Trends In French Industrial Turnover

The French industrial sector continues to improve despite a weak construction component. The index (2005=100) of Industrial Turnover (sales), excluding construction, declined from a peak of 117.2 in April, 2008 to 100.8 in March of 2009. Since then, the trend has been positive and in May, the index rose 0.28% and was 5.22% above May, 2009. It is shown in the first chart.

The index of Construction Turnover reached a peak of 123.6 in March 2008 from which it has trended downward. In May the Index was 111.6 and was 0.45% above April, but 4.37% below May 2008. The index of Construction Turnover is shown in the second chart, together with the indexes for Manufacturing Turnover and the index for the special aggregation of the Mining, Electricity, Gas, Water and Sewer industries, which is provided by the French National Institute of Statistics and Economic Studies.

The charts are plotted on a log scale so percentage changes can be more easily compared. In the case of the second chart it is clear that the index of the Manufacturing turnover has had the steepest decline, and the sharpest recovery. The Index of Construction turnover has had a longer decline and, so far, no sign of an upturn. The index of the aggregation of the remaining sectors has shown only a modest decline and a subdued recovery. In May the index declined 1.19% from April but was 1.92% above May 2009.