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Financial News: France Industrial Output Unexpectedly Falls In November

France Industrial Output Unexpectedly Falls In November

01/07/2022 - 07:57:00 (RTTNews)

(RTTNews) - France industrial production declined unexpectedly in November, data from the statistical office Insee showed on Friday.

Another official data showed that the trade deficit increased sharply in November on robust imports.

Industrial output fell 0.4 percent in November from October, when it was up 0.9 percent. Production was forecast to grow 0.5 percent.

Likewise, manufacturing output declined 0.6 percent, in contrast to the 1.1 percent rise in the previous month.

Output fell back in the manufacture of transport equipment by 4.6 percent. The manufacture of motor vehicles, trailers and semi-trailers grew 10.5 percent, while "other manufacturing" posted a moderate fall of 0.4 percent.

Compared to February 2020, the last month before the first general lockdown, output decreased 5.8 percent in the manufacturing industry and by 5 percent in the whole industry.

Elsewhere, the customs office said the trade deficit widened sharply in November. The shortfall increased to EUR 9.7 billion from EUR 7.69 billion in October.

Exports grew 1.6 percent on a monthly basis and imports advanced 5.3 percent in November. Year-on-year, exports and imports surged 13 percent and 19.2 percent, respectively.

Data released by Bank of France showed that the current account deficit widened to EUR 3.6 billion from EUR 2.5 billion in the previous month.

This development was due to the deterioration in the goods deficit to EUR 9.1 billion from EUR 6.7 billion. The surplus on services improved by EUR 1.1 billion to EUR 5.2 billion.

The financial account showed net capital outflows of EUR 2.8 billion.

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