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- French GDP increased by 0.2% in Q4 and +1.7% over the year
French GDP increased by 0.2% in Q4 and +1.7% over the year
Quarterly national accounts - First results Q4 2011
In 2011 Q4, French gross domestic product (GDP) in volume* increased by +0.2% after +0.3% the previous quarter. Over the year, GDP increased by 1.7% (after +1.4% in 2010).
Households’ consumption expenditure slightly decelerated by the end of the year (+0.2% after +0.3%), while gross fixed capital formation (GFCF) accelerated (+0.9% after +0.2%). Overall, total domestic demand (excluding inventory changes) drove GDP on for 0.3 point of growth after 0.2 in Q3. Exports grew at the same pace as the last summer (+1.2%), while imports dropped (–1.2% after +0.7%). Hence foreign trade balance contributed positively to GDP growth in Q4 (+0.7 point after +0.1 point the previous quarter). This contribution is overcompensated by changes in inventories contributing for –0.8 point to GDP growth after being neutral in Q3.
Total production slightly accelerated
Production in goods and services slightlty accelerated (+0.4% after +0.3%). Production upturned in transport equipment (+4.6% after –2.1%) - mostly in aeronautics - and in the coke and refined petroleum industry (+3.9% after –1.5%). Besides, production of other manufacturing industries and “energy, water and waste” stepped back. Over the year, total production grew by 2.2% (after +1.6% in 2010).
Car purchases by NFC drove GFCF up
Total GFCF accelerated in Q4 (+0.9% after +0.2%), contributing for +0.2 point to GDP growth. GFCF in manufactured goods - especially cars - bottomed out
GDP and its main components
| percentage change from previous period,trading-days and seasonally adjusted data | ||||||
| 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2010 | 2011 | |
|---|---|---|---|---|---|---|
| GDP | 0.9 | -0.1 | 0.3 | 0.2 | 1.4 | 1.7 |
| Imports | 2.8 | -1.0 | 0.7 | -1.2 | 8.3 | 5.0 |
| Households' consumption expenditure | 0.2 | -1.0 | 0.3 | 0.2 | 1.3 | 0.3 |
| General government's consumption expenditure | 0.4 | 0.1 | 0.2 | 0.2 | 1.2 | 0.9 |
| GFCF | 1.1 | 0.6 | 0.2 | 0.9 | -1.4 | 2.9 |
| of which Non financial corporated and unincorporated enterprises | 1.9 | 0.3 | -0.4 | 1.4 | 2.0 | 4.2 |
| Households | -0.3 | 1.2 | 1.2 | 0.1 | -1.4 | 2.6 |
| General government | 1.5 | 0.7 | 0.5 | 0.5 | -9.7 | -0.1 |
| Exports | 1.4 | 0.7 | 1.2 | 1.2 | 9.3 | 5.0 |
| Contributions : | ||||||
| Internal demand excluding inventory changes | 0.4 | -0.4 | 0.2 | 0.3 | 0.8 | 1.0 |
| Inventory changes | 1.0 | -0.1 | 0.0 | -0.8 | 0.5 | 0.9 |
| Net foreign trade | -0.5 | 0.5 | 0.1 | 0.7 | 0.1 | -0.1 |
| percentage change from previous period,trading-days and seasonally adjusted data | ||||||
| *NFC: non-financial corporations | ||||||
| 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2010 | 2011 (ovhg) | |
|---|---|---|---|---|---|---|
| Profit ratio of NFC* (level) | 29.9 | 29.0 | 29.2 | 30.1 | ||
| Household purchasing power | 0.2 | 0.6 | 0.0 | 0.8 | 1.3 | |
| percentage change from previous period,trading-days and seasonally adjusted data | ||||||
| *GG: General Government | ||||||
| 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2010 | 2011 | |
|---|---|---|---|---|---|---|
| GDP | 0.6 | 0.4 | 0.4 | 0.5 | 0.8 | 1.6 |
| Imports | 3.4 | 0.1 | 0.3 | 1.1 | 4.0 | 5.4 |
| Cons. Exp. : | ||||||
| - Households | 0.7 | 0.5 | 0.3 | 0.7 | 1.2 | 2.0 |
| - GG* | 0.3 | 0.2 | 0.2 | 0.2 | 1.5 | 1.0 |
| Total GFCF | 1.2 | 0.7 | 0.5 | 0.5 | 1.2 | 2.8 |
| - of which Households | 1.2 | 1.5 | 1.1 | 0.8 | 2.3 | 4.2 |
| - of which NFE | 1.1 | 0.4 | 0.3 | 0.3 | 0.6 | 2.0 |
| - of which GG | 1.9 | 0.5 | 0.4 | 0.4 | 1.9 | 3.4 |
| Exports | 1.8 | 0.4 | 0.3 | 0.4 | 1.7 | 3.6 |
| percentage change from previous period,trading-days and seasonally adjusted data | ||||||
