Informations rapides
28 September 2011
2011- n° 232
In Q2 2011, French GDP held steady (0.0% after +0.9%), while households’ purchasing power accelerated (+0.6% after +0.2%) Quarterly national accounts - detailed figures - 2nd quarter 2011

French GDP’s* stability in Q2 2011 is confirmed: 0.0% evolution after a sharp increase in Q1 (+0.9%).

Informations rapides
No 232
Paru le :Paru le28/09/2011
Prochaine parution le : 31/05/2024 at 08:45 - first quarter 2024
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French GDP’s* stability in Q2 2011 is confirmed: 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) grew less rapidly (+0.6% after +1.2%). Overall, total domestic demand (excluding changes in inventories) drove GDP down (–0.3 point after +0.5 point).

Imports decreased (–0.9% after +3.2%), while exports remained stable. 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 the previous quarter.

GDP growth’s estimation is not revised

GFCF growth’s estimation for Q2 is scaled down by 0.3 point, from +0.9% in the previous release to +0.6%. This revision is due to the integration of information known since the first publication. Other main aggregates are marginally revised and GDP growth estimation remains unchanged.

Graph1 – GDP and its main components

Tab1 – GOODS AND SERVICES: SUPPLY AND USES CHAIN-LINKED VOLUMES

percentage change from previous period, trading-days and seasonally adjusted data
GOODS AND SERVICES: SUPPLY AND USES CHAIN-LINKED VOLUMES (percentage change from previous period, trading-days and seasonally adjusted data)
2010 Q3 2010 Q4 2011 Q1 2011 Q2 2010 2011 (ovhg)
GDP 0.4 0.3 0.9 0.0 1.4 1.5
Imports 4.2 -0.4 3.2 -0.9 8.3 5.1
Households' consumption expenditure 0.7 0.4 0.4 -0.7 1.3 0.5
General government's consumption expenditure 0.2 0.1 0.4 0.1 1.2 0.7
GFCF 0.8 0.4 1.2 0.6 -1.4 2.7
of which Non financial corporated and unincorporated enterprises 1.3 0.9 1.9 0.3 2.0 4.2
Households 1.7 0.8 -0.1 1.3 -1.4 2.4
General government -1.9 -1.4 1.5 0.6 -9.7 -0.6
Exports 2.4 0.3 1.7 0.0 9.3 3.9
Contributions :        
Internal demand excluding inventory changes 0.6 0.3 0.5 -0.3 0.8 1.0
Inventory changes 0.3 -0.2 0.8 0.0 0.5 0.9
Net foreign trade -0.5 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 (percentage change from previous period. trading-days and seasonally adjusted data)
    2010 Q3 2010 Q4 2011 Q1 2011 Q2 2010 2011 (ovhg)
    Profit ratio of NFC* (level) 30.2 29.7 29.8 28.9 30.1  
    Household purchasing power 0.6 0.4 0.2 0.6 0.8 1.3
    • *NFC : non-financial corporations

    Tab3 – GDP and components : prices indices

    percentage change from previous period. trading-days and seasonally adjusted data* General Government
    GDP and components : prices indices (percentage change from previous period. trading-days and seasonally adjusted data* General Government)
    2010 Q3 2010 Q4 2011 Q1 2011 Q2 2010 2011 (ovhg)
    GDP 0.4 0.1 0.6 0.4 0.8 1.2
    Imports -0.3 1.5 3.5 0.0 4.0 4.8
    Cons. Exp. :      
    - Households 0.2 0.5 0.8 0.6 1.2 1.8
    - GG* 0.2 0.3 0.3 0.3 1.5 0.9
    Total GFCF 0.2 0.3 1.1 0.4 1.2 1.9
    - of which Households 0.5 0.5 0.9 0.5 2.3 2.1
    - of which NFE 0.0 0.2 1.1 0.4 0.6 1.7
    - of which GG 0.1 0.3 1.9 0.5 1.9 3.0
    Exports 0.7 0.9 1.8 0.4 1.7 3.3

