In 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%).

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Informations rapides – No 205
Paru le : 08/12/2011
Prochaine parution le : 02/28/2017 at 08:45 - fourth quarter 2016

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.

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 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

    Tab2 – Sectoral accounts

    percentage change from previous period, trading-days and seasonally adjusted data
    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