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Robust June IP Sees Energy Sector Resurgence, as in Germany & Spain

FRANCE DATA
MNI (London)

FRANCE JUN INDUSTRIAL PROD. +1.4% Y/Y (FCST -0.3%); MAY -0.3%r Y/Y

FRANCE JUN INDUSTRIAL PROD. +1.4% M/M (FCST -0.3%); MAY +0.2%r M/M

  • French industrial production saw surprise growth in June, expanding by 1.4% in both the month-on-month and annualised print.
  • This is above the anticipated forecast of -0.3% contractions for both readings and adds to German and Spanish IP data from this morning which also came in more robust than forecasts.
  • France experienced a broad-based solid month-on-month rebound across capital goods production (+3.5% in June vs +0.2%), agriculture (+2.2% in June vs -0.7%), other transport equipment (+6.2% vs -5.7%) and most notably extractive industries and energy (+2.4% in June vs -4.1%).
  • Diving into the detail of German and Spanish reports highlights a recurrent theme of substantially stronger energy production in June, likely linked to efforts in generating gas stocks ahead of Winter as supply from Russia has become increasingly concerning over the past months. Italian IP data due at 0900 BST will likely confirm this.
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