France May industrial production +2.1% vs +0.3% m/m expected


Latest data released by INSEE – 10 July 2019

  • Prior +0.4%; revised to +0.5%
  • Industrial production +4.0% vs +1.6% y/y expected
  • Prior +1.1%
  • Manufacturing production +1.6% vs +0.3% m/m expected
  • Prior 0.0%; revised to -0.1%
  • Manufacturing production +3.4% y/y
  • Prior +0.5%; revised to +0.4%


The headline reading sees industrial output grow at its quickest monthly pace since May 2017. This comes amid a surge in transport production and energy/utilities output with the former rising by 3.3% namely due to Airbus aircraft and automobiles production.

The transport production boost is likely to be a one-off so just be wary of that when scrutinising the data here but it is a welcome sign for the euro area and French economies. That said, the services sector remains the key area of the French economy so while the boost here is good news, it would’ve looked better if it was from Germany.

EUR/USD has inched higher on the headline though, rising to 1.1218 from around 1.1208 earlier before the report.

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