15 May 2009
2009- n° 135Quarterly national accounts - preliminary figures – 1st Quarter 2009 Quarterly national accounts - second estimate - First Quarter 2009
In the first quarter of 2009, Gross Domestic Product (GDP) decreased by 1.2% in volume (1). Households’ consumption expenditures grew at a stable pace (+0.2% as in the fourth quarter). Total Gross Fixed Capital Formation (GFCF) slackened once again (-2.3% after -2.4%), driven by the drop in non-financial corporations’ GFCF (-3.2% after -2.7%) and the decline in households’ GFCF (-1.5% after -2.6%). Foreign trade fell as both exports and imports collapsed (respectively -6.0% after -4.6% and -5.3% after -3.0%). All in all, foreign trade balance did not contribute to GDP growth this quarter (after a -0.4 points contribution in the fourth quarter of 2008). Eventually, inventory changes contributed -0.8 points to GDP growth, after -0.7 in the third quarter.
Commentaire
In the first quarter of 2009, Gross Domestic Product (GDP) decreased by 1.2% in volume (1). Households’ consumption expenditures grew at a stable pace (+0.2% as in the fourth quarter). Total Gross Fixed Capital Formation (GFCF) slackened once again (-2.3% after -2.4%), driven by the drop in non-financial corporations’ GFCF (-3.2% after -2.7%) and the decline in households’ GFCF (-1.5% after -2.6%). Foreign trade fell as both exports and imports collapsed (respectively -6.0% after -4.6% and -5.3% after -3.0%). All in all, foreign trade balance did not contribute to GDP growth this quarter (after a -0.4 points contribution in the fourth quarter of 2008). Eventually, inventory changes contributed -0.8 points to GDP growth, after -0.7 in the third quarter.
Nota Bene: As every year, these figures take into account results from the annual campaign (2006-2008), which sometimes generate important revisions of past data. This has been the case for Q3 2008 (revised by -0.3 points) and Q4 2008 (-0.4 points).
Quarterly national accounts are now available from 1949 (previously 1978). See the link opposite "Quarterly national accounts" and Historical time-series.
(1) Growth rates are seasonally and trading-day adjusted; volumes are chain linked previous year prices volumes.
Tableau
tableauTableau 1 – Goods and services at chain-linked previous year prices seasonally-adjusted and working-days-adjusted
| Q2 2008 | Q3 2008 | Q4 2008 | Q1 2009 | 2008 | 2009 c.o. | |
|---|---|---|---|---|---|---|
| Gross Domestic Product (GDP) | -0.4 | -0.2 | -1.5 | -1.2 | 0.3 | -2.5 |
| Imports | -1.0 | 0.5 | -3.0 | -5.3 | 0.6 | -7.4 |
| Household consumption expenditures | 0.0 | 0.1 | 0.2 | 0.2 | 0.9 | 0.4 |
| Consumption expenditures by general government | 0.3 | 0.6 | 0.3 | 0.0 | 1.1 | 0.6 |
| Total Gross Fixed Capital Formation (GFCF) of which: | -1.5 | -1.1 | -2.4 | -2.3 | 0.4 | -4.9 |
| Enterprises (Non-financial enterprises) | -1.5 | -0.3 | -2.7 | -3.2 | 2.4 | -5.7 |
| Households | -1.3 | -2.8 | -2.6 | -1.5 | -1.4 | -5.2 |
| General government | -3.0 | -1.3 | -1.6 | -0.8 | -4.5 | -3.3 |
| Exports | -2.7 | -0.1 | -4.6 | -6.0 | -0.5 | -10.0 |
| Contributions | ||||||
| Domestic demand excluding inventories (2) | -0.2 | 0.0 | -0.4 | -0.4 | 0.9 | -0.7 |
| Change in inventories (2) | 0.2 | 0.0 | -0.7 | -0.8 | -0.3 | -1.3 |
| External trade | -0.4 | -0.2 | -0.4 | 0.0 | -0.3 | -0.5 |
- (2) Stocks include net acquisitions of valuables.
- Source: INSEE
Pour en savoir plus
Time series : Operations on goods and services
Time series : Gross domestic product balance
Time series : Institutional sector accounts
Time series : Branch accounts
