MNI: FRANCE DATA: Industrial Production (Apr 2019)...>

MNI: FRANCE DATA: Industrial Production (Apr 2019) Review

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- French IP picked up in line with market expectations in Apr, bouncing back by

0.4% m/m after contracting by 1.1% in Mar

- This left the annual rate showing an expansion of 1.1%, up from a decline of

0.7% y/y in Mar

- The monthly uptick was driven by a sharp rise in energy production

- Energy output rebounded by 3.2% after -3.3% in Feb & -0.8% in Mar

- Construction output fell back for a second month running (-1.2% in Mar & -2.3%

in Apr), but this followed a 4.2% expansion in Feb (the strongest since Jun)

- Manufacturing production was flat on the month, after declining by 1.1% in Mar

- The flat performance was driven by divergent trends across sub-categories...

- Output of capital goods declined by 0.5% m/m, while that of intermediate goods

fell at an even sharper pace of 1.5% m/m

- Meanwhile, production strengthened across both consumer durables (+0.6%) &

consumer non-durables (+2.3%)