France: Industrial productions drops in May
July 8, 2016
In May, industrial production contracted 0.5% over the previous month, which contrasted the 1.2% expansion tallied in April. The result was in line with market expectations. The print reflected a deterioration in construction and flat growth in manufacturing. According to the press release, manufacturing activity was affected by the ongoing strikes against the labor reform bill that staged blockades and lockouts in all of France’s oil refineries in May.
In annual terms, industrial output expanded 0.5% in May, which came in below the revised 1.8% expansion tallied in April (previously reported: 1.9% year-on-year). Meanwhile, the annual average growth in industrial production inched up from 1.6% in March to 1.7% in April.