French consumer confidence drops in November to lowest level since February 2015: Insee

Source: Xinhua| 2018-11-27 22:05:14|Editor: xuxin
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PARIS, Nov. 27 (Xinhua) -- France's consumer confidence index fell to 92 percentage points in November, reaching its lowest level since February 2015, the national statistics bureau Insee said Tuesday.

The November reading for consumer confidence lost 3 points compared to 95 points in October. Besides, at the end of November, consumers showed little confidence in the economic situation with the index declining to minus 18.

As a result, more French households expected a drop in their saving capacity. The corresponding balance has lost 6 points and stands below its long-term average, according to Insee.

Insee figures also showed that in November, consumers' appreciation of the general economic situation in the past fell to minus 56 and their expectations for the future plunged to minus 42, down by 11 points compared to the figure in October.

As to their opinions on unemployment, there was more anxiety as the jobless rate increased sharply by 21 percentage points in November from October, hitting a two-year high.

France is currently struggling to narrow its widening budget deficit and boost economic growth.

It has targeted a 1.7-percent annual economic growth rate and pledged to cut down its deficit to 2.6 percent of the gross domestic product (GDP) for the year 2018.

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