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    Home > Finance > French private sector output contracted further in March, PMI shows
    Finance

    French private sector output contracted further in March, PMI shows

    Published by Global Banking & Finance Review®

    Posted on March 24, 2025

    2 min read

    Last updated: January 24, 2026

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    Quick Summary

    France's private sector contracted for the seventh month in March, with PMI at 46.6. Business confidence is at its lowest since April 2020.

    French Private Sector Output Contracts Further in March

    By Sudip Kar-Gupta

    PARIS (Reuters) - France's private sector activity contracted for a seventh consecutive month in March as business confidence in the euro zone's second-biggest economy fell to its lowest level since April 2020, according a survey published on Monday.

    The HCOB flash purchasing managers index (PMI) for France's services sector, as compiled by S&P Global, stood at 46.6 points in March.

    That was up from 45.3 points in February and beat a Reuters poll forecast for 46.3 points, but the reading remained below the 50 points level showing a contraction in activity.

    Any figure below 50 points marks a contraction, while above 50 shows an expansion.

    The March manufacturing flash PMI rose to 48.9 points, up from 45.8 points in February and ahead of a Reuters forecast for 46.5 points.

    The March composite PMI - which comprises both the services and manufacturing sectors - rose to 47.0 points from 45.1 points in February but nevertheless marked a seventh consecutive month of showing a contraction in activity.

    S&P Global added that French companies forecast lower activity levels over the next 12 months, with business sentiment at its weakest in almost five years.

    "France's economy is struggling to gain momentum. Although the HCOB French Flash PMI improved in March compared to the previous month, it remains in contraction territory," said Tariq Kamal Chaudhry, economist at Hamburg Commercial Bank.

    "France passed a delayed budget law for 2025 in February which helped it avoid a downgrading of its credit rating, but there is still a high degree of uncertainty regarding future economic policy," he added.

    (Reporting by Sudip Kar-Gupta; Editing by Toby Chopra)

    Key Takeaways

    • •French private sector activity contracted for the seventh month.
    • •March PMI for services sector stood at 46.6 points.
    • •Manufacturing PMI rose to 48.9 points in March.
    • •Business sentiment in France is at its weakest in five years.
    • •Uncertainty remains over future economic policy in France.

    Frequently Asked Questions about French private sector output contracted further in March, PMI shows

    1What is the main topic?

    The article discusses the contraction of France's private sector output in March and its impact on business confidence.

    2How did the services sector perform?

    The services sector PMI rose to 46.6 in March, indicating contraction but an improvement from February.

    3What is the outlook for French businesses?

    French companies forecast lower activity levels over the next 12 months, with weak business sentiment.

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