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(Bloomberg) — French industrial production saw its biggest increase in five years, driven by transport materials as supply-chain constraints eased.
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Output rose 3.8% in June from the previous month, according to figures from statistics agency Insee. This far exceeded even the highest estimate of economists surveyed by Bloomberg, who on average predicted a 0.6% rise.
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Manufacturing production jumped 3.5% after declining 1.2% in May, as the building of materials for the aerospace and space sectors soared.
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“This is explained by a catch up on delays accumulated during the quarter and the lifting of supply-chain constraints for certain companies,” Insee said in a statement on Tuesday.
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Energy and water, as well as coking and refining, also contributed.
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The figures reinforce an initial estimate last week that showed growth in the euro area’s second-biggest economy accelerated 0.3% in the second quarter — much stronger than anticipated. Still, the increase was solely down to inventory building that offset weak domestic demand and a drag from trade.
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Boosting output will be key for the government as it tries to push through another round of unpopular belt-tightening to narrow the country’s deficit. The administration risks being toppled when parliament returns after the summer break if Prime Minister Francois Bayrou is unable to convince opposition lawmakers to allow his budget plans to pass.
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Separate data from Spain showed a 1% increase in industrial production in June. German figures are due Thursday, with economists predicting a contraction.
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—With assistance from Ainhoa Goyeneche, Joel Rinneby and Harumi Ichikura.
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(Updates with Spanish data in final paragraph.)
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English (US)