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French consumer confidence rose to the highest level in nineteen months in September as the economy exited recession in the second quarter, raising expectations for more improvement.
The consumer confidence index improved to minus 36 in September from minus 37 in August, the statistical office Insee said Friday. That was in line with expectations. The indicator rose for the second straight month.
Households' were a little more pessimistic about their past personal finances in September compared to August. But, they were less pessimistic about future personal finances. With regard to past and future living standards, consumers' pessimism lessened in the month. Fears regarding rising unemployment slightly eased.
Also on Friday, French statistical office confirmed the second quarter growth of 0.3%. That was the first increase in gross domestic product in five quarters.
This bounce is partly due to the narrowing of the foreign trade balance in the second quarter, the statistical agency said. Exports grew 0.7% in the second quarter after a 7.4% decline in the first quarter, while imports decreased 2.1% following a 5.9% decline.
Households' consumption's expenditures rose 0.2%, slightly faster than a 0.1% rise in the previous quarter. The decline in total investment softened to 0.9% from 2.6%.
On September 23, data released by the statistical agency showed that French manufacturing business sentiment rose more than expected in September, while consumer spending in August dropped unexpectedly. A separate survey showed that private sector activity rose for the second month in September.
Elsewhere on Friday, German market research group GfK said consumer confidence in Germany is continuing to improve at the beginning of autumn with less severe decline in the economy than was feared several months ago.
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