      Tab4 – Manufactured goods : supply and uses in volume

      percentage change from previous period. trading-days and seasonally adjusted data
      Manufactured goods : supply and uses in volume (percentage change from previous period. trading-days and seasonally adjusted data)
      2010 Q3 2010 Q4 2011 Q1 2011 Q2 2010 2011 (ovhg)
      Industrie’s production 0.1 0.5 2.9 -0.4 4.3 3.4
      - of which value added 0.0 1.2 1.9 0.1 3.3 3.2
      Imports 4.5 0.5 3.3 -0.7 11.0 6.3
      Intermediate uses 0.1 0.7 1.8 -0.2 3.1 2.7
      Cons. Exp. :      
      - of households 1.5 0.8 0.6 -1.9 1.3 0.3
      - of GG 1.1 1.2 0.6 0.2 5.3 2.9
      Total GFCF 3.1 3.2 3.1 1.4 6.7 9.1
      - of which NFC 3.6 3.6 3.3 1.5 8.3 10.1
      - of which GG -0.8 0.0 0.5 0.5 -3.8 0.1
      Exports 3.2 -0.2 1.5 0.0 11.0 3.8
      Inventory changes (contribution) 0.4 -0.2 2.1 0.1 1.6 2.4

        Tab5 – Households’ disposable income and ratios of households’ account

        percentage change from previous period. trading-days and seasonally adjusted data
        Households’ disposable income and ratios of households’ account (percentage change from previous period. trading-days and seasonally adjusted data)
        2010 Q3 2010 Q4 2011 Q1 2011 Q2 2010 2011 (ovhg)
        HDI 0.8 0.9 0.9 1.2 2.0 3.0
        Household purchasing power 0.6 0.4 0.2 0.6 0.8 1.3
        HDI by cu* (purchasing power) 0.4 0.2 0.0 0.4 0.1 0.7
        Adjusted HDI (purchasing power) 0.5 0.3 0.2 0.5 0.8 1.2
        Saving rate (level) 16.1 16.1 15.9 17.0 16.1  
        Financial saving rate (level) 7.0 6.9 6.7 7.8 7.0  
        • * cu : consumption unit

        Tab6 – Ratios of non-financial corporations’ account

        percentage change from previous period. trading-days and seasonally adjusted data
        Ratios of non-financial corporations’ account (percentage change from previous period. trading-days and seasonally adjusted data)
        2010 Q3 2010 Q4 2011 Q1 2011 Q2 2010
        Profit share 30.2 29.7 29.8 28.9 30.1
        Investment ratio 18.8 18.9 19.1 19.2 18.7
        Savings ratio 14.6 13.9 14.2 13.4 14.6
        Self-financing ratio 77.7 73.7 74.4 69.9 78.3

          Households’ purchasing power accelerated

          In Q2 2011, households disposable income (HDI) increased more rapidly than in Q1 (+1.2% after +0.9%). This acceleration is mainly due to the deceleration of taxes on income and wealth, which renewed with a more moderate growth after a rebound in Q1 (+0.6% after +3.3%). Wages remained dynamic, though less than in Q1 (+0.9% after +1.1%). Social benefits in cash also remained dynamic (+1.0% after +0.9%).

          Consumption prices decelerated (+0.6% after +0.8%), in particular due to fuel prices. All in all, households’ purchasing power increased in Q2 (+0.6% after +0.2%). Per consumption unit, it increased as well (+0.4%), after being stable in Q1.

          Despite households’ disposible income growth, consumption in nominal terms decreased (–0.2% after +1.1%). As a consequence, households’ savings ratio markedly increased to reach 17.0% (after +15.9%), its highest level since summer 2009.

          Non-financial corporations profit ratio markedly decreased

          Non-financial corporations’ nominal value added markedly decelerated (+0.2% after +2.0%). Yet, wages paid (including employers’ social contributions) remained dynamic (+1.3% after +1.5%). Their slight deceleration is imputable to that of employment (+0.4% after +0.5%) and wage per capita (+0.7% after +1.0%). After a sharp increase in the previous quarter, taxes on production remained dynamic (+2.0% after +4.6%).

          All in all, the increase of value added has been much lower than that of wages and taxes altogether: As a consequence gross operation surplus of non-financial corporations decreased (–2.8% after +2.4%).

          Consequently, non-financial corporations’ profit ratio decreased by 0.9 point to reach 28.9% this quarter, its lowest level since 1986.

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