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IP Recovery Ongoing; But Still Below Feb Levels

FRANCE DATA
MNI (London)

FRANCE JUL IP +3.8% M/M, -8.3% Y/Y; JUN +13.0% M/M

  • French IP increased for the third successive month in Jul, although at a slower pace than in Jun and below market expectation (BBG: 4.8%)
  • Manufacturing output improved to 4.5%, up from 14.8%, while production in the construction sector rose 5.0% in Jul.
  • Compared to Feb, production is still 7.1% lower, while manufacturing output is 7.9% below pre-crisis levels.
  • Annual IP declined again, however at the slowest speed since Feb.
  • All major categories except for energy production (-0.4%) showed a m/m increase with consumer durable goods leading the way, up 11.5%
  • Capital goods rose 6.4%, while intermediate goods ticked up 4.6% and consumer non-durable goods edged up 1.9%.
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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