French business confidence sank to the lowest level in two years in May as firms worried by a downturn in the global economic climate reported decreasing demand and output, French statistics office INSEE has said.
INSEE said the "composite" confidence index slid to 104 from 107 a month earlier with April's figure revised downwards from 109 previously. The May figure was the lowest since June 1999.
Another readout, the "general" index of how companies see the outlook across French industry as a whole fell to -17 in May from -12 in April.
The index of recent output levels also fell, to nine in May from 19 a month earlier, while the reading for overall order books slipped to -1 from 4 and the barometer of foreign orders edged down to 1 from 2.