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French industrial production Rebounds on cars, airline economics.
French industrial production rose more than economists forecast in February as car plants production and aircraft increased and refinery restarted.
Production increased 0 7 percent after a revised 0 8 percent decline in January, INSEE national statistics office said today in Paris Economists forecast an increase of 0-2 percent, according to the median of 26 estimates in a Bloomberg News survey separate data showed output fell in both Italy and Spain in February.
The economy of France is under the pressure of a tight national budget and the low demand for the euro area at a time when President Francois Hollande tries to revive economic growth and facing calls for his own ministers to facilitate austerity Meanwhile, business confidence weakens the second largest economy of Europe is on the brink of its third recession in four years.
This is not the beginning of the recovery, said Bruno Cavalier, chief economist at Oddo Cie in Paris Confidence is declining, even in the services industry, France is in recession and will remain for at least several months.
Today's report showed that French industrial production fell by 2 5 per cent a year earlier in the quarter to February, manufacturing output, which excludes refineries, utilities and mines, fell 0 3 percent the last three months and declined 1 9 percent on the year.
Julien Manceaux, economist at ING Bank NV in Brussels, said there is little reason to rejoice.
It is clear that if confidence does not increase faster, even a zero percent growth rate will be a difficult target for the French economy in 2013, he said in a note today.
The euro was 0 1 percent against the dollar today and was trading at 3099 1 on 11 19 a m London time.
Also today, the Spanish industrial production fell more than economists forecast in February as Prime Minister Mariano Rajoy struggles to pull the economy out of a production slump of six years in factories, refineries and adjusted mines to reflect the number of working days fell 6 5 percent from a year earlier, after falling 4 9 on percent in January as compared to the median estimate of a decline of 4 September percent in a Bloomberg survey.
As Hollande, Rajoy seeks more time for the EU to reduce its budget deficit on concern that the recession could worsen under the weight of government tightening budget minister of Economy Luis de Guindos estimated yesterday that production decreased between 0 0 5 percent and 6 percent in the first quarter.
In Italy, industrial production also fell more than expected in February, signaling the country may be stuck still in its longest recession in two decades 0 down 8 percent RESPECTED increase of 1 percent in the previous month.
Italian data showed that production of capital goods fell.
2 3 to percent Annalisa Piazza, analyst at Newedge Group in London, said this indicates that companies are skeptical revision of their investments that the business outlook remains extremely dark in the rest of the year.
We expect industrial activity remains a drag on growth at least in the first half of 2013, she said.
Swedish industrial orders increased for the first time in more than a year in February as production fell less than expected, data today showed orders increased by 2 1 percent a year earlier, after falling revised May 7 percent of production from the previous month fell an annual 9 0 per cent, lower to the 1 9 percent expected by economists.
In France, the confidence of manufacturing executives fell to 93 in March 95 in February, according to the report of the Bank of France yesterday sense of service has slipped to 88 of 89 companies reported that the decline in demand and the prices.
With unemployment soaring after the economy contracted in the fourth quarter, Holland attempts to reconcile the requirements of the European Commission for deficit reduction against a fall in the polls and requirements to facilitate austerity Industry Minister Arnaud Montebourg was joined by the Minister Benoit Hamon consumers today in calls to Holland to focus more on growth of fiscal austerity.
We'll probably second quarterly contraction with foreign trade made a negative contribution, said Michel Martinez, economist at Societe Generale SA in Paris France is less open to the exports of many countries and the problem is that exports have won t necessarily drive recovery this year.
In Asia, China's exports rose less than expected for the first time in four months, fueling concerns about the prospects of trade.
Shipments abroad rose 10 percent in March from a year earlier, said the customs administration, while imports increased.
Jan. 14 percent, leaving an unexpected trade deficit of 880 million researcher IHS Inc. said a staggering jump 92 9 percent of exports to Hong Kong, the most in 18 years, raising questions about the quality of data The customs agency acknowledged concerns at a press conference that the data can be overvalued, while standing by its figures.
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