In 2011 Q1, French GDP sharply acceleratedQuarterly national accounts - second estimate - 1st Quarter 2011

In 2011 Q1*, French GDP increased by 1.0% in volume** after +0.3% in the previous quarter. This is the steepest increase since 2006 Q2.

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Informations rapides – No 122
Paru le : 05/13/2011
Prochaine parution le : 02/28/2017 at 08:45 - fourth quarter 2016

In 2011 Q1*, French GDP increased by 1.0% in volume** after +0.3% in the previous quarter. This is the steepest increase since 2006 Q2.

In the first quarter, manufacturing production soared (+3.7%, strongest growth for at least thirty years, after +0.7%), and services’ production accelerated (+1.1% after +0.2%), both contributing to activity’s bounce.

Households’ consumption expenditure slightly accelerated (+0.6% after +0.4%), while gross fixed capital formation (GFCF) did so more markedly (+1.1% after +0.5%). Overall, total domestic demand (excluding inventory changes) drove GDP on for 0.6 point of growth after 0.4 point in the previous quarter.

Imports renewed with growth this quarter (+2.7% after –0.7%) and grew more rapidly than exports (+1.4% after +0.3%). So much so that foreign trade balance weights on GDP growth: –0.4 point after +0.3 point. This is overcompensated by changes in inventories, contributing for +0.7 point to GDP growth after –0.3 point.

*Quarterly and annual national accounts published today switched to 2005 as the reference year. Quarterly accounts are available since 1980, time series since 1949 will be published on June 29th.

** 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
2010 Q2 2010 Q3 2010 Q4 2011 Q1 2010 2011 (ovhg)
GDP 0.5 0.4 0.3 1.0 1.4 1.6
Imports 3.4 4.1 -0.7 2.7 8.3 5.1
Households' consumption expenditure 0.1 0.6 0.4 0.6 1.3 1.3
General government's consumption expenditure 0.2 0.2 0.1 0.3 1.2 0.6
GFCF 1.1 0.9 0.5 1.1 -1.4 2.2
of which Non financial corporated and unincorporated enterprises 2.7 1.3 0.9 1.9 2.0 3.9
Households 0.1 1.9 0.8 -0.3 -1.4 1.3
General government -1.9 -1.9 -1.4 1.0 -9.7 -1.5
Exports 3.1 2.0 0.3 1.4 9.4 3.4
Contributions :        
Internal demand excluding inventory changes 0.3 0.6 0.4 0.6 0.8 1.3
Inventory changes 0.3 0.4 -0.3 0.7 0.5 0.8
Net foreign trade -0.1 -0.6 0.3 -0.4 0.1 -0.5

    Tab2 – Sectoral accounts

    percentage change from previous period, trading-days and seasonally adjusted data
    Sectoral accounts
    2010 Q2 2010 Q3 2010 Q4 2011 Q1 2010
    Profit ratio of NFC* (level) 30.1 30.3 30.0   30.1
    Household purchasing power 0.2 0.6 0.4   0.8
    • *NFC : non-financial corporations

    Tab5 – Household disposable income and household account ratios

    percentage change from previous period, trading-days and seasonally adjusted data
    Household disposable income and household account ratios
    2010 Q2 2010 Q3 2010 Q4 2011 Q1 2010
    HDI 0.5 0.8 0.9   2.0
    Household purchasing power 0.2 0.6 0.4 0.8
    HDI by ci* (purchasing power) 0.0 0.4 0.2 0.1
    Adjusted HDI (purchasing power) 0.2 0.5 0.4 0.8
    Saving rate (level) 16.1 16.1 16.1 16.0
    Financial saving rate (level) 7.1 7.0 6.9   7.0
    • * ci : consumption unit