| 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2010 | 2011 | |
|---|---|---|---|---|---|---|
| Industrie’s production | 2.9 | -0.7 | -0.4 | 0.6 | 4.3 | 3.0 |
| - of which value added | 2.1 | -0.4 | 0.0 | -0.2 | 3.3 | 2.8 |
| Imports | 2.8 | -0.7 | 0.4 | -1.6 | 11.0 | 5.8 |
| Intermediate uses | 1.9 | -0.3 | -0.1 | 0.6 | 3.1 | 2.7 |
| Cons. Exp. : | ||||||
| - of households | 0.7 | -2.0 | -0.2 | 0.5 | 1.3 | 0.4 |
| - of GG | 0.7 | 0.3 | 0.9 | 0.9 | 5.3 | 3.6 |
| Total GFCF | 3.0 | 1.4 | -0.8 | 2.2 | 6.7 | 9.1 |
| - of which NFC | 3.3 | 1.5 | -1.0 | 2.4 | 8.3 | 10.1 |
| - of which GG | 0.5 | 0.5 | 0.4 | 0.5 | -3.8 | 0.4 |
| Exports | 0.8 | 0.6 | 1.0 | 1.5 | 11.0 | 4.4 |
| Inventory changes (contribution) | 2.3 | -0.3 | -0.3 | -2.0 | 1.6 | 1.8 |
| percentage change from previous period,trading-days and seasonally adjusted data | ||||||
| *cu: consumption unit | ||||||
| 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2010 | 2011 (ovhg) | |
|---|---|---|---|---|---|---|
| HDI | 0.9 | 1.1 | 0.3 | 2.0 | 3.2 | |
| Household purchasing power | 0.2 | 0.6 | 0.0 | 0.8 | 1.3 | |
| HDI by cu* (purchasing power) | 0.0 | 0.4 | -0.2 | 0.1 | 0.6 | |
| Adjusted HDI (purchasing power) | 0.3 | 0.5 | 0.0 | 0.8 | 1.3 | |
| Saving rate (level) | 16.0 | 17.4 | 17.1 | 16.1 | ||
| Financial saving rate (level) | 6.9 | 8.1 | 7.7 | 7.0 | ||
| percentage change from previous period,trading-days and seasonally adjusted data | |||||
| 2011 Q1 | 2011 Q2 | 2011 Q3 | 2011 Q4 | 2010 | |
|---|---|---|---|---|---|
| Profit share | 29.9 | 29.0 | 29.2 | 30.1 | |
| Investment ratio | 19.1 | 19.2 | 18.9 | 18.7 | |
| Savings ratio | 14.6 | 13.7 | 13.6 | 14.6 | |
| Self-financing ratio | 76.5 | 71.6 | 71.9 | 78.3 | |
(+2.2% after –0.8%). Moreover, expenditure in information and communication and in business services grew concomitantly. Besides GFCF in construction grew less markedly than in Q3 (+0.4% after +0.9%). Over the year, GFCF increased by 2.9% (after a 1.4% fall in 2010) and contributed for +0.6 point to the annual GDP growth.
Consumption slowed down
Households’ consumption expenditure rose by 0.2% in Q4 after +0.3%. Energy expenditure fell (–3.6% after +5.7%) due to mild weather conditions this fall. Expenditure in food products went on decreasing though less markedly (–0.1% after –0.8%). Besides, car purchases renewed with growth in Q4. Expenditures in services slowed down all together, with the exception of accomodation and food services which held steady after a drop in the summer. Over 2011, households’ consumption expenditure slowed down (+0.3% after +1.3%) and contributed for +0.1 point to GDP growth.
Exports rose, imports fell
Exports went on growing in Q4 (+1.2%), mostly driven by transport equipment sales (+7.9% after +3.6%). Meanwhile, imports fell (–1.2% after +0.7%), weighed down by almost all goods. Consequently, foreign trade balance improved and contributed for +0.7 point to GDP growth (after +0.1 point). Over 2011, exports and imports grew at the same pace (+5.0%). Hence, the contribution of the foreign trade balance to GDP growth is almost neutral: –0.1 point after +0.1 point in 2010.
Changes in inventories weighed down GDP growth this quarter
In Q4, changes in inventories accounted for –0.8 point of GDP growth, half of this contribution being imputable to transport equipments (–0.4 point). But given the growth rate carried over at the beginning of the year, they contributed for +0.9 point to the annual GDP growth (after +0.5 point in 2010).
Revisions
GDP growth in 2011 Q3 is still estimated at 0.3% Revisions with respect to the previous publications are small. They are mainly due to the update of seasonal and working day adjustment.
Informations Rapides
n° 42 - February 15, 2012
Quarterly national accounts - preliminary figures - 4st Quarter 2011
Next issue August 14, 2013 07:30 - 2nd quarter 2013
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