French industrial output bounced back more than expected in May

French industrial output rebounded more in May than expected after slumping the previous month during a nationwide coronavirus lockdown, official data showed on Friday.

Production at French factories, mines and water-treatment plants jumped an unprecedented 19.6% in May, nearly erasing an equally unprecedented plunge of 20.6% the previous month, the INSEE stats agency said.

The result surpassed economists’ expectations for an increase of 15.1%, with estimates in a Reuters poll ranging a rise of 9% to 28%.

The government put France under one of the strictest lockdowns in Europe in mid-March and only began lifting restrictions on May 11.

Despite the May rebound, industrial production remained down 21% from pre-crisis levels registered in February, INSEE said.

Nonetheless, the data offer further evidence that the euro zone’s second biggest economy is recovering faster than initially thought.