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French consumer confidence reaches 5-year high

Xinhua, March 27, 2015 Adjust font size:

French households were more optimistic about the economy in March from a month earlier, with the consumer sentiment index gaining one point for the second consecutive month, official figures showed Friday.

Last month, the consumer sentiment index was at 93 points, at its highest level since November 2010, but it remained below its long term average of 100 points, national statistics institute Insee said.

At the end of March, French consumers were more confident of the country's economic performance with their prospects for the future gaining 2 points for the fifth month in a row.

Households' perception of their past and future personal financial situation stood at minus 27 and minus 14, unchanged from February.

Despite a rising trend of unemployment, French households were less concerned over the labor market as the index dropped by 13 points to 45, but "remains nonetheless above its long-term average."

The French government targets 1 percent GDP growth this year against the 0.4 percent recorded in 2014. It is pledging to stem rising unemployment via thousands of sponsored jobs and a reform pact. Enditem