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Financial News: France's Private Sector Growth Accelerates On Services Act

France's Private Sector Growth Accelerates On Services Activity

06/22/2018 - 03:33:00 (RTTNews)

(RTTNews) - France's private sector expanded at a faster pace in June driven by an acceleration in services economy, flash survey data from IHS Markit showed Friday.

The flash composite output index rose to 55.6 in June, while the reading was forecast to remain unchanged at 54.2. A score above 50 indicates expansion.

There was a noticeable divergence between the two principal sectors covered by the survey in June. The services Purchasing Managers' Index rose to 56.4 in June from 54.3 in May. The expected reading was 54.3.

Meanwhile, the manufacturing PMI fell to a 16-month low of 53.1 in June from 54.4 in May. The score was forecast to drop moderately to 54.0.

Although the surveys suggest that underlying economic growth is continuing at a decent clip, on balance the latest data support the current IHS call for a 0.3 percent rise in GDP for the second quarter as a whole, Paul Smith, economics director at IHS Markit, said.

Elsewhere, data from the statistical office Insee showed that the economy expanded at a slower pace, as initially estimated, in the first quarter.

Gross domestic product grew 0.2 percent on quarter, following fourth quarter's 0.7 percent expansion.

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