The 2010 national accounts: a revival of growth

The French economy returned to growth in 2010. Gross domestic product (GDP) gained 1.5% on an annual-average basis, after a 2.7% drop in 2009 that was unprecedented since World War II. Adjusted for working days, GDP rose 1.4%. External trade flows rebounded sharply. Business investment picked up, and inventory rebuilding provided a powerful stimulus to the economy. Household consumption accelerated. By contrast, general-government demand was hit in the aftermath of the 2009 recovery package. Resurgent prices caused the growth in real household income to slow despite the upturn in earned income. The margin ratio of non-financial corporations increased.