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Consumer Confidence Drops More Than Expected in France and Germany

Government measures to help with rising fuel and other prices have given little relief after the impact of the war in Ukraine.

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France and Germany have seen larger-than-expected declines in consumer confidence this month as government measures to help with rising fuel and other prices gave little relief after the impact of Russia’s invasion of Ukraine , they showed. surveys this Tuesday (29).

The European Central Bank says it remains confident the eurozone can avoid a recession, but collapsing consumer sentiment in its two biggest economies has dampened hopes for a strong rebound after Covid-19 restrictions were eased.

“In February, hopes were still high that consumer sentiment would recover with the easing of restrictions caused by the pandemic. However, the war in Ukraine has made these hopes vanish into thin air,” consumer expert at the German GfK institute Rolf Buerkl said in a statement.

In Germany, the GfK said its consumer sentiment index, based on a survey of around 2,000 people, dropped to -15.5 points for April from -8.5 points a month earlier, the lowest since February 2021.

Economists polled by Reuters had expected the index to fall to -14.0.

In France, the official statistics agency Insee said its consumer confidence index fell to 91 points from 97 in February, compared with an expectation of 94 in a Reuters poll and the weakest figure since February 2021.

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