The pan-European FTSEurofirst 300 Index ended provisionally 0.4 percent down on Friday at 1,195.40 points. However, gains in previous sessions mean the index closed 3.7 percent up on the week, marking its best week in five months. Sentiment remains lifted on hopes that the European Central Bank will cut interest rates or announce further stimulus measures after its meeting next Thursday.
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Meanwhile, on Friday, Spain cut its growth forecasts for the year from -0.5 percent to -1.3 percent. The government also revised down its budget deficit forecasts to 6.3 percent of gross domestic product in 2013.
The Spanish IBEX traded lower on the news and closed unofficially down 0.81 percent.
(Read More: Spain 'Throws in the Towel' on Austerity)