French industrial production declined unexpectedly in July, data from the statistical office Insee revealed Thursday.
Industrial production slid 0.8 percent in July from June, when it remained flat. It was expected to grow 0.2 percent.
At the same time, manufacturing output dropped 1 percent, faster than the 0.6 percent decrease seen in June. This was the second consecutive decrease in output. Economists had forecast a 0.4 percent growth.
The decline in manufacturing was largely caused by a 2 percent fall in electrical and electronic equipment and 1.6 percent fall in transport equipment.
On the other hand, the construction sector recovered in July. Construction output increased 1 percent after declining 1.9 percent in June.
During three months to July, industrial and manufacturing output decreased 0.6 percent and 0.7 percent from prior three months, respectively. On a yearly basis, industrial output rose 0.7 percent and manufacturing by 0.6 percent.
The material has been provided by InstaForex Company – www.instaforex.com