16 December 2022 | Macroeconomics

Economic decline in France accelerated in December

December’s data showed that business activity in France contracted faster than in the previous month. These factors reinforce signs of an impending recession in the eurozone's second-largest economy, as high inflation puts a strain on business activity. 

In December, the Purchasing Managers' Index (PMI) in the service sector by S&P Global hit 48.1. This figure is lower than the level of 49.3 recorded in November, also being below the forecast by Reuters at 49.1.

If the indicator exceeds 50.0, the country's business activity is on the rise. Holding below the level of 50.0 signals a decline in the PMI. 

Experts predicted the country's manufacturing sector to perform slightly better, although still remaining in a slump. The preliminary PMI for December jumped to 48.9. As for November, the level stood at 48.3. The reading in December also exceeded Reuters' forecast of 48.2.

The composite PMI for services and manufacturing fell to a 22-month low in December, hitting 48.0. Business activity in November reached 48.7, while Reuters expected it to be 48.9.

Company MarketCheese
Period: 04.12.2024 Expectation: 1800 pips
USDJPY may fall to level of 150
Yesterday at 11:38 AM 40
Period: 20.12.2024 Expectation: 510 pips
Buying sentiment for natural gas is on rise with forecast of 3.720
Yesterday at 10:16 AM 61
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 03.12.2024 Expectation: 1000 pips
Tariffs of Trump threats send USDCAD to 4-year high
27 November 2024 54
Period: 30.11.2024 Expectation: 2100 pips
EURUSD is poised to surge higher as correction continues
27 November 2024 73
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 20.12.2024 Expectation: 2470 pips
GBPUSD is targeting 1.2300 level as selling pressure increases
26 November 2024 71
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
2nd in the segment "Currencies"
Period: 29.11.2024 Expectation: 800 pips
Silver buyers get ready to test 31.5 level
25 November 2024 97
Go to forecasts