Quarterly national accounts - preliminary figures – 1st Quarter 2009Quarterly 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.

Informations rapides
No 135
Paru le : 15/05/2009
Prochaine parution le : 29/11/2017 at 08:45 - third quarter 2017
Sommaire
  1. Commentaire
  2. Tableau

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

Tableau 1 – Goods and services at chain-linked previous year prices seasonally-adjusted and working-days-adjusted

changes, %
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

Documentation

Methodology (pdf, 140 Ko)