The IHS Markit Eurozone Services PMI was revised higher to 52.5 in January 2020 from a preliminary estimate of 52.2 and compared to the previous month's final 52.8. Service sector growth slowed in France and Spain, while all other nations registered stronger expansion. Overall new work continued to increase at a solid pace despite another fall in new export business, the seventeenth in successive months. Also, employment rose at a faster rate while backlogs of work were up only marginally. On the price front, input cost inflation picked up to a nine-month high while charges rose modestly. Finally, business confidence about the future was the strongest recorded since last April.
Services PMI in the Euro Area averaged 52.04 points from 2007 until 2020, reaching an all time high of 58.30 points in June of 2007 and a record low of 39.20 points in February of 2009. This page provides the latest reported value for - Euro Area Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Markit Economics
Services PMI in Euro Area is expected to be 52.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Euro Area to stand at 53.30 in 12 months time. In the long-term, the Euro Area Services PMI is projected to trend around 54.00 points in 2021, according to our econometric models.