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July IP Contraction adds to German & Spanish Declines

FRANCE DATA
MNI (London)

FRANCE JUL IND PRODUCTION -1.6% M/M (FCST -0.5%); JUN +1.2r% M/M

FRANCE JUL IND PRODUCTION -1.2% Y/Y (FCST +0.4%); JUN +1.0r% Y/Y

  • Another weak industrial production print adds to a slew of July contractions in the Euro area as shrinking order books imply weak growth going forward.
  • French industrial production fell further than expected in July, contracting by -1.6% m/m, as extractive industries, capital goods and transport all recorded significant contractions.
  • Falling capital goods production hints at smaller investment plans due to economic uncertainty, which will drag on growth into year-end.
  • July data for Germany also saw a contraction (albeit softer than anticipated) as IP fell by -0.3% m/m and -1.1% y/y. Spanish IP fell by -1.1% m/m.
  • This data confirms the industrial sector continues to struggle under the weight of high energy prices and persistent supply issues.

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