France: Industrial output rebounds strongly in April
June 10, 2013
In April, industrial production soared a seasonally adjusted 2.3% over the previous month, which represents the highest print seen since May 2011. The figure contrasts the revised 0.6% drop observed in March (previously reported: -0.9% mom) and came in well above market expectations of a 0.2% expansion. The largest expansion was tallied in manufacturing, followed by construction.
Compared to the same month last year, industrial output contracted 0.5%, which marks a significant improvement over the 2.1% contraction observed in March. Despite the negative figure, annual average growth in industrial output edged down from minus 2.5% in March to minus 2.6% in April.
FocusEconomics Consensus Forecast panellists see industrial production dropping 1.5% in 2013, which is unchanged from last month's forecast. For next year, panellists expect an expansion of 1.7%.
Author: Ricardo Aceves, Senior Economist