July 05, 2022 06:45 GMT
FRANCE MAY IP 0.0% M/M, -0.4% Y/Y; APR -0.6% Y/Y
FRANCE MAY MANUF. +0.8% M/M, +2.2% Y/Y; APR +0.5% Y/Y
- French IP saw a modest improvement in May, stabilising at 0.0% m/m growth following the downward revised -0.3% m/m contraction in April. The annualized reading saw a further contraction of -0.4% y/y, which is 0.7pp lower than anticipated as the industry continues to be hampered by global supply bottlenecks and shortages.
- The manufacturing print, on the other hand, saw a substantial upside surprise of 0.5pp at +2.2% y/y in May. The automotive industry accounted for the bulk of the uptick, rebounding with solid 15.3% m/m growth versus a softer +3.8% m/m in the month prior. Semi-conductior shortages were once again highlighted as continuing to add pressure to production capacities.
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