The French National Institute of Statistics (INSEE) is expected to report that industrial activity increased by 0.2% mom in March (1.3% yoy). If materialized this would lead the industrial output to rise by 1.3% qoq in Q1. Looking at the breakdown, energy output is likely to have dropped sharply by 5.3% mom in March, on the back of very weak energy consumption over the same period (-3.2% mom). “We expect the manufacturing output to recover, rising by 1.5% mom (1% yoy)”, said Societe Generale in a report on Monday.
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