France’s private sector expanded at the fastest pace in two-and-a-half- years in July driven by a sharp increase in services activity, survey data from IHS Markit showed Friday.
The composite output index climbed to 57.6 from 51.7 in June. The reading was also above economists’ forecast of 53.5. Any reading above 50 indicates expansion.
The score signaled the sector grew at the fastest rate in 30 months as new work rose for the first time in five months as more businesses reopened following the [coronavirus][1] lockdown.
The acceleration in output growth was primarily driven by a sharp increase in services activity.
The services Purchasing Managers’ Index came in at a 30-month high of 57.8 in July, up from 50.7 in June. This was well above the expected level of 52.3.
Meanwhile, the factory PMI fell unexpectedly to 52.0 from 52.3 in June. The reading was forecast to rise to 53.2.
Eliot Kerr, an economist at IHS Markit, said “The July PMI figures pointed to strong growth in French private sector [business][2] activity, confirming that the economy has entered its recovery phase following the COVID-19 lockdown.”
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