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In 2011 Q1, French GDP sharply accelerated

Quarterly national accounts - First results Q1 2011

In 2011 Q1*, French GDP increased by 1.0% in volume** after +0.3% in the previous quarter. This is the steepest increase since 2006 Q2.

In the first quarter, manufacturing production soared (+3.7%, strongest growth for at least thirty years, after +0.7%), and services’ production accelerated (+1.1% after +0.2%), both contributing to activity’s bounce.

Households’ consumption expenditure slightly accelerated (+0.6% after +0.4%), while gross fixed capital formation (GFCF) did so more markedly (+1.1% after +0.5%). Overall, total domestic demand (excluding inventory changes) drove GDP on for 0.6 point of growth after 0.4 point in the previous quarter.

Imports renewed with growth this quarter (+2.7% after –0.7%) and grew more rapidly than exports (+1.4% after +0.3%). So much so that foreign trade balance weights on GDP growth: –0.4 point after +0.3 point. This is overcompensated by changes in inventories, contributing for +0.7 point to GDP growth after –0.3 point.

*Quarterly and annual national accounts published today switched to 2005 as the reference year. Quarterly accounts are available since 1980, time series since 1949 will be published on June 29th.

** This growth rate is seasonally and trading-day adjusted; volumes are chain-linked previous-year-prices volumes

GDP and its main components

GDP and its main components
GOODS AND SERVICES: RESOURCES AND USES CHAIN-LINKED VOLUMES
percentage change from previous period, trading-days and seasonally adjusted data
2010 Q2 2010 Q3 2010 Q4 2011 Q1 2010 2011 (ovhg)
GDP 0.5 0.4 0.3 1.0 1.4 1.6
Imports 3.4 4.1 -0.7 2.7 8.3 5.1
Households' consumption expenditure 0.1 0.6 0.4 0.6 1.3 1.3
General government's consumption expenditure 0.2 0.2 0.1 0.3 1.2 0.6
GFCF 1.1 0.9 0.5 1.1 -1.4 2.2
of which Non financial corporated and unincorporated enterprises 2.7 1.3 0.9 1.9 2.0 3.9
Households 0.1 1.9 0.8 -0.3 -1.4 1.3
General government -1.9 -1.9 -1.4 1.0 -9.7 -1.5
Exports 3.1 2.0 0.3 1.4 9.4 3.4
Contributions :        
Internal demand excluding inventory changes 0.3 0.6 0.4 0.6 0.8 1.3
Inventory changes 0.3 0.4 -0.3 0.7 0.5 0.8
Net foreign trade -0.1 -0.6 0.3 -0.4 0.1 -0.5
Sectoral accounts
percentage change from previous period, trading-days and seasonally adjusted data
*NFC : non-financial corporations
2010 Q2 2010 Q3 2010 Q4 2011 Q1 2010
Profit ratio of NFC* (level) 30.1 30.3 30.0   30.1
Household purchasing power 0.2 0.6 0.4   0.8
Household disposable income and household account ratios
percentage change from previous period, trading-days and seasonally adjusted data
* ci : consumption unit
2010 Q2 2010 Q3 2010 Q4 2011 Q1 2010
HDI 0.5 0.8 0.9   2.0
Household purchasing power 0.2 0.6 0.4 0.8
HDI by ci* (purchasing power) 0.0 0.4 0.2 0.1
Adjusted HDI (purchasing power) 0.2 0.5 0.4 0.8
Saving rate (level) 16.1 16.1 16.1 16.0
Financial saving rate (level) 7.1 7.0 6.9   7.0

Informations Rapides

n° 122 - May 13, 2011

Quarterly national accounts - second estimate - 1st Quarter 2011

Next issue November 29, 2016 08:45 - 3rd Quarter 2016

For further information

  • Historical data are available on the BDM: G1540, G1548.