French GDP increased by 0.6% in the fourth quarter of 2009, after +0.2% in the previous quarter. On the whole year, GDP fell down by 2.2%, the largest drop since World War II.
Production’s growth slightly increased (+0.6% after +0.3%). Households’ consumption’s expenditures bounced (+0.9% after +0.1%) whereas total GFCF edged down again (-1.2% after -1.4%). Altogether, total domestic demand (excluding inventory changes) positively contributed to GDP growth : +0.5 points after -0.1 point in the third quarter. Inventory changes buoyantly contributed to activity’s soar : +0.9 points after -0.1 point. This mainly ensued from equipment goods, especially aeronautics. Foreign trade balance deteriorated on the fourth quarter and negatively contributed to GDP growth (-0.7 points after +0.3 points) : exports decelerated (+0.5% after +1.8%), however imports speeded up strongly (+3.3% after +0.3%).
As for annual growth, total production dropped by 3.1%, the strongest decrease in sixty years. Households’ consumption expenditures' growth was steady (+0.8% after +0.9% in 2008) whereas total GFCF slumped by 6.9%, a historical decline. Inventory changes negatively contributed to GDP annual growth : -1.4 points after -0.3 point in the previous year. Eventually, exports flopped by 11.2% : the largest fall previously measured was -3.1% in 1975, and imports slipped by 9.7%, like in 1975 (-9.8%).
* This growth rate is seasonally and trading-day adjusted; volumes are chain-linked previous-year-prices volumes.
GDP and its main components
|percentage change from previous period, trading-days and seasonally adjusted data|
|2009 Q1||2009 Q2||2009 Q3||2009 Q4||2008||2009|
|Households' consumption expenditure||0,2||0,3||0,1||0,9||0,9||0,8|
|General government's consumption expenditure||0,0||0,6||0,6||0,7||1,1||1,6|
|of which Non financial corporated and unincorporated enterprises||-3,4||-1,2||-1,0||-0,8||2,4||-7,7|
|Internal demand excluding inventory changes||-0,4||0,1||-0,1||0,5||0,9||-0,6|
|Net foreign trade||-0,2||0,8||0,3||-0,7||-0,3||-0,2|
n° 44 - February 12, 2010
Quarterly national accounts - preliminary figures - Fourth Quarter 2009
Next issue August 14, 2013 07:30 - 2nd quarter 2013
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