The Eurozone economy witnessed GDP missing expectation level on poor investment and investors eyeing Brexit referendum until next month. The Eurozone economy grew less than expected in the first quarter, according to the flash estimate from Eurostat on Friday.

The gross domestic product in the Euro area rose 0.5 pct in the first three months ending Mar, 2016, compared to the previous quarter and increased 1.5 pct from a year ago period. Analysts had stoked in 0.6% quarter-on-quarter growth in the first quarter following a 0.3% gain in the previous three months.

European stock markets witnessed a downfall on Friday, following disappointing Eurozone statistics and lower oil prices that showed the economy has expanded slower than expectations.

West Texas Intermediate fell almost 2 pct to $45.97/barrel on the NYMEX while Brent crude oil fell 1.4 pct to $47.40/barrel on the ICE Futures Exchange.

Eurostat statistics showed that Greece fared the worst out of the 19 Eurozone countries in the period, with its economy contracting by 0.4%. Spain posted a healthy 0.8% quarterly growth rate, while Germany ,  whose figures were released earlier , expanded by an above-forecast 0.7%, double the 0.3% growth rate in the fourth quarter. France also picked up pace to expand 0.5%, from 0.3% in the October-to-December period.

"For the year as a whole, we maintain our growth forecast of 1.6% for the Eurozone. Spanish growth is expected to outperform the eurozone average, but to slow to 2.8% this year from 3.2% in 2015. Growth rates this year in Germany (1.7%), France (1.5%) and Italy (1.0%) are forecast to be slightly stronger than last year," Lloyds Bank said in a research note.