Business activity in the euro zone contracted less sharply in March, but remains at depressed levels.
The euro zone's purchasing managers' index (PMI) rose to 38.3 points from 36.2 points in February, up on an early estimate for the month.
The figure was also higher than the 37.6 predicted by economists polled by Dow Jones Newswires.
However, while the points rise was the largest since October 2003, the base is low and the March rate of business contraction was the same as that seen in January.
The upward revision marginally boosts hopes that the rate of contraction could be starting to moderate,’ said Howard Archer, chief European economist at HS Global Insight.
However, the report 'does little to alleviate the pressure on the European Central Bank to trim interest rates further in May and announce significant non-conventional measures.'
Analysts believe this would be most likely to manifest itself through extending loan periods from six months to a year. The ECB could also broaden the range of collateral it accepts for loans.
The outcome marked the tenth month in a row that the PMI index had come in below the key 50-point threshold that indicates contracting activity in the private sector as the European economies endure a deep recession.
