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France Industrial Production Unexpectedly Declines In November

France's industrial production declined in November, defying expectations for a modest increase, preliminary data from the statistical office INSEE showed on Thursday.

Industrial production decreased a seasonally and working-day adjusted 1.3 percent, reversing a similar size increase in the previous month. Economists had expected production to remain unchanged.

Manufacturing output fell a seasonally and working-day adjusted 1.4 percent in November, erasing the similar size gain in October. Economists had predicted a 0.4 percent increase.

The monthly decline was driven by a 10.6 percent slump in the manufacture of coke and refined petroleum products. Production of machinery and equipment decreased 2 percent and other manufacturing fell 2.1 percent.

Compared to the same month last year, industrial production declined 1.2 percent in November, which was much worse than the 0.2 percent fall economists had predicted.

On a year-on-year basis, manufacturing output fell 1.4 percent in November.

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