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French manufacturing confidence improved unexpectedly to the highest level in more than five years in February, the statistical office Insee showed Thursday.
The manufacturing sentiment index rose slightly to 107 from 106 in January. This was the highest score since June 2011, when the reading was 111.0.
The improvement was largely driven by firms' personal production expectations. The corresponding index rose to 20 from 13. Meanwhile, the indicator for general production outlook fell to 5 from 7 in January.
The balances on global and export order books slightly increased to -8 and -3, respectively, their highest level since June 2011.
Meanwhile, the balance of opinion on past activity fell back again. Slightly more industrialists than in January assessed that finished-goods inventories were below normal.
The overall business confidence index held steady at 104 in February, confirming the positive trend since last December.
