French consumer confidence levels rose in May, beating forecasts to reach their highest level in a year, the INSEE statistics agency has said, as the euro zone's second-biggest economy continues to recover from anti-government protests.
INSEE said its measure of consumer confidence in May rose to 99 points from 96 in April. A Reuters poll of 16 economists had forecast 97 points for the May reading.
Tax Cuts
President Emmanuel Macron has pledged tax cuts in response to the protests, and INSEE said people in France were feeling more confident over their general purchasing power and personal financial situation.
'Households are more numerous to consider that the past standard of living in France has improved during the past twelve months or will improve during the next twelve months,' INSEE said in its report. 'The corresponding balances have both gained three points but still remain below their long term average.'
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