Eurozone Service PMIs See February Recoveries, but below flash

SPAIN FEB SERVICES PMI 56.6; JAN 46.6

• Spanish services saw a significant recovery with a 10-point jump to 56.6 (5 points above expectations).
• Services growth was largely due to notably higher new business volumes and new hires. Inflationary pressures persist at close-to record highs, which translated into a 22-year-high acceleration in output prices.

ITALY FEB SERVICES PMI 52.8; JAN 48.5

• Italian services also recovered, albeit by a more subdued 4.3 points in February (0.3 points above expectations).
• The Italian survey saw cost inflation acceleration at a survey high in February, on the back of price hikes for energy, wages and suppliers.

FRANCE FINAL FEB SERVICES PMI 55.5r; JAN 53.1

• The French final services PMI print was revised downwards by a significant 2.4 points from the flash reading.
• Services expanded by 2.4 points on January's 9-month low, however order backlogs saw a sharp increase as the uptick in demand was unable to be met due to capacity restraints.

GERMANY FINAL FEB SERVICES PMI 55.8r; JAN 53.1

• German final services also saw a downwards revision, 0.8 points below the flash estimate.
• Business activity expanded the fastest in five months and business expectations jumped to just below last Summer's 20-year high.