The rate of expansion remained sharp overall with the IHS Markit Flash France Composite Output Index, which is based on around 85% of usual monthly survey replies, posting well above the neutral 50.0 level at 55.7.

However, this was down from 56.6 in June and marked a further fall from May's six-year peak. Notably, it was the lowest index reading seen since the start of the year. Softer increases in output were seen across both manufacturers and service providers in July. Service sector activity rose sharply overall despite the rate of increase slowing for the second month in a row. At the same time, the latest survey signalled a solid expansion in manufacturing production, albeit with the rate of growth weakening to a four-month low.