May data signalled a renewed slowdown in French private sector output growth. Indeed, at 54.5 in May, down from 56.9 in April, the IHS Markit Flash France Composite Output Index highlighted the weakest rate of expansion since the start of 2017. The moderation in overall output growth was driven by the services sector, where the rate of increase in activity was the softest for 16 months.

In contrast, manufacturers registered a sharper rise in output in May. Moreover, the rate of expansion was marked in line with the average seen in the current 21-month sequence of expansion.