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Financial News: France Private Sector Growth Strongest Since Mid-2020

France Private Sector Growth Strongest Since Mid-2020

05/21/2021 - 03:57:00 (RTTNews)

(RTTNews) - France's private sector grew at the fastest pace since mid-2020 as lockdown restrictions were eased and the economy began to reopen, flash survey data published by IHS Markit revealed on Friday.

The composite output index climbed more-than-expected to 57.0 in May from 51.6 in the previous month. The score was forecast to rise to 53.7.

The latest figure suggested that the private sector grew at the fastest rate since July 2020, and was also the second-strongest since February 2018.

Manufacturing production continued to grow at a faster rate than services activity. The factory Purchasing Managers' Index came in at 59.2 in May, up from 58.9 in the previous month and the expected level of 58.5.

At the same time, the services PMI improved to a 10-month high of 56.6 from 50.3 a month ago and was above economists' forecast of 53.0.

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