French S&P Global Services PMI Final (Mar) 48.8 vs. Exp. 48.3 (Prev. 49.6)
Importance
Level 1
- "The resolution of the budget deadlock earlier this year has failed to provide France's economy with a springboard into higher growth during the first quarter, according to the latest PMI numbers. That said, the local elections in March provided yet another political event for businesses to contend with, so we may need to wait until April data to make concrete conclusions."
- "Prices were where the Middle East war showed up most starkly in the March PMI figures. Input price inflation accelerated sharply, hitting its highest level since July 2024 as the oil price shock drove fuel costs up across France."
- "Much uncertainty lies ahead, a condition which French businesses have become rather accustomed to in recent years given the domestic political environment."
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