In Q3 2013, GDP (-0.1% after +0.6%) and households’ purchasing power (-0.1% after +0.5%) slightly decreasedQuarterly national accounts - detailed figures - 3rd quarter 2013

In Q3 2013, GDP in volume terms* was slightly down (–0.1%), after a rebound in Q2 (+0.6%).

Informations rapides
No 298
Paru le : 24/12/2013
Prochaine parution le : 22/12/2017 at 08:45 - third quarter 2017

In Q3 2013, GDP in volume terms* was slightly down (–0.1%), after a rebound in Q2 (+0.6%).

Household consumption expenditure decelerated (+0.1% after +0.4%). Furthermore, total gross fixed capital formation (GFCF) decreased by 0.4%, as in the previous quarter. Overall, final domestic demand (excluding inventory changes) marked time and had a neutral contribution to GDP after +0.4 point in Q2. Exports fell again (–1.3% after +1.9%) whereas imports remained dynamic (+0.9% after +1.5%). Hence, the foreign trade balance had a negative accounting contribution to GDP growth: –0.6 point, after +0.1 point the previous quarter. Conversely, changes in inventories contributed for +0.5 point to GDP growth (after +0.1 point).

Households’ purchasing power slowed down

Wages earned by households slightly decelerated (+0.3% after +0.5%), mainly due to deceleration of wages paid by non-financial corporations (NFC). Social benefits remained dynamic (+0.7% after +0.8% in previous quarter). In contrast, taxes on income and wealth accelerated again in Q3 (+1.9% after +1.4%) partly as a result of budget consolidation measures passed for 2013: de-indexation of the income tax thresholds, creation of a 45% bracket, lowering of the family quotient ceiling. Overall, in nominal terms, household disposable income slowed down (+0.1% after +0.4%).

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
2012 Q4 2013 Q1 2013 Q2 2013 Q3 2012 2013 (ovhg)
GDP -0.2 -0.1 0.6 -0.1 0.0 0.1
Imports -1.2 0.1 1.5 0.9 -0.9 0.9
Households' consumption *expenditure 0.0 -0.1 0.4 0.1 -0.4 0.3
General government's *consumption expenditure 0.4 0.4 0.7 0.2 1.4 1.6
GFCF -0.6 -0.9 -0.4 -0.4 -1.2 -2.3
*of which Non financial corporated and unincorporated enterprises -0.4 -0.8 0.1 -0.4 -1.9 -1.9
Households -1.0 -1.3 -1.7 -0.6 -0.4 -3.8
General government -0.7 -0.5 0.3 -0.2 -0.6 -1.2
Exports -0.8 -0.3 1.9 -1.3 2.5 0.2
Contributions :        
Internal demand excluding inventory changes 0.0 -0.1 0.4 0.0 -0.1 0.1
Inventory changes -0.3 0.2 0.1 0.5 -0.8 0.2
Net foreign trade 0.1 -0.1 0.1 -0.6 1.0 -0.2

    Tab2 – Sectoral accounts

    percentage change from previous period,trading-days and seasonally adjusted data
    Sectoral accounts
    2012 Q4 2013 Q1 2013 Q2 2013 Q3 2012 2013 (ovhg)
    Profit ratio of NFC* (level) 28.0 28.0 28.2 27.7 28.3  
    Household purchasing power -0.9 0.9 0.5 -0.1 -0.9 0.4
    • *NFC: non-financial corporations

    Tab3 – GDP and components: prices indices

    percentage change from previous period,trading-days and seasonally adjusted data
    GDP and components: prices indices
    2012 Q4 2013 Q1 2013 Q2 2013 Q3 2012 2013 (ovhg)
    GDP 0.2 0.5 0.1 0.1 1.5 1.1
    Imports 0.2 -0.6 -0.9 0.2 1.9 -0.9
    Cons. Exp. :      
    - Households 0.2 0.3 -0.1 0.2 1.9 0.6
    - GG* 0.1 0.1 0.0 0.1 1.1 0.5
    Total GFCF 0.1 0.4 -0.1 0.3 1.7 0.7
    - of which Households -0.1 0.3 -0.3 0.5 2.3 0.3
    - of which NFE 0.1 0.6 0.0 0.3 1.3 1.0
    - of which GG 0.2 0.2 -0.1 0.3 2.2 0.7
    Exports 0.2 -0.2 -0.4 -0.2 1.2 -0.1
    • *GG: General Government

