French consumer confidence fell sharply in the month of May.
French national statistics bureau Insee says the countryâ„¢s consumersâ„¢ confidence has fallen sharply, hitting the lowest level since the height of the financial crisis in 2008.
Insee revealed on Tuesday that the index fell four points in May to 79, staying well below its long-term average of 100 and lower than economistsâ„¢ forecast of 85.
The level is also equal to the lowest level reached in 1987.
The statistic agency, which conducted the survey earlier this month, said French households were worried about the outlook of their living standards as well as the current state of the economy.
Regarding the countryâ„¢s unemployment rate, the report also showed that more people believe the current jobless level of 11 percent will continue to increase in the future.
On May 15, France hit recession as its gross domestic product (GDP) fell 0.2 percent in the first quarter of 2013.
Analysts say a recession in the eurozoneâ„¢s second-largest economy is likely to only worsen problems in the already crisis-hit region with slow growth plaguing in many member states after the implementation of austerity measures.
CAH/PR
This article originally appeared on: Press TV