Industrial output rebounds in June
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Industrial production rose 0.6% month-on-month in June, following a 0.2% decline in May. June’s print marked a return to growth after three consecutive months of contractions in output. The improvement was primarily driven by the recovery in the manufacture of coke and refined petroleum products, which swung to double-digit growth in June from a sizeable contraction in May. All three industrial sectors—manufacturing; construction; and mining and quarrying, energy, water supply, and waste management—expanded month-on-month in June.
In annual terms, growth in industrial output swung back to positive territory in June, increasing 1.7% in the month from May’s revised 0.7% contraction (previously reported: -0.9% year-on-year). Meanwhile, annual average growth in industrial production remained stable at 2.7% in June.
France Industrial Production Forecast
The Central Bank forecasts economic growth of 1.8% in 2018 and 1.7% in 2019. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.9% in 2018, which is down 0.1 percentage points from last month’s forecast. For 2019, panelists forecast 1.8% growth.