French industrial production fell sharply in February.

According to the report from INSEE, in February 2021, output plummeted again in the manufacturing industry (−4.6%, after +3.3%) as well as in the whole industry (−4.7%, after +3.2%). Economists had expected a 0.5% increase in the whole industry.

Compared to February 2020 (the last month before the first general lockdown), output remained in sharp decline in the manufacturing industry (−7.1%), as well as in the whole industry (−6.6%).

In February, output plunged in the manufacture of transport equipment (−11.4% after −3.0%). It decreased sharply in “other manufacturing” (−4.0% after +3.9%), in mining and quarrying, energy, water supply (−5.4% after +2.8%) and in the manufacture of machinery and equipment goods (−5.3% after +8.8%). It declined more modestly in the manufacture of food products and beverages (−2.0% after +1.6%). Conversely, it continued to expand in the manufacture of coke and refined petroleum after the reopening of several refineries that had been shut down in late 2020 (+11.5% after +6.8%).

In February 2021, output yet remained in sharp decline compared to its February 2020 level in most industrial activities. It plummeted in the manufacture of coke and refined petroleum (−20.5%) and in the manufacture of transport equipment (−25.7%), especially in the manufacture of other transport equipment (−33.6%). Compared to February 2020, output decreased more moderately in the manufacture of machinery and equipment goods (−3.8%) and in “other manufacturing” (−3.8%), thanks in particular to the sub-branches of electrical equipment (+5.3%) and pharmaceuticals (+9.5%).