French GDP accelerated in Q4 (+0.6% after +0.2%)Quarterly national accounts - second estimate - Fourth Quarter 2009

French GDP increased by 0.6% in the fourth quarter of 2009, after +0.2% in the previous quarter. On the whole year, GDP fell down by 2.2%, the largest drop since World War II.

Informations rapides
No 44
Paru le : 12/02/2010
Prochaine parution le : 28/02/2018 at 08:45 - fourth quarter 2017

French GDP increased by 0.6% in the fourth quarter of 2009, after +0.2% in the previous quarter. On the whole year, GDP fell down by 2.2%, the largest drop since World War II.

Households’ consumption expenditures surged

Production’s growth slightly increased (+0.6% after +0.3%). Households’ consumption’s expenditures bounced (+0.9% after +0.1%) whereas total GFCF edged down again (-1.2% after -1.4%). Altogether, total domestic demand (excluding inventory changes) positively contributed to GDP growth : +0.5 points after -0.1 point in the third quarter. Inventory changes buoyantly contributed to activity’s soar : +0.9 points after -0.1 point. This mainly ensued from equipment goods, especially aeronautics. Foreign trade balance deteriorated on the fourth quarter and negatively contributed to GDP growth (-0.7 points after +0.3 points) : exports decelerated (+0.5% after +1.8%), however imports speeded up strongly (+3.3% after +0.3%).

As for annual growth, total production dropped by 3.1%, the strongest decrease in sixty years. Households’ consumption expenditures' growth was steady (+0.8% after +0.9% in 2008) whereas total GFCF slumped by 6.9%, a historical decline. Inventory changes negatively contributed to GDP annual growth : -1.4 points after -0.3 point in the previous year. Eventually, exports flopped by 11.2% : the largest fall previously measured was -3.1% in 1975, and imports slipped by 9.7%, like in 1975 (-9.8%).

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

Graph1 – GDP and its main components

Tableau 1 – GOODS AND SERVICES: RESOURCES AND USES CHAIN-LINKED VOLUMES

percentage change from previous period, trading-days and seasonally adjusted data
GOODS AND SERVICES: RESOURCES AND USES CHAIN-LINKED VOLUMES
2009 Q1 2009 Q2 2009 Q3 2009 Q4 2008 2009
GDP -1,4 0,3 0,2 0,6 0,3 -2,2
Imports -5,8 -2,6 0,3 3,3 0,6 -9,7
Households' consumption expenditure 0,2 0,3 0,1 0,9 0,9 0,8
General government's consumption expenditure 0,0 0,6 0,6 0,7 1,1 1,6
GFCF -2,4 -1,0 -1,4 -1,2 0,4 -6,9
of which Non financial corporated and unincorporated enterprises -3,4 -1,2 -1,0 -0,8 2,4 -7,7
Households -1,7 -1,6 -2,3 -2,7 -1,4 -8,1
General government -0,6 0,7 -1,1 -0,2 -4,5 -3,2
Exports -7,3 0,5 1,8 0,5 -0,6 -11,2
Contributions :        
Internal demand excluding inventory changes -0,4 0,1 -0,1 0,5 0,9 -0,6
Inventory changes -0,7 -0,6 -0,1 0,9 -0,3 -1,4
Net foreign trade -0,2 0,8 0,3 -0,7 -0,3 -0,2

    Documentation

    Methodology (pdf, 140 Ko)