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France: Industrial production remains sluggish

November 7, 2014

Industrial production growth was flat in September over the previous month, in seasonally-adjusted terms. The reading came in above the revised 0.2% contraction observed in August (previously reported: 0.0% month-on-month), but overshot the 0.2% contraction that markets had expected. The subdued print reflected that contraction in construction offset an improvement in manufacturing output.

On an annual basis, industrial production contracted 0.3% in September, which mirrored the 0.3% decrease tallied in August. Annual average growth in industrial production inched up from August’s minus 0.5% to minus 0.4% in September.

FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.2% in 2014, which is down 0.4 percentage points from last month’s forecast. For 2015, participants expect industrial output to rebound to a 1.6% expansion.


Author:, Senior Economist

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France Industry September 2014 0

Note: Year-on-year and month-on-month changes of industrial production index in %.
Source: French Statistics Institute (INSEE).


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