France PMI services was revised down to 55.9, from 56.4 in June, but up from May’s 54.3. PMI composite rose to 55.0, up from May’s 54.2.
Trevor Balchin, Economics Director at IHS Markit which compiles the France Services PMI® survey, said:
“French private sector expansion picked up in June, driven by a rebound in the services sector that more than offset a further slowdown in manufacturing output growth. Services activity has now outpaced goods production for the fifth month in a row.
“The overall rate of output growth was the second-weakest since January 2017, however, and on a quarterly basis the reading for Q2 (55.4) was the weakest since the final quarter of 2016 (52.0). This suggests that economic growth may remain weak in the second quarter, after the latest official release of GDP data confirmed a sharp slowdown in the first three months of the year. GDP growth slowed to 0.2% quarter-on-quarter in Q1 2018, having trended at an impressive 0.7% throughout the previous five quarters.”
