France: Industrial output moderates for second consecutive month
June 10, 2011
In April, industrial output dropped 0.3% in seasonally adjusted terms over the previous month, which was above the revised 1.1% increase tallied in March (previously reported: -0.9% month-on-month) but defied market analyst expectations, which had industrial output expanding 0.4%. On an annual basis, industrial activity decelerated from a 3.2% rise in March to a 2.6% increase in April. The monthly fall was primarily driven by a sharp drop in the mining, quarrying and energy supply sector (-4.3% mom), whereas manufacturing and construction expanded slightly over the previous month. As result of the monthly drop, annual average industrial output growth decelerated from 5.2% in March to 4.8% in April.