France: Industrial activity records largest drop in over one year in October
Industrial output decreased 2.6% in seasonally adjusted month-on-month terms in October (September: -0.9% mom). October’s result marked the worst reading since February 2021. The decline was mainly due to a deterioration in manufacturing output, as it fell at the sharpest pace since February 2021 due to a large decrease in production of refined petroleum products amid strikes in French refineries throughout the month. That said, construction remained in expansionary territory.
On an annual basis, industrial production fell 2.7% in October (September: +1.6% yoy), the worst result since February 2021. Moreover, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.1% in October, contrasting September’s plus 0.1%.