A closely watched survey is showing that the 19-country eurozone economy closed out 2017 stronger than at any time in nearly seven years.

Financial information company IHS Markit said Thursday that its purchasing managers index — a broad gauge of business activity — spiked to 58.1 points in December from the previous month's 57.5. Any reading above 50 indicates growth and December's level was the highest since February 2011.

The eurozone economic recovery gained momentum over 2017 as a series of headwinds that had previously capped growth eased. Most notably, fears that populist leaders would win in key elections failed to materialize.

Chris Williamson, the firm's chief business economist, said the "stellar end" to 2017 rounded off the eurozone's best year for over a decade.