France industrial output growth improves in August

Wpid Money Growth

France’s industrial production growth doubled in August largely driven by the rebound in the manufacture of machinery and equipment and mining, data released by the statistical office Insee showed on Tuesday.

Industrial production grew 1 per cent month-on-month, faster than the 0.5 per cent increase in July.

Economists had forecast the rate to slow to 0.3 per cent. At the same time, manufacturing output advanced 1.1 per cent after rising 0.7 per cent in July.

Manufacture of coke and refined petroleum products grew 3.2 per cent and that of machinery and equipment goods by 1.8 per cent. Other manufacturing was up 2.4 per cent.

On the other hand, transport equipment fell 1.6 per cent. Mining and quarrying, and energy output gained 0.5 per cent.

Meanwhile, construction contracted 1.8 per cent after rising 1.4 per cent a month ago.

Compared to February 2020, the last month before the first general lockdown, manufacturing output declined 4.5 per cent and by 3.9 per cent in the whole industry.

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