 0.4% in the third quarter, a solid albeit unspectacular rate of expansion," Chief Economist at Markit Chris Williamson said.

He added that the upward revision of the index was driven by a stronger in Germany.