The National Institute of Statistics and Economic Studies (Insee) has reported a new decline in household consumption in France during October 2024. According to data from Insee, household consumption decreased by 0.4 percent compared to September.
Publish dateSunday 1 December 2024 - 01:27
According to Amac News: The institute attributes this decline primarily to a significant reduction in the purchase of manufactured goods, which fell by 1.3 percent, including a 5.1 percent drop in clothing expenditures. Energy consumption also saw a decrease of 1.2 percent.
Data indicates a 0.6 percent drop in spending on durable goods, following a slight increase of 0.8 percent in September. This decrease is linked to lower purchases of electronic devices such as computers and phones, as well as a decline in second-hand car sales.
In terms of energy, expenditures on electricity and gas in France decreased by 1.2 percent, continuing a downward trend after a slight dip of 0.3 percent in September.
Despite the overall decline, household consumption of food products showed a clear recovery, increasing by 1.2 percent in October after a 1.4 percent drop in September. This rise was driven by higher purchases of processed food products, while the demand for unprocessed agricultural products continued to decline.
On an annual basis, household consumption of goods in October 2024 increased by 0.4 percent compared to the previous year, while food spending dropped by 0.6 percent
In other news, Insee confirmed that the French economy grew by 0.4 percent in the third quarter of the year, driven by the positive impact of the Paris 2024 Olympic and Paralympic Games. This growth marked an acceleration compared to the first and second quarters, both of which saw a growth of 0.2 percent.
Data indicates a 0.6 percent drop in spending on durable goods, following a slight increase of 0.8 percent in September. This decrease is linked to lower purchases of electronic devices such as computers and phones, as well as a decline in second-hand car sales.
In terms of energy, expenditures on electricity and gas in France decreased by 1.2 percent, continuing a downward trend after a slight dip of 0.3 percent in September.
Despite the overall decline, household consumption of food products showed a clear recovery, increasing by 1.2 percent in October after a 1.4 percent drop in September. This rise was driven by higher purchases of processed food products, while the demand for unprocessed agricultural products continued to decline.
On an annual basis, household consumption of goods in October 2024 increased by 0.4 percent compared to the previous year, while food spending dropped by 0.6 percent
In other news, Insee confirmed that the French economy grew by 0.4 percent in the third quarter of the year, driven by the positive impact of the Paris 2024 Olympic and Paralympic Games. This growth marked an acceleration compared to the first and second quarters, both of which saw a growth of 0.2 percent.
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Source : news agency wam
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