    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
    2012 Q4 2013 Q1 2013 Q2 2013 Q3 2012 2013 (ovhg)
    Industrie’s production -2.0 0.5 2.0 -1.0 -2.8 0.1
    - of which value added -1.7 0.0 1.2 -0.7 -2.0 -0.7
    Imports -1.6 0.1 1.5 1.5 0.3 0.4
    Intermediate uses -1.1 0.0 1.5 -0.3 -1.8 0.2
    Cons. Exp. :      
    - of households -0.2 -0.7 0.4 0.4 -1.2 -0.4
    - of GG 1.6 1.5 1.4 1.0 4.3 4.7
    Total GFCF -1.0 -0.9 -0.3 1.0 -3.0 -2.2
    - of which NFC -1.1 -1.1 -0.4 1.1 -3.7 -2.7
    - of which GG -0.1 0.0 0.2 0.2 1.0 -0.1
    Exports -1.7 -0.5 2.8 -1.9 3.0 -0.1
    Inventory changes (contribution) -0.9 1.1 0.1 0.9 -2.5 0.8

      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
      2012 Q4 2013 Q1 2013 Q2 2013 Q3 2012 2013 (ovhg)
      HDI -0.7 1.2 0.4 0.1 0.9 1.0
      Household purchasing power -0.9 0.9 0.5 -0.1 -0.9 0.4
      HDI by cu* (purchasing power) -1.1 0.7 0.3 -0.2 -1.5 -0.1
      Adjusted HDI (purchasing power) -0.6 0.7 0.5 0.0 -0.4 0.6
      Saving rate (level) 15.0 15.8 15.9 15.7 15.6  
      Financial saving rate (level) 5.7 6.6 6.9 6.7 6.2  
      • *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
      2012 Q4 2013 Q1 2013 Q2 2013 Q3 2012
      Profit share 28.0 28.0 28.2 27.7 28.3
      Investment ratio 19.2 19.1 19.0 19.0 19.4
      Savings ratio 11.9 12.3 12.7 11.1 12.8
      Self-financing ratio 61.8 64.4 66.9 58.5 65.9

        Moreover consumption prices increased this quarter (+0.2% after –0.1% in Q2) therefore households’ purchasing power was slightly down (–0.1%, after +0.5%). Taken individually (measured per consumption unit), it decreased by 0.2% (after +0.3%).

        Households’ consumption in value increased by 0.3% (as in previous quarter), faster than nominal income. Therefore the savings ratio stepped back from 15.9% to 15.7% in Q3.

        Non financial corporation’s profit share at the lowest since 1985

        In Q3 2013, non financial corporation’s value added decelerated sharply (–0.3% in current prices after +0.9%). Wages paid decelerated but still increased (+0.2% after +0.6%): employment decreased at the same rate (–0.2% after –0.1%) and wage per capita slowed down (+0.4% after +0.7%). Furthermore employee contributions and other taxes on production accelerated (+0.9% after +0.6%). Overall, gross operating surplus of non-financial corporations downturned (–2.1% after +1.7%) and their profit margin stepped back to 27.7% in Q3 (–0.5 point from Q2). It is the lowest level since Q4 1985.

        GDP decrease is confirmed (–0.1%)

        Compared to the previous release, GDP decrease in Q3 is unchanged (–0.1%). However the growth of GDP in Q2 is slightly scaled up from +0.5% to +0.6%. Revisions are due to the integration of data known since then and to the updates of seasonal adjustments. The annual growth rate carried over at Q3 point remains unchanged (+0.1%).

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