France: Industrial production contracts for third consecutive month
September 9, 2016
In July, industrial production contracted 0.6% over the previous month, which came in below the 0.7% drop observed in June. The result vastly undershot market expectations of a 0.2% expansion and reflected contractions in manufacturing and mining and quarrying. Within the manufacturing sector, the manufacture of coke and refined petroleum products recorded a strong increase in July, after refineries resumed production following the end to blockades and lockouts in all of France’s oil refineries.
In annual terms, industrial output declined 0.1% in July, a mild improvement over the 1.1% contraction registered in June. Meanwhile, the annual average growth in industrial production was stable at June’s 1.2%.
Author: Christopher Mc Innes, Economist