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France Industrial Production Grows For Third Month

France industrial production grew for the third consecutive month in February, defying expectations for a decline, data from the statistical office INSEE showed on Wednesday.

Industrial production climbed a seasonally and working day adjusted 0.4 percent month-on-month in February, after a 1.2 percent rise in January. Economists had expected production to fall 0.5 percent.

Manufacturing output rose a seasonally and working day adjusted 1.1 percent monthly in February, following a 0.7 percent rise in the previous month. Economists had forecast a 0.4 percent decline.

The monthly increase was driven by a 3.0 percent rise in the manufacture of transport equipment, followed by a 1.7 percent rise in other manufacturing.

Among the main industrial groupings, energy output fell the most, by 3.8 percent. Capital goods and intermediate goods production decreased in February by 1.0 percent and 0.7 percent, respectively.

Meanwhile, consumer non-durables grew by 2.1 percent and consumer durables decline slowed by 0.2 percent.

On a year-on-year basis, industrial production rose 0.6 percent in February, slower than the 1.7 percent rise in January. Economists had expected a 0.2 percent fall in production.

Manufacturing output rose 2.8 percent annually in February, after a 0.8 percent rise in the prior month.

The material has been provided by InstaForex Company – www.instaforex.com