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France: Composite PMI falls to four-month low in December

December 16, 2015

The composite Purchasing Managers’ Index (PMI), elaborated by Markit, moderated in December. The indicator fell from a revised 51.0 (previously reported: 51.3) to 50.3 in December. The print represented a four-month low. Nevertheless, it marked the 11th consecutive month in which the indicator hovered above the 50-threshold that separates expansion from contraction in business activity.

December’s result reflected a deterioration in the service sector, which more than offset an improvement in the manufacturing sector. According to the survey, growth marked an 11-month low in the service sector, while manufacturing rose to its highest value in almost two years.

Markit commented, “French private sector output growth nearly ground to a halt at the end of 2015 amid faltering new business intakes. A slowdown in the dominant service sector was the driver, with some panelists indicating that their new business intakes had been impacted following the recent terrorist attacks. [...] PMI data for the fourth quarter as a whole suggest that GDP growth is likely to have remained at a similar moderate pace to the 0.3% rise seen in the previous quarter.”

Met the why particular Consensus Forecast panelists see fixed investment growing 1.7% in 2016, which is unchanged over the previous month’s estimate. For 2017, the panel sees investment expanding 2.0%.


Author:, Economist

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France PMI December 2015 0

Note: Markit Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: Markit.


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