The European Commission released its economic sentiment index for the Eurozone on Friday. The index slid to 103.8 in February from 106.7 in January. January's figure was revised up from 105.0.

Analysts had expected the index to decline to 104.4.

The drop was driven by a fall in confidence among consumers and in all business sectors but construction.

The industrial confidence index fell to -4.0 in February from -3.0 in January, missing expectations for a drop to -3.5.

The final consumer confidence index was down to -9.0 in February from -6.3 in January, missing expectations for a decline to -7.0.

The business climate index decreased to 0.1 in February from 0.29 in January. Analysts had expected the index to fall to 0.28.

The decline in business climate index was driven by a less favourable managers' assessment of past production, total order books and production expectations.