France's industrial production rose in July, led by a rebound in manufacturing, preliminary data from the statistical office INSEE showed Friday, though the momentum is unlikely to be sustained in the coming months amid weakening demand globally and high interest rates. Total industrial production rose 0.8 percent from June, when output fell 0.9 percent. Economists had forecast a modest 0.1 percent growth.
Manufacturing output grew 0.7 percent after a 1.1 percent decline in the previous month, which was revised from 1.0 percent. Within manufacturing, production of transport equipment rebounded in July with a 0.8 percent growth. Recent purchasing managers' survey data from S&P Global showed last week that the manufacturing sector remained in contraction territory amid a steep fall in demand that led to further deterioration in production, employment and business confidence. Cost pressures continued to weaken and producers lowered the prices charged amid rising competition, the PMI survey showed. ING economist Charlotte de Montpellier said the rebound in industrial production in July is good news for third-quarter GDP along with the recovery in household consumption of goods and the boost from the very good tourist season in France this summer.
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