French Consumer Spending Rises More Than Expected In December

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French consumer spending rose 2.1% month-on-month in December, quicker than a revised 0.1% rise recorded in November, survey data released by statistical office Insee showed Tuesday. Economists had forecast an increase of just 0.6%. The statistical office said the increase was led by scrappage programme for vehicles.

On an annual basis, consumer spending grew 5.9% in December, faster than the revised increase of 3.5% in the previous month and 3.8% rise economists expected.

The statistical office also said consumption grew 3% in the fourth quarter on a sequential basis, the highest increase over the last 10 years. It follows a decline of 0.8% in the third quarter. In 2009 as a whole, consumption increased 1% after a fall of 0.6% in 2008.

(Market News Provided by RTTNews)