(BRUSSELS) - Manufacturing activity in the 15 nations sharing the euro slowed in March to the lowest level since October, according to final results from a widely watched survey.

The NTC Research's purchasing managers index (PMI) for the manufacturing sector eased to 52.0 points from 52.3 points in February, in line with a provisional estimate.

A figure above the 50-point level indicates a growth in activity, while any below it signifies a contraction.

The survey revealed diverging trends among the biggest eurozone countries with activity at a seven month high in regional powerhouse Germany, modestly higher in France and weaker in Italy and Spain.

Economist Howard Archer with consultants Global Insight said that although the manufacturing sector was holding up, it was struggling against numerous headwinds, which would eventually prompt the European Central Bank (ECB) to cut interest rates in September.

"Although it is by no means collapsing overall, manufacturing across the eurozone is clearly being buffeted by the strong euro, elevated oil and commodity prices, muted consumer spending, softer growth in key export markets and tighter credit conditions," Archer said.

"We expect moderating eurozone growth, the very strong euro and tight credit conditions to mean that the ECB's eventual next move will be to trim interest rates by 25 basis points to 3.75 percent," he added.

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