France’s private sector contracted at a slower pace in March with the decline predominantly driven by service providers, survey results from IHS Markit showed on Wednesday.

The flash composite output index advanced to 49.5 in March from 47.0 in February. The score was forecast to rise moderately to 47.2.

The services Purchasing Managers’ Index came in at 47.8 versus 45.6 in the prior month. Economists had forecast the reading to fall to 45.5.

The manufacturing PMI rose to a 39-month high of 58.8 in March, up from 56.1 a month ago and above economists’ forecast of 56.5.

There remain ongoing challenges related to the pandemic, Eliot Kerr, an economist at IHS Markit said. The recent re-introduction of lockdown restrictions in Paris serves as a reminder that the road to recovery may still be a bumpy one.

The material has been provided by InstaForex Company – www.instaforex.com

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