16.12.202508:37:33UTC+00French Services PMI Growth Slows

The HCOB France Services PMI decreased to 50.2 in December 2025, down from 51.4 the previous month, according to preliminary estimates. Despite the decline, the index remained in positive territory for the second consecutive month. This was driven by a modest increase in output, buoyed by growth in both new and existing business activities. Additionally, backlogs of work diminished at the most rapid rate since July, indicative of project completions. In terms of employment, there was a slight uptick in the sector. On the downside, new business experienced a contraction due to tepid demand linked to uncertainties in the government budget, deferred non-essential client expenditures, reduced customer activities, and a sluggish market climate. Regarding pricing, the inflation of input costs eased and stayed significantly below its long-term average, while output prices showed little change. Ultimately, the HCOB Future Output Index continued to fall below its historical norm, reflecting muted expectations for growth in the coming year.