Paris, France (4E) – Spending by French consumers grew at a lower than anticipated pace in February, according to data from statistics bureau Insee published Friday.
Consumer spending, the major contributor to the French economy, inched up 0.1 percent in February from the previous month, according to the statistical office. Economists called for a 0.7 percent increase after January’s weak performance.
Household spending rose just 0.1 percent last month from January, when spending fell 2.1 percent. Economists predicted an increase of 0.8 percent in February.
The vehicle purchases improved but the month saw a decline in most of the other items, particularly food product consumption, the report said.
In February, French consumer spending was 0.3 percent below the level for the same month last year.
Spending fell 0.2 percent in February year-on-year, while it was predicted to expand 0.7 percent. Consumer spending slid 0.5 percent in January.