French Industrial Output Falls Most In 3 Months
(RTTNews) - France's industrial production declined at the fastest pace in three months in July on sharp contractions in production of transport equipment and machinery, signaling a weak start to the third quarter after Prime Minister François Bayrou lost a confidence vote in the Parliament this week. Industrial production logged a monthly fall of 1.1 percent in July, partially offsetting the 3.7 percent rise in June, the statistical office INSEE reported Monday. This was the biggest fall since April but was better than economists' forecast of 1.4 percent drop.
Likewise, manufacturing output decreased 1.7 percent, in contrast to the 3.5 percent rise in the previous month.
Output fell back in the manufacture of transport equipment by 10.7 percent after a sharp rise of 16.3 percent in June. The decrease was mainly due to aerospace construction, following a peak in production in June.
Production fell back more moderately in the manufacture of machinery and equipment goods by 2.2 percent, following a 3.9 percent rise a month ago. Similarly, the manufacture of food products and beverages slid 1.3 percent after a 0.7 percent drop.
On the other hand, output increased again in the "other manufacturing" by 1 percent and in mining and quarrying, energy, water supply by 1.6 percent. The manufacture of coke and refined petroleum products expanded 2.5 percent.
"…against a backdrop of weak consumption, growing political uncertainty and pressure on public finances, the economic outlook for France remains fragile," ING economist Charlotte de Montpellier said.
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