Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the Eurozone on Monday. Eurozone's preliminary manufacturing PMI declined to 51.5 in May from 51.7 in April. Analysts had expected the index to increase to 51.9.

Output in the manufacturing sector showed a softer growth.

Eurozone's preliminary services PMI remained unchanged at 53.1 in May. Analysts had expected the index to climb to 53.3.

New business in the services sector rose at the weakest pace since January 2015.

"A disappointing flash Eurozone PMI for May adds further to the suggestion that the robust pace of economic growth seen in the first quarter will prove temporary," Markit's Chief Economist Chris Williamson said.

"The forward-looking indicators also suggest that growth is more likely to weaken further than accelerate," he added.