FRANCE DATA
France Industrial Production printed slightly above expectations at +0.9% Y/Y in April (vs +0.7% consensus,, +0.7% prior), making it the highest since November 2023. On a monthly basis, it also outperformed printing +0.5% M/M (vs +0.3% consensus, -0.2% revised prior from -0.3%).
- The improvement was driven by manufacturing production (which accounts for over 80% of industrial production). This component rose +0.4% M/M (vs +0.3% M/M consensus; albeit from only three analysts, -0.4% revised prior from -0.5%).
- Within manufacturing production, there was an improvement in 3 of 5 subcomponents. In particular, 'Other industrial products' increased +0.9% M/M (from +0.4% in March), capital goods also saw a jump up to +2.3% M/M (vs -1.3% prior), and 'coking and fining' production decline slowed to -0.6% M/M (vs -4.7% prior).
- The press release highlights "production of the last three months ( February to April 2024) is higher than that of the same three months of the previous year in the manufacturing industry".
- The press release highlights that due to higher energy costs relative to Q2-21 (i.e. before they were impacted by the Russian invasion of Ukraine), production in energy-intensive manufacturing is much lower. Most notably for steel (-27.7%) and basic chemicals (-12.6%).
- Other than manufacturing products, the main extractive industries, energy and water production areas saw an improvement of +1.2% M/M (vs +0.7% prior) - the second consecutive monthly increase.
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