France: Industry drops at sharpest rate in nine months
August 9, 2013
In June, industrial production fell a seasonally adjusted 1.4% over the previous month, representing the sharpest contraction in nine months. The reading followed the 0.3% drop recorded in May and contrasted market expectations of a 0.3% increase. The most significant drop was seen in manufacturing.
On an annual basis, industrial output swung from a 0.9% expansion in May to minus 0.2% in June. Despite the lower reading, annual average growth in industrial output stepped up from minus 2.0% in May to minus 1.8% in June.
FocusEconomics Consensus Forecast panellists expect industrial production to contract 1.3% this year, which is up 0.3 percentage points over last month's forecast. For 2014, participants expect industrial output to drop 1.2%.