French economic activity sees largest contraction in 14 months

```htmlGolden Ten Data reported on April 23 that a preliminary survey shows commercial activity in France's private sector has shrunk at the fastest pace in 14 months, as the Iran war caused a decline in the services industry, and strong growth in manufacturing was unable to offset this impact. France's Services PMI in April dropped from 48.8 in March to 46.5, the lowest level since February 2025. However, on the other hand, April's Manufacturing PMI rose from 50.0 in March to 52.8. Factory order volumes increased for the first time in nearly four years, as customers made advance purchases in response to expected supply shortages and price hikes. Joe Hayes, Chief Economist at S&P Global Market Intelligence, said: "As expected, inflationary pressure in manufacturing increased further in April, driven by a series of rising raw material costs, higher transportation fees, and supply bottlenecks causing price increases. Service-based companies are also feeling the pressures caused by rising transportation costs."```