France: Industrial production beats forecasts
July 11, 2011
In May, industrial output jumped 2.0% in seasonally adjusted terms over the previous month, contrasting the revised 0.5% contraction tallied in April (previously reported: -0.3% month-on-month) and marking the first increase in three months. The reading overshot market analyst expectations, which had industrial output expanding 0.5%. On an annual basis, industrial activity remained unchanged from April's 2.6% increase. The monthly increase was primarily driven by a strong rebound in the mining, quarrying and energy supply sector (May: +5.7% mom; April -4.3% mom). In spite of the monthly increase, annual average industrial output growth decelerated further from 4.8% in April to 4.3% in May.