French consumer confidence edges up this month - data

French consumer confidence edged up again in June but still remains weak, official data showed yesterday.

The INSEE statistics body said its consumer confidence index for households rose to minus 37 points in June from minus 40 in May.

The index hit a record low minus 48 points in July last year and was at minus 43 points in February, minus 42 in March and minus 40 in April. In June, French households were more positive about the outlook on their finances, with this index rising sharply to minus 13 from minus 23 in May.

Households also felt more confident about their overall standard of living, with this index improving to minus 47 from minus 50, it said.

INSEE said in a separate report that the economy shrank 1.2 per cent in the first quarter this year, confirming earlier figures that put France officially in recession with a contraction in two consecutive quarters.

INSEE said last week the economy would likely contract 0.6 per cent in the three months to June and by 0.2 per cent in the third quarter before stabilising in the fourth, giving a full-year 2009 downturn of three per cent.

The government expects the economy to grow 0.5 per cent in 2010 but INSEE has not so far provided a forecast for next year.