At 47.9 in January, the IHS Markit Flash France Composite Output Index fell from 48.7 in December, and pointed to the quickest contraction in French private sector output for over four years. At the sector level, the latest decline was driven by service providers, as firms reported a moderate fall in activity. Moreover, the pace of contraction accelerated compared to December to reach its fastest for nearly five years. In contrast to the recent trend, manufacturers outperformed their service providing counterparts. Goods producers recorded broadly-unchanged output in the first month of 2019, stabilising after the contraction in December