Emmanuel Macron nightmare as production plummets in France in threat to euro

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Industrial production in France plummeted in June, which threatens the eurozone’s hopes of recovering from its recent slowdown. Month on month, industrial production fell 2.3 percent, according to French statistical body Insee. Manufacturing, the largest component of industrial output, fell a huge 2.2. percent in June alone, compared to the previous month.

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Manufacturing was also down 0.3 percent in the second quarter compared with the first, largely due to a decline in the production of transport equipment, the Financial Times reports.

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The figures come after Germany’s industrial output plummeted to unexpected lows this week.

The news sparked fears that Europe’s biggest economy is on the brink of recession.

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Industrial production figures have revealed output dropped by 1.5 percent in June – a huge acceleration on May’s slight fall of 0.1 percent.

The plummeting number is also a long way ahead of analyst expectations of a 0.4 percent drop.

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This is the latest worrying sign Germany’s economy – the biggest in Europe valued at £3.9trillion – may have shrunk further in the second quarter, with experts warning it will only get worse.

Financial experts have reacted to the shocking figures, warning there is no immediate quick fix for Germany.

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ING chief economist Carsten Brzeski said: “The combination of high inventories and few orders at hand does not bode well for industrial production in the months ahead.

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“We would characterise today’s industrial production report as devastating, with no silver lining.

“Today’s data also shows that we should prepare for contraction in the German economy in the second quarter, unless exports bring an unexpected surprise on Friday.”

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Emmanuel Macron nightmare as production plummets in France in threat to euro

Industrial production in France plummeted in June, which threatens the eurozone’s hopes of recovering from its recent slowdown. Month on month, industrial production fell 2.3 percent, according to French statistical body Insee. Manufacturing, the largest component of industrial output, fell a huge 2.2. percent in June alone, compared to the previous month.

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