France: Industrial production contracts less in January
March 10, 2014
In January, industrial production contracted a seasonally-adjusted 0.2% over the previous month. The reading marked an improvement compared to December's revised 0.6% contraction (previously reported: -0.3% month-on-month), but contrasted the 0.5% expansion the market had expected. According to the French Statistics Institute, the monthly fall was the result of a contraction in mining and quarrying, energy, water supply and waste management, which more than offset the expansion tallied in the coke and refined petroleum products. On an annual basis, industrial output swung from the revised 0.3% expansion recorded in December (previously reported: +0.5% year-on-year) to a 0.1% contraction in January. Annual average growth in industrial production edged up from minus 0.5% in December to minus 0.3% in January and reached the highest level since April 2012. FocusEconomics Consensus Forecast panelists expect industrial production to expand 1.0% in 2014, which is down 0.2 percentage points from last month's forecast. For 2015, participants expect industrial output to expand 1.9%.