France: Industrial output drops to lowest level in over two years
July 10, 2012
In May, industrial output fell 1.9% over the previous month in seasonally adjusted terms, which contrasted the revised 1.4% expansion tallied in April (previously reported: +1.5% month-on-month). The monthly drop exceeded market expectations of a 1.0% decline. On an annual basis, industrial activity contracted a steep 3.5% in May, which contrasted the 0.8% increase observed in April, and marked the lowest level since November 2009. Consequently, the trend continues to point downwards, with annual average growth declining from 0.8% in April to 0.4% in May.