France: Industrial output rebounds in February
Industrial production expanded 0.2% month-on-month in seasonally adjusted terms in February (January: -0.9% mom). The rebound largely reflected recoveries in manufacturing and mining and quarrying production.
On an annual basis, factory output decreased 0.8% in February, contrasting January’s 0.9% expansion. Moreover, the trend pointed down, with the annual average growth of industrial production coming in at 0.5%, down from January’s 0.7% reading.
Charlotte de Montpellier, senior economist at ING said:
Looking ahead, leading indicators suggest that industrial production could continue to recover in the coming months. Order books seem to be growing slowly while inventory levels are falling. Nevertheless, the rebound is likely to be slow, taking several more months, and would only have a favourable impact on GDP growth in the second quarter.