Quarterly national accounts - detailed figures – 1st Quarter 2009Quarterly national accounts - detailed figures - First Quarter 2009

In the first quarter of 2009, Gross Domestic Product (GDP) decreased by 1.2% in volume (1). Households’ consumption expenditures grew slightly (+0.2% after +0.1% in the fourth quarter). Total Gross Fixed Capital Formation (GFCF) slackened once again (-2.4% after -2.5%), pulled down by the drop in non-financial corporations’ GFCF (-3.4% after -2.8%) and the decline in households’ GFCF (-1.6% after -2.6%). Foreign trade kept on falling as both exports and imports collapsed (respectively -6.4% after -4.7% and -5.3% after -3.2%). All in all, foreign trade balance contribute -0.1 point to GDP growth this quarter (after a -0.3 point contribution in the fourth quarter of 2008). Eventually, inventory changes contributed -0.7 point to GDP growth, as in the fourth quarter.

Informations rapides
No 171
Paru le : 26/06/2009
Prochaine parution le : 22/12/2017 at 08:45 - third quarter 2017
Sommaire
  1. Comment
  2. Table

Comment

In the first quarter of 2009, Gross Domestic Product (GDP) decreased by 1.2% in volume (1). Households’ consumption expenditures grew slightly (+0.2% after +0.1% in the fourth quarter). Total Gross Fixed Capital Formation (GFCF) slackened once again (-2.4% after -2.5%), pulled down by the drop in non-financial corporations’ GFCF (-3.4% after -2.8%) and the decline in households’ GFCF (-1.6% after -2.6%). Foreign trade kept on falling as both exports and imports collapsed (respectively -6.4% after -4.7% and -5.3% after -3.2%). All in all, foreign trade balance contribute -0.1 point to GDP growth this quarter (after a -0.3 point contribution in the fourth quarter of 2008). Eventually, inventory changes contributed -0.7 point to GDP growth, as in the fourth quarter.

Non financial corporations’ profit share increased by 0.4 points to 37.5%. Purchasing power of households' gross disposable income grew by +0.4% (after +1.0% in the previous quarter).

(1) This growth rate is seasonally and trading-day adjusted; volumes are chain-linked previous-year-prices volumes.

Table

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

%
Goods and services at chain linked previous year prices seasonally-adjusted and working-day adjusted changes
Q2 2008 Q3 2008 Q4 2008 Q1 2009 2008 2009 c.o.
Gross Domestic Product (GDP) -0.4 -0.2 -1.4 -1.2 0.3 -2.5
Imports -1.0 0.3 -3.2 -5.3 0.6 -7.7
Household consumption expenditures 0.0 0.1 0.1 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 -2.5 -2.4 0.4 -5.1
Enterprises (Non-financial enterprises) -1.5 -0.3 -2.8 -3.4 2.4 -5.9
Households -1.3 -2.8 -2.6 -1.6 -1.4 -5.3
General government -3.0 -1.3 -1.6 -0.8 -4.5 -3.4
Exports -2.4 -0.3 -4.7 -6.4 -0.5 -10.4
Contributions
Domestic demand excluding inventories (2) -0.2 0.0 -0.4 -0.4 0.9 -0.8
Change in inventories (2) 0.2 0.0 -0.7 -0.7 -0.3 -1.2
External trade -0.4 -0.2 -0.3 -0.1 -0.3 -0.5
Accounts of non-financial corporations (3)
Non-financial enterprises
Prices and production costs (changes, %)
Production prices 1.3 0.8 -1.2 -1.1 3.5 -1.3
Unit production cost 1.6 0.8 -1.2 -1.7 3.4 3.4
of which: unit labor cost 1.3 0.9 3.2 0.8 3.3 4.0
of which: Hourly wage (+) 0.7 0.7 1.0 -0.5 3.1 0.7
Productivity (-) -0.7 -0.2 -2.4 -1.5 -0.3 -3.5
Non-financial corporations
Key ratios (%)
Payroll costs (% of value added [VA]) 65.1 65.1 66.2 65.9 65.2
Margin rate 31.3 31.3 30.2 30.5 31.2
Investment rate (GFCF as % of VA) 21.5 21.5 21.0 20.5 21.3
Saving (% of VA) 12.6 12.7 13.1 13.4 13.0
Self-financing rate (saving/GFCF) 58.7 59.1 62.2 65.3 60.9
Household accounts changes, %
Gross Disposable Income (GDI), of which: 0.5 0.4 0.4 0.0 3.4 0.7
- gross wages and salaries (+) 0.7 0.5 0.3 -0.7 3.3 -0.1
- social benefits (+) (4) 0.7 1.3 1.1 0.7 3.5 2.3
- gross operating surplus (GOS) of unincorporated enterprises (+) 0.7 0.4 -1.3 0.7 4.1 0.1
- social contributions (-) 0.6 0.4 0.3 -0.8 2.0 -0.2
- taxes (-) 1.9 2.8 -0.3 -0.9 4.6 0.7
Real GDI -0.4 0.0 1.0 0.4 0.6 1.1
Saving rate (saving/GDI, %) 15.1 15.0 15.8 15.9 15.3
  • (1) Carry over (c.o.) or statistical overhang, i.e., annual change if variable in question was to remain at its level in the last known quarter. The overhang measures the impact of past changes; it is not a forecast.
  • (2) Stocks include net acquisitions of valuables.
  • (3) Non-financial corporations + Non-financial incorporated enterprises.
  • (4) Other than social transfers in kind.
  • Source: INSEE

Documentation

Methodology (pdf, 140 Ko)