PARIS (Reuters) – Activity in the French services sector grew in March at its fastest pace in nine months, but not as quickly as initially estimated, the final results of the S&P Global monthly survey showed on Wednesday.
The PMI services index rose to 53.9, after 53.1 in February, when a first estimate had given it at 55.5. The threshold of 50 separates growth and contraction of activity.
“The March PMI survey closes what can be considered a fairly positive first quarter of 2023 for the French economy,” said Joe Hayes, economist at S&P.
“Even if manufacturing output continues to fall, the two strong monthly increases in services activity in February and March could lead to much better economic growth in the first quarter than many anticipated.”
The composite PMI, which brings together the services sector and the manufacturing industry, fell from 51.7 in February to 52.7 in March, against a “flash” estimate of 54.0.
(Report Benoit Van Overstraeten; Claude Chendjou, edited by Blandine Hénault)
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