🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

French March consumer spending up more than forecast

Published 04/24/2009, 03:06 AM
Updated 04/24/2009, 03:08 AM

PARIS, April 24 (Reuters) - French consumer spending rose by a stronger-than-expected 1.1 percent in March, helped by a rise in car and clothing sales, national statistics office INSEE said on Friday.

The monthly rise was well above a consensus forecast for a 0.3 percent rise and INSEE also revised the previous month's figure to show a 1.8 percent fall instead of the 2.0 percent fall earlier reported.

There were strong monthly rises in car sales, which were up 2.9 percent, continuing the improvement seen in previous months, and in textile and leather sales, which rose 3.5 percent.

By contrast, household equipment sales, which have suffered as housing prices have fallen, were down 0.5 percent, the report showed.

The figures added to other positive signs in the retail sector, coming two days after one of France's biggest retailers, Casino, said it was seeing improving trends overall, helped by promotions and good results in the Easter period.

Speaking in Washington, shortly before the figures were announced, Economy Minister Christine Lagarde said there were "interesting little signals" in the French economy, with signs of improvement in the car and real estate sectors.

In a statement, she said the figures encouraged hopes of a pick up over the medium term and showed the effects of the government's stimulus measures. However she added that there would be a significant contraction in 2009 and it would take several quarters for the economy to recover. (Reporting by James Mackenzie, editing by Mike Peacock)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.