Bloomberg News

French Industrial Production Stagnates as Debt Crisis Bites

December 09, 2011

Dec. 9 (Bloomberg) -- French industrial production was unchanged in October after falling more than originally estimated in September as Europe’s debt crisis hurt confidence and raised concern that the region’s expansion is stalling.

Output declined a revised 2.1 percent in September instead of the 1.7 percent originally estimated, national statistics office Insee in Paris said in an e-mailed statement today. Economists had forecast a 0.2 percent drop for October, according to the median of 16 estimates in a Bloomberg News survey. Manufacturing production was also unchanged in October.

France’s economy, Europe’s second largest, is showing increasing signs of a slowdown as global demand falters and European leaders struggle to contain the turmoil. Business confidence fell to a two-year low in November, suggesting the economy won’t expand in the fourth quarter, the Bank of France said yesterday.

The European Central Bank yesterday cut its growth forecast for the euro region to 0.3 percent for 2012 from 1.3 percent in September.

--Editor: Jennifer M. Freedman, Vidya Root

To contact the reporter on this story: Mark Deen in Paris at markdeen@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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