24.03.202608:39:12UTC+00French Private Sector Activity Shrinks the Most in 5 Months

The S&P Global France Composite PMI slipped to 48.3 in March 2026 from 49.9 in February, coming in below market expectations of 49.3, according to flash estimates. This marked a five‑month low and signaled the fastest decline in private‑sector activity since October.

The services sector weakened further, with its PMI falling to a five‑month low of 48.3 from 49.6 in February, while manufacturing output contracted for the first time this year, with its index dropping to 48.5 from 51.6.

New business volumes overall declined at the sharpest rate since July 2025, as already fragile demand was further undermined by the war in the Middle East, heightened geopolitical uncertainty, and client caution ahead of local elections. Exports fell at the fastest pace in 15 months, and employment registered a slight decline.

March also saw a marked pickup in cost pressures. Overall input prices rose at their quickest rate since November 2023, while prices charged increased only marginally, registering the slowest rate of growth in three months.