Markit Economics released its final manufacturing purchasing managers' index (PMI) for the Eurozone on Friday. Eurozone's final manufacturing purchasing managers' index (PMI) climbed to 51.6 in March from 51.2 in February, up from the preliminary reading of 51.4.

The rise was driven by a faster growth in production and new orders.

"Although the PMI ticked higher, March still saw the second-weakest improvement in manufacturing conditions seen for just over a year. The data suggest manufacturing grew by only around 0.2% in the first quarter, acting as a drag on the wider economy," Chris Williamson, Chief Economist at Markit said.

"Policymakers will also be worried by the further intensification of deflationary pressures in manufacturing supply chains, with prices charged at the factory gate falling at the steepest rate since late-2009," he added.