Credit Suisse and procure.ch released their manufacturing purchasing managers' index (PMI) for Switzerland on Friday. The manufacturing purchasing managers' index in Switzerland climbed to 53.2 in March from 51.6 in February, beating expectations for a decrease to 51.0. It was the highest level since October 2014.

A reading above 50 indicates expansion.

The increase was driven by rises in all sub-indexes.

The production increased to 58.0 in March from 56.9 in February, while the backlog of orders sub-index jumped to 54.9 from 53.3, the highest level since July 2014.

Purchase prices were up to 47.0 in March from 43.8 in February.

Employment rose to 46.1 in March from 45.6 in February.