France March final services PMI 48.2 vs 47.8 prelim
Latest data released by Markit - 7 April 2021
- Composite PMI 50.0 vs 49.5 prelim
The preliminary report can be found here. A slight upwards revision reaffirms that the services activity decline in France has eased towards the end of Q1 but overall conditions are still rather subdued with hotels and restaurants the weakest performers.
Although there is optimism surrounding the vaccine rollout towards 2H 2021, current conditions may still present a challenge - especially as restrictions are extended into Q2.
Markit notes that:
"Following a six-month sequence of contraction, latest PMI data pointed to a stabilisation in activity levels across the French private sector. The result was predominantly supported by a sharp expansion in manufacturing output, while the service sector continued to act as a drag on the economy. However, even service providers saw an improved trend despite ongoing restrictions, and stronger hiring activity in both monitored sectors indicated that firms are expecting a recovery in the months ahead. The recent reintroduction of lockdown measures in Paris is a slight set back but the resilience in sentiment suggests that businesses are looking beyond the short-term and preparing for the wider reopening of the economy."