French industrial production increased 0.2% MoM in March, slightly below expectations of a 0.3% MoM increase.

• Manufacturing production increased 0.6% MoM but is still down -1.0% YoY.
• Transport equipment manufacturing (+3.1% MoM) and energy product production (+9.6% MoM) were the two segments that drove the March gain.
• Food production (-0.3% MoM) and machinery production (-0.6% MoM) were the weakest segments.
• Construction production was also weak, down -0.9% MoM and -4.0% YoY.
• Industries that are energy-intensive were noticeably weak like iron and steel and basic chemicals, down -29.9% and -16.7% from 2021 levels, respectively.