Markit Economics released final services purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's final services purchasing managers' index (PMI) remained unchanged at 54.2 in December, up from the preliminary reading of 53.9.

The index was driven by a rise in business activity in Germany, Italy, Spain and Ireland.

Eurozone's final composite output index rose to 54.3 in December from 54.2 in November, up from the preliminary reading of 54.0.

"The Eurozone economy starts 2016 on a solid footing and well placed to enjoy a year of robust expansion. Growth of business activity continued to edge higher at the end of 2015, with an upturn in the PMI rounding off the strongest quarter for four and-a-half years," Chief Economist at Markit Chris Williamson said.

He added that the Eurozone's economy grew at 0.4% in the fourth quarter and 1.5% in 2015.