In Q2 2012, households’ purchasing power increased anew (+0.4% after 0.0%)Quarterly national accounts - detailed figures - 2nd Quarter 2012

In 2012 Q2, as in Q1, French gross domestic product (GDP) in volume* held steady (0.0%).

Informations rapides
No 238
Paru le : 28/09/2012
Prochaine parution le : 22/12/2017 at 08:45 - third quarter 2017

In 2012 Q2, as in Q1, French gross domestic product (GDP) in volume* held steady (0.0%).

Households’ consumption expenditure remained sluggish (–0.1% after +0.1%). Gross fixed capital formation (GFCF) upturned (+0.5%) after a step back in Q1 (–0.8%). Overall, total domestic demand (excluding changes in inventories) drove GDP on for only 0.1 point of growth in Q2 after a neutral contribution in Q1. Imports accelerated (+1.7% after +0.7%), while exports remained slack (+0.2% after +0.1%). Hence, foreign trade balance still contributed negatively to GDP growth (–0.4 point, after –0.1 point in Q1). Finally, changes in inventories contributed positively to GDP growth: +0.3 point in Q2, after +0.1 point.

Households’ purchasing power renewed with growth

In 2012 Q2, households’ disposable income (HDI) slightly decelerated in nominal terms (+0.5% after +0.6%). This slow down is due to that of compensation of employees (+0.4% après +0.7%), in particular wage per employee. Social benefits in cash also remained dynamic (+0.9%, as in Q1), thanks to pensions’ benefits. Finally, taxes on income and wealth decelerated (+0.5% after +0.9%) after having been buoyed up by new measures in Q1.

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
2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
GDP 0.2 0.0 0.0 0.0 1.7 0.2
Imports 0.0 -1.1 0.7 1.7 5.2 0.9
Households' consumption expenditure 0.3 -0.1 0.1 -0.1 0.2 -0.1
General government's consumption expenditure 0.2 0.2 0.5 0.4 0.2 1.1
GFCF 0.2 1.3 -0.8 0.5 3.5 0.7
of which Non financial corporated and unincorporated enterprises -0.5 1.9 -1.4 0.6 5.1 0.2
Households 1.2 0.5 -0.4 0.0 3.2 0.9
General government 0.4 1.0 -0.1 0.9 -1.8 1.5
Exports 1.6 1.4 0.1 0.2 5.5 2.2
Contributions :        
Internal demand excluding inventory changes 0.2 0.3 0.0 0.1 0.9 0.4
Inventory changes -0.4 -0.9 0.1 0.3 0.8 -0.6
Net foreign trade 0.4 0.7 -0.1 -0.4 0.0 0.4

    Tab2 – Sectoral accounts

    percentage change from previous period,trading-days and seasonally adjusted data
    Sectoral accounts
    2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
    Profit ratio of NFC* (level) 28.4 28.1 27.9 28.1 28.5  
    Household purchasing power -0.3 -0.2 0.0 0.4 0.5 0.1
    • *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
    2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
    GDP 0.3 0.5 0.3 0.5 1.3 1.3
    Imports 0.8 0.8 0.7 -0.6 5.4 1.3
    Cons. Exp.:      
    - Households 0.4 0.6 0.7 0.2 2.1 1.6
    - GG* 0.2 0.1 0.1 0.1 1.4 0.5
    Total GFCF 0.7 0.5 0.5 0.3 2.9 1.7
    - of which Households 1.1 0.5 0.2 0.5 3.8 1.8
    - of which NFE 0.5 0.5 0.8 0.2 2.3 1.7
    - of which GG 0.7 0.8 0.5 0.2 3.6 1.8
    Exports 0.3 0.4 0.6 -0.4 3.2 0.8
    • *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
    2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
    Industrie’s production -0.2 0.0 -1.0 -1.0 3.2 -1.9
    - of which value added -0.4 -0.7 -0.7 -0.7 0.7 -2.1
    Imports -0.3 -1.4 1.6 2.4 6.7 2.2
    Intermediate uses 0.1 0.2 -0.2 -0.5 2.9 -0.4
    Cons. Exp.:      
    - of households 0.3 0.3 -0.7 -0.5 0.9 -1.0
    - of GG 1.2 0.6 1.8 1.3 3.6 4.0
    Total GFCF -1.2 2.6 -3.4 0.5 7.3 -1.8
    - of which NFC -1.5 2.8 -3.8 0.6 7.6 -2.1
    - of which GG 0.6 0.6 0.6 0.5 -0.5 1.9
    Exports 1.4 1.6 1.0 0.0 4.5 3.0
    Inventory changes (contribution) -1.2 -2.4 0.1 0.8 1.9 -1.8

      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
      2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011 2012 (ovhg)
      HDI 0.1 0.4 0.6 0.5 2.6 1.6
      Household purchasing power -0.3 -0.2 0.0 0.4 0.5 0.1
      HDI by cu* (purchasing power) -0.4 -0.4 -0.1 0.2 -0.1 -0.4
      Adjusted HDI (purchasing power) -0.2 -0.1 0.1 0.4 0.8 0.3
      Saving rate (level) 16.2 16.1 16.0 16.4 16.2  
      Financial saving rate (level) 7.1 6.9 6.8 7.2 7.1  
      • *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
      2011 Q3 2011 Q4 2012 Q1 2012 Q2 2011
      Profit share 28.4 28.1 27.9 28.1 28.5
      Investment ratio 20.0 20.3 20.2 20.2 20.1
      Savings ratio 13.1 13.0 13.1 13.5 13.5
      Self-financing ratio 65.5 64.2 65.0 66.9 66.9

        In Q2, consumption prices markedly slowed down (+0.2% after +0.7%), in particular due to petroleum products prices. All in all, households’ purchasing power increased anew (+0.4%) after being stable in Q1. Per consumption unit, it rose by 0.2% in 2012 Q2 after having stepped back for three quarters in a row.

        Despite households’ disposable income growth, consumption in nominal terms levelled off (0.0% after +0.8%). As a consequence, households increased their saving for the first time since 2011 Q2. Their savings ratio reached 16.4% after 16.0% in Q1.

        Non-financial corporations’ profit ratio upturned after decreasing for six consecutive quarters

        Non-financial corporations’ nominal value added accelerated (+0.8% after 0.0%), thanks to a decrease in intermediate consumption prices. Compensations of employees slightly accelerated (+0.4% after +0.2%): wages slowed down (+0.4% after +0.5%) but employers’ social contributions upturned (+0.5% after –0.9%). Besides, taxes on production increased more sharply: +1.1% after +0.1%.

        All in all, value added growth has been much higher than that of wages and taxes combined: gross operation surplus of non-financial corporations renewed with growth (+1.6% after –0.9% in Q1). Consequently, non-financial corporations’ profit ratio increased by 0.2% to reach 28.1%. It improved for the first time since 2010 Q3.

        GDP growth’s estimation is not revised

        With respect to the previous release, (« preliminary figures », 2012 Q2) GDP stagnation’s estimation is confirmed in 2012 Q2 and in two previous quarters. Some components of GDP are revised noticeably (in particular foreign trade of transport equipment). Revisions are due to the integration of data released since then or to the revision of some indicators in the past.

        Documentation

        Methodology (pdf, 140 Ko)