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French consumer spending picked up in October

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French consumer spending picked up in October
FILE PHOTO: Customers carry shopping bags with purchases outside a department store in Paris, France, February 26, 2016. REUTERS/Charles Platiau   -   Copyright  Charles Platiau(Reuters)
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PARIS (Reuters) – French consumer spending picked up in October from the previous month, according to the country’s INSEE statistics office, offering some relief from recent data showing sluggish growth and weak confidence in the euro zone’s second biggest economy.

INSEE said consumer spending in October was up 0.8 percent from the previous month, exceeding an average forecast of a 0.5 percent rise given in a Reuters poll of 17 economists. <FRGPC=ECI>

INSEE also confirmed that France’s gross domestic product (GDP) had risen 0.4 percent in the third quarter, in line with a preliminary estimate.

French President Emmanuel Macron won elections in May 2017 on promises to modernise the economy, but voters are becoming impatient to see the benefits of his reforms.

In recent weeks there have been nationwide protests against tax increases for diesel, which many consumers blame for reducing their spending power.

For full details and data from INSEE:

(Reporting by Sudip Kar-Gupta; Editing by Raissa Kasolowsky)

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