At 55.2, the seasonally adjusted IHS Markit/CIPS Purchasing Managers' Index fell to an eight-month low and lost further ground after hitting a 51-month high last November.

Manufacturing production increased at the slowest pace for 11 months in February, with decelerations seen across the consumer, intermediate and investment goods sectors. Brighter news was provided by the trend in new orders, which rose at a faster pace than in January. Companies indicated that domestic demand strengthened, while new export business rose at a solid (albeit slower) pace.