France: Decline in industry continues in October
December 10, 2013
In October, industrial production dropped a seasonally-adjusted 0.3% over the previous month. The reading matched September's 0.3% contraction (previously reported: -0.5% mom) and fell short of market expectations of a 0.1% expansion. According to the French Statistics Institute, the decrease in the manufacture of coke and refined petroleum products was the most important driver behind the monthly contraction.
On an annual basis, industrial output stepped up from minus 0.7% in September to a flat reading in October, thereby driving annual average growth up from minus 1.4% in September to minus 1.2% in October.
FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.4% this year, which is up 0.1 percentage points from last month's forecast. For 2014, participants expect industrial output to drop 1.1%, which is down 0.6 percentage points from last month's estimate.