January 6, 2020 / 9:04 AM / 16 days ago

French services sector growth picked up in December: PMI

FILE PHOTO: Matthieu Carlin the patissier of Restaurant Guy Savoy prepares a dessert with Le miel de Paris honey in the kitchen at the Monnaie de Paris in Paris, France, September 26, 2018. REUTERS/Benoit Tessier

PARIS (Reuters) - France’s dominant services sector enjoyed a pick-up in growth in December, a survey showed on Monday, as the euro zone’s second-biggest economy grapples with a nationwide strike and slower growth in other areas.

Data compiler IHS Markit said its purchasing managers index for the services sector rose to 52.4 in December from 52.2 in November, unchanged from a preliminary reading.

The index rose further above the 50-point line dividing expansions in activity from contractions.

However, IHS Markit’s overall composite PMI index, which includes the services and manufacturing sectors, slipped to 52.0 from 52.1 in November, reflecting slower manufacturing growth.

“The French service sector ended 2019 with a slightly quicker rise in business activity. The result locked in a solid rate of output expansion for the final quarter of the year, which was supported by strong new order growth throughout,” said IHS Markit economist Eliot Kerr.

“Faster headline growth at service providers helped offset stuttering manufacturing production and ensured the pace of expansion in composite activity was little-changed from November. Taking into account PMI results from the final three months of the year, the data point to economic growth of approximately 0.4% in the fourth quarter,” added Kerr.

- Detailed PMI data are only available under licence from IHS Markit and customers need to apply for a licence.

To subscribe to the full data, click on the link below: here

For further information, please phone IHS Markit on +800 6275 4800 or email economics@ihsmarkit.com

Reporting by Sudip Kar-Gupta; Editing by Hugh Lawson

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