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Financial News: France Private Sector Growth Moderates In December

France Private Sector Growth Moderates In December

12/16/2021 - 05:35:00 (RTTNews)

(RTTNews) - France's private sector grew at a slower pace in December, flash survey results from IHS Markit showed on Thursday.

The flash composite output index fell to 55.6 in December from 56.1 in the previous month. Nonetheless, a score above 50.0 indicates expansion. The reading was also above the economists' forecast of 53.6.

The headline number belied contrasting trends. Manufacturing output finished the year with a decline for the second time in the past three months. Subsequently, the service sector remained the engine of overall growth during December.

The manufacturing Purchasing Managers' Index came in at 54.9 in December, down from 55.9 a month ago. Economists had forecast the index to drop further to 53.0.

The services PMI slid less-than-expected to 57.1 from 57.4 in November. The expected reading was 56.0.

It is clear that the risks to the economy have grown substantially since November, and a fresh wave of COVID-19 infections could de-rail services activity, Joe Hayes, a senior economist at IHS Markit said.

While France has so far distanced itself from implementing virus-combatting measures of the same stringency as other parts of Europe, changes in business and consumer behavior in the face of the Omicron variant could dent the recovery, the economist added.

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