France: Industrial production jumps to highest level in over two years in annual terms
January 10, 2014
In November 2013, industrial production expanded a seasonally-adjusted 1.3% over the previous month. The rise contrasted October's 0.5% contraction and overshot market expectations of a 0.4% expansion. According to the French Statistics Institute, the expansion was mainly driven by a strong expansion in the manufacture of coke and refined petroleum products. Production of electrical and electronic equipment was the only category that contracted.
On an annual basis, industrial output stepped up from a 0.3% contraction in in October to a 1.5% expansion in November, which marks the highest reading since August 2011. As a consequence, annual average growth was pushed up from minus 1.3% in October to minus 0.8% in November.
FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.4% in 2014, which is up 0.1 percentage points from last month's forecast. For 2015, participants expect industrial output to drop 1.1%.