12 August 2011
2011- n° 205In 2011 Q2, French GDP levelled off (0.0%), after a sharp increase in Q1 (+0.9%) Quarterly national accounts - second estimate - 2nd Quarter 2011
French GDP* held steady in 2011 Q2: 0.0% evolution after a sharp increase in Q1 (+0.9%).
French GDP* held steady in 2011 Q2: 0.0% evolution after a sharp increase in Q1 (+0.9%).
Households’ consumption expenditure stepped back (–0.7% after +0.4%), while gross fixed capital formation (GFCF) slightly decelerated (+0.9% after +1.2%). Overall, total domestic demand (excluding inventory changes) drove GDP down (–0.2 point. after +0.5 point).
Imports decreased (–0.9% after +3.1%), while exports remain stable (+0.0% after +1.8%). Consequently, foreign trade balance contributed positively to GDP growth (+0.3 point after –0.5 point).
In Q2, changes in inventories were neutral on GDP growth,after contributing for +0.8 point in Q1.
Manufactured production stepped back
In Q2, total production in goods and services stagnated after a dynamic progression in Q1 (+1.4%). Manufactured production stepped back by 0.6% in Q2 after +2.9% in Q1, the sharpest increased since summer 1968. Every industries’ production decreased, expect in food products.
Production of services decelerated as well(+0.3% after +1.1%). All the activities of marketable services contributed to this downturn, in particular those of business services.
* 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
2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2010 | 2011 (ovhg) | |
---|---|---|---|---|---|---|
GDP | 0.4 | 0.3 | 0.9 | 0.0 | 1.4 | 1.4 |
Imports | 4.2 | -0.4 | 3.1 | -0.9 | 8.3 | 5.2 |
Households' consumption expenditure | 0.6 | 0.4 | 0.4 | -0.7 | 1.3 | 0.4 |
General government's consumption expenditure | 0.2 | 0.1 | 0.3 | 0.1 | 1.2 | 0.7 |
GFCF | 0.8 | 0.5 | 1.2 | 0.9 | -1.4 | 2.9 |
of which Non financial corporated and unincorporated enterprises | 1.3 | 0.9 | 1.9 | 0.7 | 2.0 | 4.5 |
Households | 1.7 | 0.8 | -0.1 | 1.4 | -1.4 | 2.4 |
General government | -1.9 | -1.4 | 1.5 | 0.7 | -9.7 | -0.5 |
Exports | 2.1 | 0.4 | 1.8 | 0.0 | 9.4 | 3.9 |
Contributions : | ||||||
Internal demand excluding inventory changes | 0.5 | 0.4 | 0.5 | -0.2 | 0.8 | 1.0 |
Inventory changes | 0.4 | -0.2 | 0.8 | 0.0 | 0.5 | 0.9 |
Net foreign trade | -0.6 | 0.2 | -0.5 | 0.3 | 0.1 | -0.4 |
tableauTab2 – Sectoral accounts
2010 Q3 | 2010 Q4 | 2011 Q1 | 2011 Q2 | 2010 | 2011 (ovhg) | |
---|---|---|---|---|---|---|
Profit ratio of NFC* (level) | 30.3 | 29.7 | 29.9 | 30.1 | ||
Household purchasing power | 0.6 | 0.4 | 0.1 | 0.8 | 0.8 |
- *NFC : non-financial corporations
Pour en savoir plus
Time series : Operations on goods and services
Time series : Gross domestic product balance
Time series : Institutional sector accounts
Time series : Branch accounts