At 49.3 in December, the IHS Markit Flash France Composite Output Index fell markedly from 54.2 in November, amid widespread reports of disruption to business due to the ongoing ‘gilets jaunes’ protests.

The largest impact was seen in the services sector, as business reported the first contraction in activity since June 2016. The latest reading was in stark contrast to the robust growth seen in 2018 overall. Meanwhile, manufacturing production fell following November’s stabilisation.

Although moderate overall, the contraction was the fastest for 44 months. In contrast to services, manufacturers often blamed automotive sector slowdown for lower output rather than recent protests.