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French Composite Output Index hits 70-month high, signal solid growth for first quarter

Flash data from IHS Markit on Friday showed that France private sector extended gains a ninth consecutive month in March. The Markit Flash France Composite Output Index registered 57.6, compared to February’s reading of 55.9, the sharpest rate of growth since May 2011.

The rate of expansion accelerated to a 70-month peak. Manufacturing output also continued to increase at a solid pace, albeit to a slightly weaker extent than in February.  Higher client demand was recorded in both the manufacturing and service sectors. The level of business outstanding at French private sector companies rose for the thirteenth time in as many months in March with growth the highest in six years.

Private sector firms in France recorded higher input prices during March. The rate of inflation eased fractionally from February’s 68-month high, but remained sharp nonetheless. Private sector companies sustained a positive outlook towards activity over the coming 12 months. Moreover, the degree of optimism strengthened from February and was the most marked in almost five years.

“March PMI data continued to signal strong growth in the French private sector, and completed a solid set of numbers for the first quarter. These numbers paint a rosy picture of the French private sector, as we start to see the effect of various governmental reforms enacted over the last few years," said Alex Gill, Economist at IHS Markit.

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