The pace of decline in Eurozone manufacturing activity slowed in March compared to the fall seen in February, reports said citing Markit Economics.

The purchasing managers' index, or PMI, for the Eurozone manufacturing sector rose to 33.9 in March from a record low of 33.5 in February, but down from a preliminary estimate of 34.

A PMI reading above 50 indicates expansion in the sector, while below 50 suggests contraction.

The pace of contraction slowed in new orders, new export orders and backlogs of work.

In separate reports, the Markit Economics said the PMI for Germany held steady at preliminary estimated 32.4 and showed an improvement from February's 32.1. The indicator for France was at 36.5, up from 36.3 estimated initially and 34.8 recorded in February.

Meanwhile, the Italian manufacturing PMI declined to an all time low of 34.6 from 35 in February. The index has never gone above the 50-mark since February last year.

Out of euro area, the CIPS/NTC manufacturing PMI for the UK climbed to 39.1 in March from 34.7 in February, while the consensus forecast was 35.

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