The IHS Markit Eurozone Services PMI was revised slightly higher to 48.0 in September 2020, from a preliminary estimate of 47.6 and compared to August's final 50.5. The latest reading signaled a fall back into contraction of the services economy, as overall new business fell for a second straight month and export business was also down markedly, extending the current period of contraction to over two years. In addition, employment continued to fall and backlogs of work outstanding declined for a seventh successive month. On the price front, operating expenses rose for a fourth straight month, while output charges declined again. Finally, looking ahead to the coming 12 months, business confidence strengthened in September. By country, Spain recorded by far the steepest monthly fall, followed by Ireland. Germany was the only services economy to register growth.
Services PMI in the Euro Area averaged 51.46 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 October of 2020. source: Markit Economics
Services PMI in Euro Area is expected to be 47.00 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 52.50 in 12 months time. In the long-term, the Euro Area Services PMI is projected to trend around 51.00 points in 2021 and 54.00 points in 2022, according to our econometric models.