The S&P Global Eurozone Services PMI was revised higher to 51.2 in July of 2022 from a preliminary of 50.6, pointing to the slowest growth in the services sector since January, due to fading post-pandemic restrictions bounce and cooling demand pressures. For the first time since April of 2021, incoming new business at eurozone services firms fell prompted by higher prices and new export orders fell the most since March last year. Services companies meanwhile registered a slower rise in backlogs of work, with outstanding business volumes increasing only marginally as weaker demand enabled firms to reduce some strain on their capacities. Employment continued to increase, albeit at the softest rate in five months. On the prices front, firms continued to share the burden of higher costs with clients but both input and output inflation eased. Finally, business confidence slumped to a 21-month low amid concerns regarding the underlying strength of the euro area and global economy. source: Markit Economics
Services PMI in the Euro Area averaged 51.60 points from 2007 until 2022, reaching an all time high of 59.80 points in July of 2021 and a record low of 12 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 August of 2022.
Services PMI in Euro Area is expected to be 52.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Services PMI is projected to trend around 52.30 points in 2023 and 54.00 points in 2024, according to our econometric models.