Markit Economics released final services purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's final services purchasing managers' index (PMI) declined to 53.6 in January from 54.2 in December, in line with the preliminary reading.

The index was driven by a slower growth in business activity in Germany, Italy and Spain.

Eurozone's final composite output index fell to 53.6 in January from 54.3 in December, up from the preliminary reading of 53.5.

"A disappointing Eurozone PMI survey for January indicated one of the weakest expansions seen over the past year and raises the prospect of further stimulus," Chief Economist at Markit Chris Williamson said.

He added that the Eurozone's is expected to grow at 0.4% at the start of the year.