Credit Suisse and procure.ch released their manufacturing purchasing managers' index (PMI) for Switzerland on Tuesday. The manufacturing purchasing managers' index in Switzerland climbed to 51.6 in February from 50.0 in January, beating expectations for a decrease to 49.6.

A reading above 50 indicates contraction.

The increase was largely driven by rises in production and backlog of orders. The production increased to 56.9 in February from 54.6 In January, while the backlog of orders sub-index jumped to 53.3 from 49.3, the highest level since October 2014.

Purchase prices were up to 43.8 in February from 41.7 in January.

Employment declined to 45.6 in February from 47.9 in January.