French industrial output rebounds in November
By Benjamin Chiou
Date: Wednesday 10 Jan 2024
(Sharecast News) - Industrial output in France unexpectedly rebounded in November, according to data released on Wednesday by the National Institute of Statistics and Economic Studies (Insee).
Industrial production increased by 0.5% in November after a 0.3% decline in October, ahead of expectations for no change.
This was the first monthly growth in output registered since July.
The headline increase was helped by a pick-up in production of machinery and equipment goods, and in mining and quarrying, energy and water supply products, Insee said.
Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said November's result was "decent" but production is likely to fall for the fourth quarter as a whole.
"Assuming no change in December, which seems like a decent bet at this point, industrial production dropped by 0.5% quarter-on-quarter in Q4, reversing a 0.1% increase in Q3," Vistesen said.
"Weakness in energy-intensive industries, a sharp slowdown in oil refining after a jump in Q3, and falling production in electrical equipment likely were the main drivers of the weakness."
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