France: Industrial output drops on manufacturing
November 9, 2012
In September, industrial output fell 2.7% over the previous month in seasonally adjusted terms, which contrasted the revised 1.9% increase tallied in August (previously reported: +1.5% month-on-month). The monthly drop, the sharpest since January 2009, was driven by a steep decline in manufacturing production, in particular in the manufacture of coke and refined petroleum products. The monthly reading widely exceeded market expectations of a 1.0% drop. On an annual basis, however, industrial activity contracted 2.5% in September, which was down from the 0.9% drop observed in August. Accordingly, annual average variation in industrial production declined from minus 1.3% to minus 1.6%.