French services sector growth accelerated less than initially thought in March - PMI

PARIS, April 5 (Reuters) - France's dominant services sector expanded at the fastest rate in nine months in March, albeit not as quickly as initially thought, a monthly survey showed on Wednesday S&P Global's final services purchasing managers index (PMI) for last month rose to 53.9 points - well down from an early "flash" estimate of 55.5 - from 53.1 in February, speeding up for the first time in three months. Any number above 50 points denotes an expansion in activity, while below 50 shows a contraction. "March's PMI survey rounds off what can be considered a fairly positive opening quarter of 2023 for the French economy," said S&P Senior Economist Joe Hayes. "Although manufacturing output continues to fall, two robust monthly expansions in services activity in February and March could lead to a better economic growth performance in the first quarter than many anticipate." French economic growth is proving to be stronger and inflation weaker than expected for this year as Europe's energy price shock fades, the country's central bank said two weeks ago, raising its 2023 GDP forecast to 0.6% versus 0.3% figure given in December. Hayes said this momentum might not be carried over in the second quarter of the year, however, as other parts of the economy such as construction and manufacturing remain weak. There may also be some material impact on the economy from the widespread protests against President Emmanuel Macron's pensions reform. Since January, French unions have organised several nationwide days of strikes and demonstrations that have been attended by millions of people. They are planning further action ahead of a Constitutional Council ruling on the reform on April 14. S&P Global's final composite PMI for France covering both the services and manufacturing sectors rose to 52.7 points from 51.7 in February, also down from a flash estimate of 54.0. (Reporting by Benoit Van Overstraeten; Editing by Hugh Lawson)