French services sector falls further into decline
France's Service Sector Faces Deeper Downturn
According to the latest S&P Global PMI® survey, France's service industry experienced a more pronounced contraction at the close of the first quarter. The decline in business activity was largely driven by a steeper drop in new orders, as clients reduced spending in anticipation of upcoming local elections. Additionally, the ongoing conflict in the Middle East was cited as a factor negatively affecting demand, though its most significant influence was seen in rising costs—input price inflation surged to its highest level in 20 months.
The main S&P Global France Services PMI® Business Activity Index slipped from 49.6 in February to 48.8 in March, signaling a further retreat in output.
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