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PARIS (Reuters) – Growth in the services sector in France slowed less than expected in July, but inflationary pressures are likely to weigh on the region’s second-largest economy in the short term. euroaccording to final survey results from S&P Global.
The composite PMI index, which includes the manufacturing sector as well as the services sector, fell to 51.7 against 52.5 in June and 50.6 in the first estimate.
The PMI for the services sector came out at 53.2 after 53.9 in June and against 52.1 in the first estimate.
“The recent increase in the risk of energy shortages in Europe has contributed to a further deterioration in the French economic outlook. Given the gas crisis, the rise in interest rates and the persistence of very high inflation, it seems difficult to envisage an imminent rebound of the economy,” said Joe Hayes, senior economist at S&P Global Market Intelligence.
(Reporting by Sudip Kar-Gupta; French version by Laetitia Volga, edited by Kate Entringer)
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