May 2024 has been marked by a notable downturn in France's industrial production, which saw a decrease of 2.1% month-over-month, the most substantial decline since October 2022. This downturn exceeded the forecasts, which had anticipated a more modest fall of 0.5%. The manufacturing sector was particularly impacted, with a contraction of 2.7%, led by significant drops in the manufacture of motor vehicles, trailers, and semi-trailers, which plummeted by 6.6%.

Other areas experiencing declines included machinery and equipment goods, which fell by 4.6%, and transport equipment and food products and beverages, which saw decreases of 0.7% and 0.6%, respectively. On a more positive note, there was a rebound in the manufacture of coke and refined petroleum products, which grew by 3.9%, and in the sectors of mining and quarrying, energy, and water supply, which increased by 1.1%.

On an annual basis, industrial production experienced a slight year-on-year decline of 0.4%, reflecting the ongoing challenges within the French industrial sector. The data underscores the volatility of the industry and the impact of broader economic factors on production levels.