French business confidence came in worse than expected in May, survey data released by the statistical office INSEE revealed Thursday.
The business confidence indicator for the manufacturing industry dropped to 93 from April's 95. Economists had forecast a score of 94.
The index is significantly below its long-term average, the agency said.
The general production outlook indicator fell sharply to -29 from -14. The personal production outlook index, meanwhile, improved slightly to -4 from -5.
Looking ahead, manufacturing activity may not be dynamic in the coming months, INSEE noted.
by RTT Staff Writer
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