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French 2015 GDP revised to +1.2, consumer confidence, budget down

Staff writer |
The French economy grew more than initially thought in 2015, statistics agency Insee said.

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French gross domestic product rose 1.2% last year, marking a sharp acceleration from 0.2% growth recorded in 2014. Insee previously said the French economy grew 1.1% last year.

French consumer confidence dropped unexpectedly in March, reaching the lowest level since August 2015, statistics agency Insee said Friday.

The monthly consumer confidence indicator fell further below the long term average of 100 to 94 in March from 95 in February. Economists polled by The Wall Street Journal had forecast a rise in consumer confidence to 96 in March.

France's budget deficit fell to 3.5% of economic output in 2015 from 4% in 2014, beating the government's initial targets, statistics agency Insee said.

Spending as a percentage of economic output fell 0.5 points to 56.8% in 2015 and tax declined 0.3 points to 44.5%.

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