French service sector fails to reach growth rates of its peers

Chris Papadopoullos
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THE FRENCH economy is struggling to reach the levels of growth of its main European partners, according to survey figures released yesterday.

Markit’s service sector PMI scored a 51.4 in April, down from March’s 52.4. Figures above 50 signify growth, which means France’s service sector is growing at a slower rate. However, France was shielded from the 2008-9 recession that hit Spain and Italy.

“The trend is down and the level is very weak compared to other Eurozone countries,” said economist Dominique Barbet from investment bank BNP Paribas. While Barbet does not believe the PMI’s are the best indicators of French economic health, he said “the April data clearly show that France lags the Eurozone economic recovery.”