France: Industrial production in November contracts for second consecutive month
January 9, 2015
In November, industrial production contracted a seasonally-adjusted 0.3% over the previous month. The reading followed the revised 0.7% contraction observed in October (previously reported: -0.8% month-on-month) and contrasted the 0.3% increase the market had expected. November’s result stemmed from a contraction in manufacturing production. In contrast, construction expanded over the previous month.
In year-on-year terms, industrial production fell 2.6% in November. The print came in below the 0.9% decrease recorded in October and marked the sharpest fall in six months. Consequently, the annual average variation in industrial production fell from minus 0.5% to minus 0.9% in November, the lowest level in over a year.
Author: Ricardo Aceves, Senior Economist