The European Commission released its economic sentiment index for the Eurozone on Wednesday. The index slid to 103.0 in March from 103.9 in February. February's figure was revised up from 103.8. Analysts had expected the index to decline to 103.8.

The drop was driven by lower confidence among consumers and managers in the services and construction sectors.

The industrial confidence index declined to -4.2 in March from -4.1 in February, in line with expectations. February's figure was revised down from -4.0.

The final consumer confidence index was down to -10.0 in March from -8.8 in February, missing expectations for a decline to -9.7.

The business climate index increased to 0.11 in March from 0.09 in February. February's figure was revised up from 0.07. Analysts had expected the index to decline to 0.08.

The rise in business climate index was driven by a more favourable managers' assessment of past production.