National accounts in 2012 – GDP flat, purchasing power down
In 2012, French economic growth was inexistent: in constant euros, gross domestic product stagnated, after increasing by 2.0% in 2011. Businesses cut back their investments and on their stocks. Household consumption decreased, for the first time since 1993. As a consequence of sluggish domestic demand, imports fell back. Exports, meanwhile, continued to progress with the result that foreign trade made a positive contribution to growth. The purchasing power of household gross disposable income fell, mainly due to the fall in earned income and assets and the acceleration in current taxes, and the household savings ratio fell back. Margin rates and self-financing ratios of non-financial enterprises decreased again.