The IHS Markit Eurozone Services PMI was revised lower to 46.4 in December 2020, down from a preliminary estimate of 47.3 and compared with November's six-month low of 41.7. Output contracted for a fourth straight month, although at a softer pace, with all nations except Ireland registering a decline in activity. Italy recorded by far the sharpest reduction, followed by Germany and then Spain. New orders dropped for a fifth month in a row, with exports falling once again sharply due to ongoing strict travel and tourism restrictions; while employment continued to contract. Meanwhile, price pressures intensified, though remained relatively benign when compared to the survey’s historical average. Output charges were cut for a tenth consecutive month. Looking ahead, sentiment among service providers about future prospects hit a two-and-a-half year high in December. source: Markit Economics
Services PMI in the Euro Area averaged 51.34 points from 2007 until 2020, reaching an all time high of 58.30 points in June of 2007 and a record low of 12 points in April of 2020. 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. Euro Area Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on January of 2021.
Services PMI in Euro Area is expected to be 50.00 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 51.00 in 12 months time. In the long-term, the Euro Area Services PMI is projected to trend around 51.00 points in 2022 and 54.00 points in 2023, according to our econometric models.