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French Consumer Spending Drops More Than Expected

French consumer spending declined more than expected in March, figures published by the statistical office Insee showed Friday.

Consumer spending dropped 2.9 percent from a month ago in March, reversing a downwardly revised 2.9 percent gain in February. Economists were expecting a 1.9 percent fall.

The decrease in expenditure in March can mainly be explained by a fall in expenditure on energy products and, to a lesser extent, spending on food products.

On an annual comparison, spending decreased 2 percent, faster the 0.2 percent drop forecast.

During the first three months of year, spending fell 0.2 percent quarter-on-quarter. This followed a 0.3 percent increase in the fourth quarter of 2011.

by RTT Staff Writer

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