France: Industrial production records sharpest contraction in eight months
May 20, 2014
In March, industrial production contracted a seasonally-adjusted 0.7% over the previous month. The reading marked a deterioration compared to February's 0.1% expansion and contrasted the 0.3% rise the market had expected. Moreover, it marked the sharpest contraction since July 2013. According to the French Statistics Institute, the monthly drop was the result of a contraction in both the manufacturing and construction sectors.
On an annual basis, industrial production contracted 0.8% in March, which was down from the 0.5% drop tallied in February. Annual average growth in industrial production inched up to minus 0.1% in March (February: -0.2%), which marks the highest level since April 2012.