French industrial production tumbles unexpectedly
French industrial output unexpectedly plummeted in June, with national statistics body INSEE reporting a 1.4 per cent monthly fall following the previous month’s revised 0.3 per cent decline. Analysts had expected to see 0.1 per cent growth (release).
Manufacturing fell by 0.4 per cent, falling 0.3 per cent year-on-year. The annual fall was driven primarily by a 2.9 per cent fall in the manufacture of food and beverages, offsetting an 11.8 per cent increase in the manufacture of coke and refined petroleum productsand a 3.3 per cent boost in the manufacture of transport equipment.
Construction outputwas flat on May 2013, but fell 3.5 per cent year-on-year.
