French economy - Accounts and files2014 Edition
“French economy - Accounts and files” presents every year a summary of the evolutions of French and international economies. Based on national accounts, this book analyses the main events which happened in 2013.
French economy still idling in 2013
Contrary to the rest of the Eurozone, the French economy failed to pick up in 2013. GDP showed a slight improvement of +0.3%, as in 2012, after growth of 2.1% in 2011. Domestic demand excluding inventories once again increased slightly, contributing 0.4 GDP points after 0.3% in 2012. Household consumption increased by 0.2% after a decline of 0.5% in 2012, helped by the stabilisation of the purchasing power of households, whereas it had fallen by 0.9% in 2012, and by a slight drop in the saving ratio. Whilst nominal household income barely increased, inflation on the other hand dropped distinctly (0.6% as an annual average after 1.4% in 2012). Moreover, domestic demand was again sustained by the increase in general government consumption expenditure (+2.6% after 2.8% in 2012). General government investment also increased by 1.0% after 1.6% in 2012. On the other hand, investments by non-financial enterprises dropped (-0.9% after +0.1%) and investments by households continued to drop sharply (-3.1% after -2.2%). All in all, investments were down by 1.9% whereas they had increased slightly in 2012 (+0.3%). Exports showed a distinct increase to +2.2% after +1.1%, contributing to a return to growth for imports via the import content of exports, with an increase of 1.7% after -1.3% in 2012, also sustained by the acceleration of domestic demand. Foreign trade barely contributed to growth in activity with just +0.1 points. Finally, destocking had a negative impact on growth in activity in 2013, contributing -0.2 points.