30 March 2010
2010- n° 85French GDP increased in Q4 (+0.6%), households purchasing power slowed down (+0.2%
after +0.5%) Quarterly national accounts - detailed figures - 4th Quarter 2009
In the fourth quarter, French GDP growth in volume* is confirmed (+0.6%, after +0.2% in the previous quarter). On the whole year, GDP fell down by 2.2%, the largest drop since the world war two.
In the fourth quarter, French GDP growth in volume* is confirmed (+0.6%, after +0.2% in the previous quarter). On the whole year, GDP fell down by 2.2%, the largest drop since the world war two.
Households’ consumption expenditures bounced
Production’s growth slightly increased (+0.6% after +0.3%).
Households’ consumption’s expenditures speeded up (+1.0% after +0.1%) whereas total GFCF decreased at the same pace as in the last quarter (–1.3%). Altogether, total domestic demand (excluding inventory changes) positively contributed to GDP growth: +0.5 point after –0.1 point in the third quarter. Inventory changes buoyantly contributed to activity’s surge: +1.0 point after –0.1 point. Foreign trade balance negatively contributed to GDP growth (–0.7 point after +0.3 point): exports levelled out (+0.0% after +1.8%), however imports soared (+3.2% after +0.2%).
As for annual growth, households’ consumption expenditures’ growth was steady (+0.8% after +0.9% in 2008) whereas total GFCF slumped by 7.0% (after +0.4%). Foreign trade’s decline negatively contributed to GDP annual growth (–0.1 point after –0.3 point), inventory changes to –1.4 point (after –0.3 point in the previous year).
* This growth rate is seasonally and trading-day adjusted; volumes are chain-linked previous-year-prices volumes.
graphiqueGraph1 – GDP and its main components
tableauTab1 – GOODS AND SERVICES: RESOURCES AND USES CHAIN-LINKED VOLUMES
| 2009 Q1 | 2009 Q2 | 2009 Q3 | 2009 Q4 | 2008 | 2009 | |
|---|---|---|---|---|---|---|
| GDP | -1,3 | 0,3 | 0,2 | 0,6 | 0,3 | -2,2 |
| Imports | -5,7 | -2,5 | 0,2 | 3,2 | 0,6 | -9,6 |
| Households' consumption expenditure | 0,1 | 0,3 | 0,1 | 1,0 | 0,9 | 0,8 |
| General government's consumption expenditure | 0,0 | 0,6 | 0,6 | 0,7 | 1,1 | 1,6 |
| GFCF | -2,5 | -1,0 | -1,3 | -1,3 | 0,4 | -7,0 |
| of which Non financial corporated and unincorporated enterprises | -3,6 | -1,1 | -1,0 | -0,9 | 2,4 | -7,8 |
| Households | -1,8 | -1,6 | -2,1 | -2,4 | -1,4 | -8,2 |
| General government | -0,6 | 0,7 | -1,2 | -0,4 | -4,5 | -3,3 |
| Exports | -6,7 | 0,5 | 1,8 | 0,0 | -0,6 | -10,9 |
| Contributions : | ||||||
| Internal demand excluding inventory changes | -0,5 | 0,1 | -0,1 | 0,5 | 0,9 | -0,7 |
| Inventory changes | -0,8 | -0,6 | -0,1 | 1,0 | -0,3 | -1,4 |
| Net foreign trade | -0,1 | 0,8 | 0,4 | -0,8 | -0,3 | -0,1 |
Households disposable income decelerated
Nominal gross disposable income slowed down in Q4 (+0.5% after +0.8%). Inflation kept increasing this quarter. As a whole, purchasing power decelerated this quarter (+0.2% after +0.5%). After having noticeably decreased past quarter, income and wealth taxes increased this quarter (+0.6% after –3.5%). They were the main contributor to the slowdown. On the contrary wages and social benefits grew faster this quarter. Social benefits in cash upturned (+1.0% after +0.4%) and went back to the progression pace before the one-off bonuses of the stimulus package. Total wages accelerated slightly (+0.4% after +0.2%).
In 2009, households nominal gross disposable income grew by 1.9%. Inflation has decreased in 2009 and contributed positively to purchasing power which increased by 2.1% (after +0.7% in 2008). Total wages were steady in 2009 after growing by +3.3% in 2008. The dynamism of purchasing power is explained by two factors. First, income taxes slumped by 3.0%. Second, social benefits in kind grew by 4.8%.
Households saving rate decreased this quarter by 0.7 point to reach 16.3%. In 2009 saving rate is at 16.4% a level never reached since 2002.
Profit ratio of non financial corporation slightly decreased
Value added of non financial corporation accelerated this quarter (+0.9% after +0.3%), meanwhile wages grew by 0.9% after being steady last quarter. Finally, profit ratio diminished by 0.2 point at 30.4%. In 2009 value added decreased more noticeably (–1.7%) than wages (–1.0%), as a consequences profit ratio loosed 0.7 point at 30.4%.
Pour en savoir plus
