Insee Première · May 2025 · n° 2053

National French account in 2024  GDP slowed but household purchasing power accelerated

In 2024, activity slowed: GDP (in volume terms, without adjustment for working days) grew by 1.2% in constant euros, after +1.4% in 2023. Growth in the French economy was mainly driven by foreign trade, with exports remaining buoyant and imports declining. Household consumption accelerated against a backdrop of falling inflation. Conversely, changes in inventories made a negative contribution of -0.8 points to GDP growth, while investment contracted.
The purchasing power of households’ gross disposable income rose by 2.6%, driven mainly by social benefits, particularly retirement pensions, and to a lesser extent by earned income. The profit margin of non-financial companies remained above its level prior to the health crisis. The nation's net lending capacity reached 0.1% of GDP in 2024 (or 3.8bn euros) thanks to the improvement in the foreign trade balance.