French architecture in France

France Industrial production November 2022

France: Industrial output rebounds in November

Industrial output increased 2.0% in month-on-month seasonally adjusted terms in November, which contrasted October’s 2.5% decrease. Looking at the details of the release, November’s rebound was broad-based: Manufacturing output rebounded and mining and quarrying production accelerated, while energy activity contracted at a softer rate. The end of the strikes in French refineries in late October contributed significantly to the industrial rebound.

On an annual basis, industrial production rose 0.7% in November (October: -2.7% yoy). Accordingly, the trend improved slightly, with the annual average variation of industrial production coming in at 0.0%, up from Octobers minus 0.1% reading.

Commenting on the release and the GDP outlook, Raphael Brun-Aguerre, senior economist at J.P. Morgan, outlined that:

“Recent volatility [was] exacerbated by strikes in the refinery sector. […] Nonetheless, industrial production in October-November still stands 5.3% below the Q3 level, which reinforces our view that the French economy likely contracted in Q4 despite surveys broadly signaling that the French economy may have avoided a contraction last quarter.”

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