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Financial News: France Industrial Production Growth Slows More Than Expect

France Industrial Production Growth Slows More Than Expected

10/09/2020 - 03:02:00 (RTTNews)

(RTTNews) - France's industrial production slowed more than expected in August, led by manufacturing, preliminary data from the statistical office INSEE showed on Friday.

Total industrial output grew 1.3 percent from July, when it increased 3.8 percent. Economists were looking for a 1.7 percent gain.

Manufacturing output rose 1 percent monthly in August, which was much slower than the 4.5 percent growth in July.

Industrial output was 6.3 percent lower compared to February, which was the last month before the beginning of the general lockdown to battle the coronavirus, or Covid-19, pandemic, INSEE said.

Factory output was 7.4 percent lower from February.

In August, output grew in other manufacturing, manufacture of transport equipment, mining and quarrying and utilities, but at slower rates.

Meanwhile, manufacture of machinery and equipment goods and food and beverages decreased after growing in the previous month. Manufacture of coke and refined petroleum continued to fall at sharp rates.

Construction output grew 4.9 percent from July, when it rose 4 percent. Compared to February, construction output remained 1.2 percent lower.

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