France: Consumer confidence drops to lowest level in more than a year
March 26, 2013
In March, the consumer sentiment index published by the National Statistical Institute (INSEE) decreased to 84 points from the 86 points recorded in February. The reading came in below market expectations, which had the indicator remaining unchanged at its February level. As a result, consumer confidence now sits at its lowest level in more than one year and remains well below its long-term average of 100 points.
Households' expectations regarding the economy in the next 12 months deteriorated compared to February, reaching the lowest level on record. Furthermore, a higher number of households compared to the previous month forecast an increase in unemployment.
FocusEconomics Consensus Forecast panellists expect private consumption to grow 0.1% this year, which is unchanged from last month's forecast, before accelerating moderately to 0.7% in 2014.