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No growth for the third consecutive quarter

Quarterly national accounts - Preliminary figures Q2 2012

In 2012 Q2, French gross domestic product (GDP) in volume* held steady (0.0%).

Households’ consumption expenditure slightly declined (–0.2% after +0.2%), while gross fixed capital formation (GFCF) increased anew (+0.6%) after a step back in Q1 (–0.8%). Overall, total domestic demand (excluding changes in inventories) drove GDP on for only 0.1 point of growth after being neutral in Q1.

Imports markedly accelerated (+1.8% after +0.6%), while exports remained subdued (+0.2% after +0.1%). Consequently, foreign trade balance contributed again negatively to GDP growth (–0.5 point after –0.1 point).

In Q2, changes in inventories contributed positively to GDP growth: +0.3 point after +0.1 point in Q2.

Total production leveled off

In Q2, total production in goods and services was flat. Production in manufactured goods stepped back again (–1.0% after –0.9%), particulary in transport equipment (–3.3% after –0.8%). Meanwhile, production in services grew slightly in Q2 (+0.2% as in Q1).

Households’ consumption remained sluggish

In Q2, household’s consumption expenditure slightly stepped back (–0.2% after +0.2%). This decrease was mainly due to textile-leather (–5.3% after +0.3%) and food products (–1.3% after +0.8%). Expenditures in services decreased as well (–0.2% after +0.2%), mostly in accommodation and food services (–1.9% after –0.2%). Energy expenditure grew less rapidly than the previous quarter (+2.7% after +3.5%) but remained dynamic due to relatively cold weather conditions in April.

GDP and its main components

GDP and its main components
GOODS AND SERVICES: SUPPLY AND USES CHAIN-LINKED VOLUMES
percentage change from previous period,trading-days and seasonally adjusted data
2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
GDP 0.3 0.0 0.0 0.0 1.7 0.2
Imports 0.5 -1.6 0.6 1.8 5.2 0.8
Households' consumption expenditure 0.2 0.0 0.2 -0.2 0.2 -0.1
General government's consumption expenditure 0.2 0.2 0.5 0.5 0.2 1.0
GFCF 0.3 1.3 -0.8 0.6 3.5 0.8
of which Non financial corporated and unincorporated enterprises -0.4 1.8 -1.4 0.7 5.1 0.3
Households 1.2 0.5 -0.4 0.0 3.2 0.9
General government 0.4 1.0 -0.1 0.9 -1.8 1.6
Exports 1.6 1.2 0.1 0.2 5.5 2.2
Contributions :        
Internal demand excluding inventory changes 0.2 0.3 0.0 0.1 0.9 0.4
Inventory changes -0.2 -1.0 0.1 0.3 0.8 -0.6
Net foreign trade 0.3 0.8 -0.1 -0.5 0.0 0.3
Sectoral accounts
percentage change from previous period,trading-days and seasonally adjusted data
*NFC: non-financial corporations
2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
Profit ratio of NFC* (level) 28.4 28.1 27.8 28.5  
Household purchasing power -0.3 -0.2 -0.1 0.5 -0.3
GDP and components : prices indices
percentage change from previous period,trading-days and seasonally adjusted data
*GG: General Government
2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
GDP 0.3 0.5 0.2 0.6 1.3 1.3
Imports 0.8 0.9 0.7 -0.7 5.4 1.3
Cons. Exp. :      
- Households 0.4 0.6 0.6 0.3 2.1 1.6
- GG* 0.2 0.1 0.0 0.0 1.4 0.4
Total GFCF 0.7 0.5 0.5 0.4 2.9 1.8
- of which Households 1.1 0.4 0.1 0.6 3.8 1.8
- of which NFE 0.4 0.5 0.8 0.3 2.3 1.7
- of which GG 0.7 0.9 0.6 0.4 3.6 2.0
Exports 0.3 0.4 0.6 -0.3 3.2 0.8
Manufactured goods : supply and uses in volume
percentage change from previous period,trading-days and seasonally adjusted data
2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
Industrie’s production -0.1 0.0 -0.9 -1.0 3.2 -1.9
- of which value added -0.2 -0.7 -0.6 -0.7 0.7 -2.0
Imports 0.3 -2.0 1.7 2.6 6.7 2.2
Intermediate uses 0.2 0.2 -0.2 -0.5 2.9 -0.4
Cons. Exp. :      
- of households 0.3 0.3 -0.7 -0.5 0.9 -1.0
- of GG 1.2 0.4 1.7 1.5 3.6 4.0
Total GFCF -1.1 2.5 -3.5 0.2 7.3 -2.1
- of which NFC -1.4 2.8 -3.9 0.2 7.6 -2.5
- of which GG 0.6 0.6 0.6 0.5 -0.5 1.9
Exports 1.5 1.5 1.2 0.3 4.5 3.4
Inventory changes (contribution) -0.9 -2.7 0.1 0.8 1.9 -1.8
Households’ disposable income and ratios of households’ account
percentage change from previous period,trading-days and seasonally adjusted data
*cu: consumption unit
2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
HDI 0.1 0.4 0.5 2.6 1.1
Household purchasing power -0.3 -0.2 -0.1 0.5 -0.3
HDI by cu* (purchasing power) -0.5 -0.4 -0.2 -0.1 -0.7
Adjusted HDI (purchasing power) -0.2 -0.1 0.0 0.8 -0.1
Saving rate (level) 16.2 16.1 15.9 16.2  
Financial saving rate (level) 7.1 6.9 6.7 7.1  
Ratios of non-financial corporations’ account
percentage change from previous period,trading-days and seasonally adjusted data
2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011
Profit share 28.4 28.1 27.8 28.5
Investment ratio 20.0 20.3 20.2 20.1
Savings ratio 13.0 13.0 13.0 13.5
Self-financing ratio 65.4 64.1 64.0 66.9

Total GFCF renewed with growth

After a step back in Q1 (–0.8%), total GFCF increased anew in Q2 (+0.6%). Non-financial corporations’ GFCF upturned (+0.7% after –1.4%) after a drop in Q1, in particular in transport equipment.

Public administrations’ investment rose (+0.9% after –0.1%): these investments got back to normal in civil engineering after undergoing harsh weather conditions in Q1.

Households’ GFCF remained sluggish in Q2 (0.0%) after a slight decrease in Q1.

Foreign trade balance weighed down GDP growth

In Q1, imports accelerated (+1.8% after +0.6%). This growth is mainly due to importations of transport equipment (+8.0% after –2.3%). At the same time, exportations’ growth was still moderate (+0.2% after +0.1%). In particular, exportations outside the European Union stepped back. Hence, foreign trade balance weighed down a little more on GDP growth (–0.5% after –0.1 in Q1).

Changes in inventories contributed positively to GDP growth

Changes in inventories contributed positively to GDP growth: +0.3 point after +0.1 point. This contribution was mainly due to coke and refined petroleum (+0.2 point of contribution) and transport equipment (+0.1 point).

Revisions

GDP growth in 2012 Q1 is still estimated at 0.0%. However, GDP growth in 2011 Q4 is slightly scaled down and its rounded value switched to 0.0%, against +0.1% in the previous publication. This revision is mainly imputable to that of industrial production index.

Informations Rapides

n° 200 - August 14, 2012

Quarterly national accounts - preliminary figures - 2nd quarter 2012

Next issue August 14, 2013 07:30 - 2nd quarter 2013

For further information

  • Historical data are available on the BDM: G1310, G1320.

See also

New

Since July 2009, display of the Informations Rapides has changed.