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Financial News: French Industrial Production Declines In March

French Industrial Production Declines In March

05/05/2023 - 09:21:00 (RTTNews)

(RTTNews) - France's industrial production declined more than expected in March after the strikes in the refineries dampened refined products output, data from the statistical office INSEE showed on Friday.

Industrial production dropped 1.1 percent from February, when output was up 1.4 percent. Production was expected to drop only 0.3 percent.

Similarly, manufacturing output decreased 1.1 percent in March after a 1.3 percent rise.

The manufacture of coke and refined petroleum plunged 45.6 percent, following a 0.8 percent rise due to the strikes in the refineries, data showed.

Other manufacturing and output of machinery and equipment slid 1.1 percent and 0.9 percent, respectively. On the other hand, manufacture of transport equipment gained 0.2 percent.

Mining and quarrying output decreased 1.2 percent and construction output was down 0.9 percent.

Flash data from the statistical office showed that private payroll employment increased at a steady pace in the first quarter. Employment thus increased for the ninth straight quarter.

Payroll employment grew 0.2 percent or 42,000 in the first quarter. This followed a net increase of 0.2 percent or 44,400 in the fourth quarter of 2022.

By contrast, temporary employment declined 2.6 percent, fully compensating the rises of the past two quarters.

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