France’s economic woes intensified in October, with PMI data showing further contraction across key sectors. PMI Manufacturing edged down slightly from 44.6 to 44.5. More notably, Services PMI dropped to 48.3 from 49.6, hitting a 7-month low, while Composite PMI fell from 48.6 to 47.3, its lowest point in nine months.
Tariq Kamal Chaudhry, Economist at Hamburg Commercial Bank, emphasized the gravity of the situation, stating, “France remains trapped in economic decline as Q4 begins.” HCOB’s Nowcast predicts only marginal growth moving forward, placing significant pressure on the French government to implement measures aimed at stabilizing the economy and addressing fiscal imbalances.
The industrial sector remains “mired in a deep crisis,” with no signs of recovery in sight. Meanwhile, the services sector is also struggling under “tough conditions,” further dampening the overall economic outlook.
