The S&P Global Eurozone Services PMI rose to 55.6 in March 2023 from 52.7 in February, above market expectations of 52.5, preliminary estimates showed. Business activity rose for a third straight month to register the strongest expansion since last May. A key development was the further revival of growth in financial services, with a notable turnaround in real estate activity compared to late last year, despite recent concerns regarding banking sector stability and higher interest rates. Consumer services activity also continued to revive from the downturn seen late last year, notably in respect to travel and tourism. New orders rose faster leading backlogs of work accumulating at the steepest rate since last May, which will help support further growth in the coming months. Employment growth picked up to a 10-month high as firms sought to keep pace with rising demand. Finally, optimism about the year ahead slipped lower but remained far above the levels seen late last year. source: Markit Economics
Services PMI in Euro Area averaged 51.56 points from 2007 until 2023, reaching an all time high of 59.80 points in July of 2021 and a record low of 12.00 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 March of 2023.
Services PMI in Euro Area is expected to be 55.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.