France Industrial Output Exceeds Expectations

Industrial production in France rose 1% month-on-month in March 2026, beating market expectations of a 0.5% increase and rebounding from an upwardly revised 0.9% fall in the previous month. Manufacturing output recovered to 1.2% from a 0.1% decline in February, mainly driven by a rebound in transport equipment (2.3% vs -0.7%), agri-food products (1% vs -0.8%), and electrical, electronic and computer equipment (1.6% vs -0.2%). Output also strengthened in the manufacture of coke and refined petroleum products (6.3% vs 1.6%) and other industrial goods (0.8% vs 0.2%). Overall industrial production was further supported by a return to growth in extractive industries, energy and water (0.3% vs -3.4%), particularly electricity, gas, steam and air-conditioning (0.3% vs -3.5%). On a yearly basis, industrial output increased 0.9% in March, compared with a 0.3% decline in the previous month.

Industrial production in France fell 0.7% month-on-month in February 2026, reversing a downwardly revised 0.2% gain in the previous month and defying market expectations of a flat reading. Manufacturing output stalled after rising 0.2% in January, as a contraction in transport equipment (-0.8% vs 8.5%) was offset by a rebound in other industrial manufacturing (0.4% vs -1%) and a softer decline in agri-food products (-0.8% vs -0.9%). Overall industrial activity was further weighed down by mining, quarrying, energy, and water supply, which dropped sharply to 3.2% from a 0.3% increase, driven by a decline in electricity, gas, steam, and air conditioning (-3.2% vs 0.2%). Meanwhile, construction output decreased at a softer pace (-1.3% vs -1.4%), reflecting more moderate declines in civil engineering (-5.3% vs -6.7%) and building construction (-0.4% vs -3.6%). On a yearly basis, industrial output slipped 0.3% from a 1.9% gain in January 2026.

Industrial production in France rose 0.5% month-on-month in January 2026, in line with market expectations, rebounding from a 0.5% decline in December. Manufacturing output increased 0.6% after falling 0.7% the previous month, driven solely by a surge in the manufacture of transport equipment (+9.9% vs -12.8% in December), particularly other transport equipment (+19.1% vs -20.1%) and more specifically in aerospace construction. Conversely, output fell mainly in food products and beverages (-0.8% vs +1.9%), coke and refined petroleum products (-3.4% vs -0.9%), and computer, electronic, and optical products (-0.5% vs +1.9%). Production in mining and quarrying, energy, and water supply was stable (0.0% vs +0.1%), while construction output declined 1.4% as all construction activities fell. On a yearly basis, industrial activity rose 1.9%, while on a three-month basis it increased 0.1% compared with the prior period.