French consumer confidence stuck at 3-year low

5th January 2012, Comments 0 comments

French consumer confidence remained stuck at a three-year low in December, with the French more fearful of the outlook for their financial outlook, according to official data released Thursday.

The overall consumer confidence reading came in at 80 points, where 100 is the long-term average, the state statistics agency INSEE said Thursday.

The result was unchanged from November and at its lowest since the depths of the global financial crisis in December 2008.

However respondents were more sceptical about the personal financial outlook, with the reading dropping to -30 from -28 in November.

The confidence figures follow disappointing consumer consumption data for November, dropping 0.1 percent from October and 2.1 percent from November 2010.

Domestic demand is a key motor of the France's economy and analysts were hoping consumer consumption would help contribute to growth this year.

© 2012 AFP

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