The HCOB France Composite PMI for January 2026 was revised higher to 49.1 from a flash estimate of 48.6, but remained below December’s 50.0. The latest reading pointed to renewed weakness in private sector activity, with the downturn driven mainly by the services sector, where the Business Activity Index slipped from 50.1 in December to 48.4 in January, marking the first contraction since October. Manufacturing showed only tentative signs of stabilization, with capacity pressures rising but overall demand still subdued. New orders across the private sector fell at the fastest pace in six months, while employment recorded only marginal growth. Exports continued to weigh on activity, as overseas demand for services remained in contraction. Meanwhile, input cost inflation edged up to a five-month high, prompting firms to raise output charges modestly. Finally, business confidence improved, with year-ahead growth expectations rising to their strongest level since September 2024. source: S&P Global

Composite PMI in France decreased to 49.10 points in January from 50 points in December of 2025. Composite PMI in France averaged 50.16 points from 2012 until 2026, reaching an all time high of 60.30 points in November of 2017 and a record low of 11.10 points in April of 2020. This page provides the latest reported value for - France Composite PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Composite PMI in France decreased to 49.10 points in January from 50 points in December of 2025. Composite PMI in France is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the France Composite PMI is projected to trend around 53.80 points in 2027, according to our econometric models.


Components Last Previous Unit Reference
HCOB Manufacturing PMI 51.20 50.70 points Jan 2026
HCOB Services PMI 48.40 50.10 points Jan 2026

Related Last Previous Unit Reference
Bankruptcies 5918.00 5699.00 Companies Nov 2025
Business Climate Indicator 99.00 99.00 points Jan 2026
Business Confidence 105.20 102.30 points Jan 2026
Capacity Utilization 76.74 76.75 percent Dec 2025
Car Production 910243.00 1505076.00 Units Dec 2024
Car Registrations 107157.00 172927.00 Units Jan 2026
Changes in Inventories -7574.00 -51.00 EUR Million Dec 2025
Composite Leading Indicator 101.53 101.28 points Jan 2026
Electricity Price 49.34 48.79 EUR/MWh Feb 2026
Electricity Production 44767.36 41282.52 Gigawatt-hour Oct 2025
Industrial Production 1.70 2.10 percent Dec 2025
Industrial Production MoM -0.70 0.10 percent Dec 2025
Manufacturing Production 2.10 2.20 percent Dec 2025
Mining Production -9.20 -7.10 percent Dec 2025
New Orders -16.60 -20.20 points Dec 2025
New Car Registrations YoY -6.60 -5.80 percent Jan 2026


France Composite PMI
The HCOB France Composite Output Index, which is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, tracks business trends across private sector activity. The index tracks variables such as sales, new orders, employment, inventories and prices; and varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
French Private Sector Returns to Contraction
The HCOB France Composite PMI for January 2026 was revised higher to 49.1 from a flash estimate of 48.6, but remained below December’s 50.0. The latest reading pointed to renewed weakness in private sector activity, with the downturn driven mainly by the services sector, where the Business Activity Index slipped from 50.1 in December to 48.4 in January, marking the first contraction since October. Manufacturing showed only tentative signs of stabilization, with capacity pressures rising but overall demand still subdued. New orders across the private sector fell at the fastest pace in six months, while employment recorded only marginal growth. Exports continued to weigh on activity, as overseas demand for services remained in contraction. Meanwhile, input cost inflation edged up to a five-month high, prompting firms to raise output charges modestly. Finally, business confidence improved, with year-ahead growth expectations rising to their strongest level since September 2024.
2026-02-04
French Private Sector Unexpectedly Shrinks
The HCOB France Composite PMI fell to 48.6 in January 2026 from December's 50 and missing market forecasts of 50, flash estimates showed. This pointed to a return to contraction in the country’s private sector for the first time since October last year, following two consecutive months of near stagnation. The services sector weakened notably (PMI at 9-month low of 47.9 vs 50.1 in December), while manufacturing output rebounded modestly (PMI at 51.9 vs 49.7). New business received fell at the fastest pace in six months in January, reflecting subdued demand conditions due to worries about domestic finances and external uncertainties. The rate of job creation edged up to a three-month high but remained marginal. Average prices charged were flat, with input costs rising modestly but still below historical averages. More positively, growth expectations for the next year were the strongest since September 2024, partly reflecting hopes that the budget impasse will be resolved.
2026-01-23
French Private Sector Activity Levels Off
The HCOB France Composite PMI for December 2025 was revised marginally lower to 50.0, from a flash estimate of 50.1 and November’s 50.4, signaling broadly stagnant output. The latest data marked a relative improvement for manufacturers (PMI at 50.7 vs 47.8 in November), following the sharpest production downturn in nine months in the previous survey. In contrast, conditions deteriorated in the services sector (PMI at 50.1 vs 51.4), which failed to sustain the strong growth momentum seen in November. New orders and employment across the private sector were broadly unchanged. Exports were a small drag, as weaker overseas demand for services offset record international orders for manufacturers. Meanwhile, prices rose modestly, led by manufactured goods, although overall cost inflation eased broadly. Finally, business confidence in the private sector softened slightly.
2026-01-06