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Financial News: French Industrial Production Falls More Than Expected

French Industrial Production Falls More Than Expected

03/05/2024 - 05:22:00 (RTTNews)

(RTTNews) - Industrial production in France declined faster than expected in January, led by a slump in manufacturing, preliminary data from the statistical office INSEE showed Tuesday.

Overall industrial production decreased 1.1 percent month-on-month, after rising 0.4 percent in December. Economists were looking for a modest fall of 0.1 percent.

Manufacturing output declined 1.6 percent from the previous month, when it grew 0.5 percent.

Within manufacturing, the biggest decline of 10.5 percent was in the manufacture of coke and refined petroleum products.

Manufacture of transport equipment logged a slump of 5.3 percent and production of machinery and equipment goods decreased 0.3 percent. Among the main industrial groupings, manufacture of capital goods, intermediate goods and consumer durables decreased. Output in energy and consumer non-durables grew. Construction output edged up 0.3 percent in January after a 1.8 percent gain in December.

The French manufacturing sector remained in the contraction territory in February, the recent <a href=https://www.rttnews.com/3429067/eurozone-manufacturing-shrinks-further.aspx target=_blank >S&P Global purchasing managers' survey</a> showed last week. However, the production decline was the weakest since January last year as contractions in output and new orders eased significantly in February. Further, the production outlook for next 12 months turned positive for the first time since May last year.

Inflationary pressures continued to eased with further declines in output prices and input costs, the survey said.

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