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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