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FRANCE DATA: Industrial Production Weaker Than Expected

FRANCE DATA
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France Industrial Production in September was weaker than expected at -0.9% M/M (vs -0.6% consensus, 1.1% prior revised down from 1.4%) and -0.6% Y/Y (vs -0.4% consensus, 0.1% prior revised down from 0.5%).

  • The weakness was driven by both manufacturing and 'extractive industries' production. The former declined 0.8% M/M (albeit less than consensus of -1.3% from 4 analysts estimates, 1.4% prior). Extractive industries production fell 1.2% M/M (vs -0.1% prior).
  • Within manufacturing, the decline was largely due to a decline in the pharmaceutical industry which partially reversed August's climb printing -11.7% M/M, after rising 18.8% in August - the weakest print since March 2023. There was also weakness in "wood, paper and printing" which fell 1.6% M/M after a fall of 1.8% M/M last month and "other manufacturing industries" which fell 1.4% M/M.
  • Manufacturing of transportation increased 0.7% M/M (following the 3.4% M/M rise in August and the soft July). However, automobile manufacturing fell 2.0%M/M with "other transport" up 2.4% M/M.
  • Manufacture of capital goods also declined 0.9% M/M (following a fall of 1.7% in August), whilst Food and "coking and refining" rose in September.

 

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France Industrial Production in September was weaker than expected at -0.9% M/M (vs -0.6% consensus, 1.1% prior revised down from 1.4%) and -0.6% Y/Y (vs -0.4% consensus, 0.1% prior revised down from 0.5%).

  • The weakness was driven by both manufacturing and 'extractive industries' production. The former declined 0.8% M/M (albeit less than consensus of -1.3% from 4 analysts estimates, 1.4% prior). Extractive industries production fell 1.2% M/M (vs -0.1% prior).
  • Within manufacturing, the decline was largely due to a decline in the pharmaceutical industry which partially reversed August's climb printing -11.7% M/M, after rising 18.8% in August - the weakest print since March 2023. There was also weakness in "wood, paper and printing" which fell 1.6% M/M after a fall of 1.8% M/M last month and "other manufacturing industries" which fell 1.4% M/M.
  • Manufacturing of transportation increased 0.7% M/M (following the 3.4% M/M rise in August and the soft July). However, automobile manufacturing fell 2.0%M/M with "other transport" up 2.4% M/M.
  • Manufacture of capital goods also declined 0.9% M/M (following a fall of 1.7% in August), whilst Food and "coking and refining" rose in September.