French industrial production rose more than expected in October

According to the report from INSEE, in October 2020, output slowed down in the manufacturing industry (+0.5%, after +2.3%) while it rose again in the whole industry (+1.6%, after +1.6%). Economists had expected a 0.4% increase in the whole industry.

Compared to February (the last month before the beginning of the first general lockdown), output remained significantly lower in the manufacturing industry (−5.0%), as well as in the whole industry (−3.6%).

In October, output bounced back in mining and quarrying, energy, water supply (+7.9% after −2.7%). It went on increasing in “other manufacturing” (+1.2% after +1.1%), in the manufacture of machinery and equipment goods (+1.0% after +3.9%) and it grew up strongly again in the manufacture of coke and refined petroleum (+13.0% after +19.5%). However output of transport equipment fell back (−2.7% after +9.2%) and output of food products and beverages decreased slightly (−0.3% after a virtual stability).

Output of the last three months was lower than that of the same months of 2019 (−6.4%) in the manufacturing industry, as well as in the whole industry (−5.5%).

Over this one-year period, output slumped in the manufacture of coke and refined petroleum products (−22.3%) and in the manufacture of transport equipment (−17.4%). It diminished sharply in the manufacture of machinery and equipment goods (−6.8%), in “other manufacturing” (−4.6%) and more moderately in mining and quarrying, energy, water supply (−0.3%) and in the manufacture of food products and beverages (−1.9%).