Markit Economics released its final manufacturing purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's final manufacturing purchasing managers' index (PMI) declined to 51.5 in May from 51.7 in April, in line with the preliminary reading.

The decline was driven by a slower growth in new business from both domestic and export markets.

"Manufacturing in the euro area remained stuck in a state of near-stagnation in May, failing to break out of the slow growth phase that has plagued producers since February," Chris Williamson, Chief Economist at Markit said.

"The disappointing performance of manufacturing adds to suspicions that the pace of Eurozone economic growth in the second quarter has cooled after a surprisingly brisk start to the year based on the latest estimate of GDP," he added.