French consumer spending rebounded in November due to higher energy spending, according to data published on Tuesday by the France's national statistics office Insee.
Specifically, consumer spending rebounded 1.4% month-on-month, after October data was revised to record a 0.1% drop. Consensus was looking for a 0.4% increase.
The jump was based on a 7.5% increase in energy spending while spending on food and durable goods dropped 0.6% and 0.3%, respectively.
The Eurozone's second largest economy has been called the "sick man of Europe" by experts at Markit after the latest purchasing managers' index (PMI) was published. The French government also confirmed on Tuesday that the economy contracted 0.1% in the third quarter.
French officials still expect the country to return to growth in the fourth quarter.
Source: LiveCharts
Specifically, consumer spending rebounded 1.4% month-on-month, after October data was revised to record a 0.1% drop. Consensus was looking for a 0.4% increase.
The jump was based on a 7.5% increase in energy spending while spending on food and durable goods dropped 0.6% and 0.3%, respectively.
The Eurozone's second largest economy has been called the "sick man of Europe" by experts at Markit after the latest purchasing managers' index (PMI) was published. The French government also confirmed on Tuesday that the economy contracted 0.1% in the third quarter.
French officials still expect the country to return to growth in the fourth quarter.
Source: LiveCharts
