French architecture in France

France Industrial production January 2023

France: Industrial activity deteriorates in January

Industrial output decreased 1.9% month-on-month in seasonally adjusted terms in January (December: +1.5% mom s.a.). The reading reflected a downturn across the major sectors, with manufacturing, mining and quarrying, and energy all contracting in January. That said, construction activity rebounded from the previous month’s contraction.

On an annual basis, industrial output fell 2.2% in January (December: +1.8% yoy). Meanwhile, the annual average change in industrial production was stable at December’s minus 0.1% in January.

Commenting on the industrial outlook, Charlotte de Montpellier, senior economist at ING, outlined that:

“The French industrial sector is currently in a slowdown phase, despite the continuous improvement in supply chains. […] It seems that demand, especially international demand, is slowing down sharply. In this context of slowing demand, high inventory levels could negatively impact production, leading to weak manufacturing output in the coming months.”

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