French GDP increased in Q3 (+0,3%)Quarterly national accounts - detailed figures - Third Quarter 2009

In the third quarter of 2009, French GDP increase in volume is confirmed (+0.3%*, as in the second quarter).

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No 336
Paru le : 29/12/2009
Prochaine parution le : 22/09/2017 at 08:45 - second quarter 2017

In the third quarter of 2009, French GDP increase in volume is confirmed (+0.3%*, as in the second quarter).

Foreign trade balance, still a driving force behind GDP growth

As exports grew (+1.7% after +0.4%) faster than imports (+0.4% after –2.6%), foreign trade balance once more contributed positively to GDP growth (+0.3%), but less than in the previous quarter (+0.8%).

Households consumption's expenditures slightly increased (+0.1% after +0.4%) whereas total GFCF went down again (–1.4% after –1.0%). Thus, total domestic demand (excluding inventory changes) did not contribute to GDP growth (after +0.1% in Q2). Inventory changes were neutral on activity this quarter (after –0.6%).

Purchasing power of households' gross disposable income grew again

Purchasing power of households' gross disposable income grew by +0.6% (after +1.1% in Q2). On one hand, social benefits in cash sharply slowed down (+0.4% after +3.0%) because households no longer benefited from the payment of the two one-off bonuses as part of the stimulus package; unemployment benefits decelerated; and prices went slightly up (+0.2% after +0.0%). On the other hand, wages increased (+0.2% after +0.0% in Q2) and income taxes dropped.

Households consumption's expenditures at real prices increased less sharply and saving rate jumped to 17.0%.

Non financial corporations’ margin ratio increased by 0.2 points to 30.6%: added value went up by 0.6% (after +0.5% in Q2) whereas wages paid increased by 0.1% (after –0.1% in Q2).

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

Graph1 – GDP and its main components

Tab1 – 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
ovhg
2008 Q4 2009 Q1 2009 Q2 2009 Q3 2008 2009
GDP -1,5 -1,4 0,3 0,3 0,3 -2,3
Imports -3,5 -5,9 -2,6 0,4 0,6 -10,2
Households' consumption expenditure 0,0 0,2 0,4 0,1 0,9 0,6
General government's consumption expenditure 0,3 0,0 0,5 0,7 1,1 1,4
GFCF -2,5 -2,4 -1,0 -1,4 0,4 -6,6
of which Non financial corporated and unincorporated enterprises -2,9 -3,3 -1,1 -1,0 2,4 -7,4
Households -2,6 -1,7 -1,6 -2,3 -1,4 -7,5
General government -1,7 -0,8 0,2 -1,0 -4,5 -3,8
Exports -6,1 -7,3 0,4 1,7 -0,6 -11,3
Contributions :        
Internal demand excluding inventory changes -0,5 -0,4 0,1 0,0 0,9 -0,7
Inventory changes -0,5 -0,8 -0,6 0,0 -0,3 -1,6
Net foreign trade -0,6 -0,2 0,8 0,3 -0,3 0,0

    Documentation

    Methodology (pdf, 140 Ko)