French economy - Accounts and files2015 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 2014.
GDP and well-being in Europe over the last twenty years
Between 1995 and 2007, GDP per capita grew by approximately one third in European countries. After the economic crisis, the majority of countries displayed GDP per capita which was close to that of 2007. However, countries in the South experienced significant declines while Germany was one of the few countries to have exceeded its level of 2007. However, these changes in economic incomes do not necessarily reflect a change in the well-being of households. An assessment of this well-being may be based on what people feel: this is subjective well-being. Between 1995 and 2007, this evolved less positively than GDP per capita. Since the crisis, it has declined or at best stagnated. Three groups of countries can be distinguished: the southern countries in which it has fallen sharply; the Eastern countries where it fell, but more modestly; finally, other countries, including France, where it is stable on average. To enrich the measurements provided by GDP and subjective well-being, theory can be used to assess economic utility for households. This is the approach adopted in this report, with the construction of a utility measurement that takes into account consumption, the effect of household size on sharing the costs of collective consumption, and the valuation of leisure time.