Business activity in France has seen a significant slump in February, more than what was anticipated, according to a recently published survey.

This downturn is primarily due to a sharp decline in new business and backlogs in the dominant services sector.

The HCOB France flash purchasing managers index (PMI) for services, compiled by S&P Global, recorded a score of 44.5 points in February.

This score indicates a 17-month low for the euro zone's second-largest economy. The index has now remained below the 50 point threshold, which separates growth from contraction, for the sixth consecutive month.