French manufacturing activity continued to fall in December
2023.01.02 05:07
French manufacturing activity continued to fall in December
Budrigannews.com – France’s assembling area contracted not exactly first thought in December, an overview displayed on Monday, despite the fact that inflationary tensions kept on burdening the euro zone’s second-greatest economy.
Global S&P (NYSE:) The final purchasing managers index (PMI) for December was 49.2 points, just below the 50 mark, which indicates activity growth.
However, the December flash PMI reading of 48.9 was still higher than the December reading. It also represented a rebound from the final reading of 48.3 in November.
According to senior economist Joe Hayes of S&P Global Market Intelligence, “France’s manufacturing downturn continued into December as the effects of inflation, slowing economic activity, and high energy costs weighed on the performance of the sector.”
“However, the strength of the downturn continued to weaken, with the slowest declines in output and new orders since May and June, respectively. Additionally, tentative indications that the industrial sector recession may not be as severe as initially anticipated are provided by an improvement in business confidence,” he added.
On December 15, the official statistics body for France, INSEE, predicted that the French economy would shrink by 0.2 percent from the previous quarter in the fourth quarter of 2022.
More Eurozone manufacturing activity recovering-PMI
