The S&P Global Eurozone Services PMI was revised higher to 51.2 in July of 2022 from a preliminary of 50.6, pointing to the slowest growth in the services sector since January, due to fading post-pandemic restrictions bounce and cooling demand pressures. For the first time since April of 2021, incoming new business at eurozone services firms fell prompted by higher prices and new export orders fell the most since March last year. Services companies meanwhile registered a slower rise in backlogs of work, with outstanding business volumes increasing only marginally as weaker demand enabled firms to reduce some strain on their capacities. Employment continued to increase, albeit at the softest rate in five months. On the prices front, firms continued to share the burden of higher costs with clients but both input and output inflation eased. Finally, business confidence slumped to a 21-month low amid concerns regarding the underlying strength of the euro area and global economy. source: Markit Economics

Services PMI in the Euro Area averaged 51.60 points from 2007 until 2022, reaching an all time high of 59.80 points in July of 2021 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 August of 2022.

Services PMI in Euro Area is expected to be 52.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Services PMI is projected to trend around 52.30 points in 2023 and 54.00 points in 2024, according to our econometric models.

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Euro Area Services PMI



Related Last Previous Unit Reference
Services PMI 51.20 53.00 points Jul 2022
Manufacturing PMI 49.80 52.10 points Jul 2022
Composite PMI 49.90 52.00 points Jul 2022

Euro Area Services PMI
The Eurozone Services PMI (Purchasing Managers' Index) is based on data collected from a representative panel of around 2,000 private service sector firms. National services data are included for Germany, France, Italy, Spain and the Republic of Ireland. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
51.20 53.00 59.80 12.00 2007 - 2022 points Monthly

News Stream
Euro Area Services PMI Slows Less than Expected
The S&P Global Eurozone Services PMI was revised higher to 51.2 in July of 2022 from a preliminary of 50.6, pointing to the slowest growth in the services sector since January, due to fading post-pandemic restrictions bounce and cooling demand pressures. For the first time since April of 2021, incoming new business at eurozone services firms fell prompted by higher prices and new export orders fell the most since March last year. Services companies meanwhile registered a slower rise in backlogs of work, with outstanding business volumes increasing only marginally as weaker demand enabled firms to reduce some strain on their capacities. Employment continued to increase, albeit at the softest rate in five months. On the prices front, firms continued to share the burden of higher costs with clients but both input and output inflation eased. Finally, business confidence slumped to a 21-month low amid concerns regarding the underlying strength of the euro area and global economy.
2022-08-03
Euro Area Services PMI Down to 15-Month Low
The S&P Global Services PMI for the Euro Area fell to 50.6 in July of 2022 from 53 in June and well below market forecasts of 52, preliminary estimates showed. The reading pointed to the slowest growth in the services sector since April last year, mainly dragged down by a drop in service sector activity in Germany, accompanied by slower rates of growth in France and the rest of the Euro Area as a whole. By sector, tourism and recreation, media and transportation saw either stalled growth or outright declines due to a rise in the cost of living as well as adverse weather conditions. Output also fell sharply in banking and real estate, commonly linked to tightening financial conditions. On the price front, inflation slowed but remained elevated overall and future expectations remained positive but fell to the lowest since October 2020.
2022-07-22
Eurozone May Services PMI Revised Higher
The S&P Global Eurozone Services PMI was revised higher to 53 in June of 2022 from a preliminary estimate of 52.8 and down from May’s 56.1. Still, it signaled the weakest growth in services activity since January due to a weaker uplift in new business to services firms. New work rose for the fourteenth month running, but the pace of growth was the slowest since January and only mild overall. Inflows of new work from abroad meanwhile declined for the first time in three months, albeit at just a marginal pace. Meanwhile, the pace of backlog accumulation eased to an eight-month low. On the price front, the rate of input costs increase accelerated on the month and was the third-steepest on record, and firms raised their average charges further but the rate of inflation hit a three-month low. Looking ahead, the Future Activity Index fell to a 20-month low and pointed to subdued expectations towards activity over the next year.
2022-07-05