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.

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Euro Area Services PMI



Related Last Previous Unit Reference
Services PMI 55.60 52.70 points Mar 2023
Manufacturing PMI 47.10 48.50 points Mar 2023
Composite PMI 54.10 52.00 points Mar 2023

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
55.60 52.70 59.80 12.00 2007 - 2023 points Monthly

News Stream
Eurozone Services PMI Rises to 10-Month High
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.
2023-03-24
Eurozone Services PMI Revised Slightly Lower, But Highest in 8 Months
The S&P Global Eurozone Services PMI was revised lower to 52.7 in February 2023, down from a preliminary estimate of 53.0 and compared to January's 50.8. Still, the latest reading pointed to the fastest pace of expansion in the service sector since last June, as new business growth accelerated to a nine-month high and the rate of backlog accumulation was the strongest since last June. On the other hand, the pace of job creation slowed since the beginning of the year. On the price front, input cost inflation accelerated, while output price inflation was little-changed among the strongest seen on record. Finally, business confidence rose to the highest since April 2022.
2023-03-03
Eurozone Services Sector Growth Accelerates to 8-Month High
The S&P Global Eurozone Services PMI rose to 53.0 in February 2023, up from 50.8 in the previous month and comfortably above market forecasts of 51.0, a preliminary estimate showed. The latest reading pointed to the strongest expansion in the service sector since last June, helped by the revival of growth in financial services activity, as well as resurgent tourism & recreation and media activity. Transportation broadly stabilized after seven months of decline, industrial services gained momentum and IT services enjoyed a surge in activity. Inflows of new orders rose the most since last May and employment levels continued to increase. On the price front, input cost inflation remained among the steepest recorded over the history of the survey, albeit down from last year’s peaks, while average prices charged for services were sharply higher as firms sought to pass higher costs on to customers.
2023-02-21