Markit Economics released its final manufacturing purchasing managers' index (PMI) for the Eurozone on Tuesday. Eurozone's final manufacturing purchasing managers' index (PMI) dropped to 51.2 in February from 52.3 in January, up from the preliminary reading of 51.0.

The drop was driven by a softer growth in production, new orders, export business and employment.

"With factory output in the Eurozone showing the smallest rise for a year in February, concerns are growing that the region is facing yet another year of sluggish growth in 2016, or even another downturn," Chris Williamson, Chief Economist at Markit said.

"With all indicators - from output and demand to employment and prices - turning down, the survey will add pressure on the ECB to act quickly and aggressively to avert another economic downturn," he added.