French GDP increased by 0.2% in Q4 and +1.7% over the yearQuarterly national accounts - second estimate - 4st Quarter 2011

In 2011 Q4, French gross domestic product (GDP) in volume* increased by +0.2% after +0.3% the previous quarter. Over the year, GDP increased by 1.7% (after +1.4% in 2010).

Informations rapides
No 42
Paru le : 15/02/2012
Prochaine parution le : 29/11/2017 at 08:45 - third quarter 2017

In 2011 Q4, French gross domestic product (GDP) in volume* increased by +0.2% after +0.3% the previous quarter. Over the year, GDP increased by 1.7% (after +1.4% in 2010).

Households’ consumption expenditure slightly decelerated by the end of the year (+0.2% after +0.3%), while gross fixed capital formation (GFCF) accelerated (+0.9% after +0.2%). Overall, total domestic demand (excluding inventory changes) drove GDP on for 0.3 point of growth after 0.2 in Q3. Exports grew at the same pace as the last summer (+1.2%), while imports dropped (–1.2% after +0.7%). Hence foreign trade balance contributed positively to GDP growth in Q4 (+0.7 point after +0.1 point the previous quarter). This contribution is overcompensated by changes in inventories contributing for –0.8 point to GDP growth after being neutral in Q3.

Total production slightly accelerated

Production in goods and services slightlty accelerated (+0.4% after +0.3%). Production upturned in transport equipment (+4.6% after –2.1%) - mostly in aeronautics - and in the coke and refined petroleum industry (+3.9% after –1.5%). Besides, production of other manufacturing industries and “energy, water and waste” stepped back. Over the year, total production grew by 2.2% (after +1.6% in 2010).

Car purchases by NFC drove GFCF up

Total GFCF accelerated in Q4 (+0.9% after +0.2%), contributing for +0.2 point to GDP growth. GFCF in manufactured goods - especially cars - bottomed out

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 Q1 2011 Q2 2011 Q3 2011 Q4 2010 2011
GDP 0.9 -0.1 0.3 0.2 1.4 1.7
Imports 2.8 -1.0 0.7 -1.2 8.3 5.0
Households' consumption expenditure 0.2 -1.0 0.3 0.2 1.3 0.3
General government's consumption expenditure 0.4 0.1 0.2 0.2 1.2 0.9
GFCF 1.1 0.6 0.2 0.9 -1.4 2.9
of which Non financial corporated and unincorporated enterprises 1.9 0.3 -0.4 1.4 2.0 4.2
Households -0.3 1.2 1.2 0.1 -1.4 2.6
General government 1.5 0.7 0.5 0.5 -9.7 -0.1
Exports 1.4 0.7 1.2 1.2 9.3 5.0
Contributions :        
Internal demand excluding inventory changes 0.4 -0.4 0.2 0.3 0.8 1.0
Inventory changes 1.0 -0.1 0.0 -0.8 0.5 0.9
Net foreign trade -0.5 0.5 0.1 0.7 0.1 -0.1

    Tab2 – Sectoral accounts

    percentage change from previous period,trading-days and seasonally adjusted data
    Sectoral accounts
    2011 Q1 2011 Q2 2011 Q3 2011 Q4 2010 2011 (ovhg)
    Profit ratio of NFC* (level) 29.9 29.0 29.2   30.1
    Household purchasing power 0.2 0.6 0.0   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
    GDP and components : prices indices
    2011 Q1 2011 Q2 2011 Q3 2011 Q4 2010 2011
    GDP 0.6 0.4 0.4 0.5 0.8 1.6
    Imports 3.4 0.1 0.3 1.1 4.0 5.4
    Cons. Exp. :      
    - Households 0.7 0.5 0.3 0.7 1.2 2.0
    - GG* 0.3 0.2 0.2 0.2 1.5 1.0
    Total GFCF 1.2 0.7 0.5 0.5 1.2 2.8
    - of which Households 1.2 1.5 1.1 0.8 2.3 4.2
    - of which NFE 1.1 0.4 0.3 0.3 0.6 2.0
    - of which GG 1.9 0.5 0.4 0.4 1.9 3.4
    Exports 1.8 0.4 0.3 0.4 1.7 3.6
    • *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 Q1 2011 Q2 2011 Q3 2011 Q4 2010 2011
    Industrie’s production 2.9 -0.7 -0.4 0.6 4.3 3.0
    - of which value added 2.1 -0.4 0.0 -0.2 3.3 2.8
    Imports 2.8 -0.7 0.4 -1.6 11.0 5.8
    Intermediate uses 1.9 -0.3 -0.1 0.6 3.1 2.7
    Cons. Exp. :      
    - of households 0.7 -2.0 -0.2 0.5 1.3 0.4
    - of GG 0.7 0.3 0.9 0.9 5.3 3.6
    Total GFCF 3.0 1.4 -0.8 2.2 6.7 9.1
    - of which NFC 3.3 1.5 -1.0 2.4 8.3 10.1
    - of which GG 0.5 0.5 0.4 0.5 -3.8 0.4
    Exports 0.8 0.6 1.0 1.5 11.0 4.4
    Inventory changes (contribution) 2.3 -0.3 -0.3 -2.0 1.6 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 Q1 2011 Q2 2011 Q3 2011 Q4 2010 2011 (ovhg)
      HDI 0.9 1.1 0.3   2.0 3.2
      Household purchasing power 0.2 0.6 0.0 0.8 1.3
      HDI by cu* (purchasing power) 0.0 0.4 -0.2 0.1 0.6
      Adjusted HDI (purchasing power) 0.3 0.5 0.0 0.8 1.3
      Saving rate (level) 16.0 17.4 17.1 16.1
      Financial saving rate (level) 6.9 8.1 7.7   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
      2011 Q1 2011 Q2 2011 Q3 2011 Q4 2010
      Profit share 29.9 29.0 29.2   30.1
      Investment ratio 19.1 19.2 18.9   18.7
      Savings ratio 14.6 13.7 13.6   14.6
      Self-financing ratio 76.5 71.6 71.9   78.3

        (+2.2% after –0.8%). Moreover, expenditure in information and communication and in business services grew concomitantly. Besides GFCF in construction grew less markedly than in Q3 (+0.4% after +0.9%). Over the year, GFCF increased by 2.9% (after a 1.4% fall in 2010) and contributed for +0.6 point to the annual GDP growth.

        Consumption slowed down

        Households’ consumption expenditure rose by 0.2% in Q4 after +0.3%. Energy expenditure fell (–3.6% after +5.7%) due to mild weather conditions this fall. Expenditure in food products went on decreasing though less markedly (–0.1% after –0.8%). Besides, car purchases renewed with growth in Q4. Expenditures in services slowed down all together, with the exception of accomodation and food services which held steady after a drop in the summer. Over 2011, households’ consumption expenditure slowed down (+0.3% after +1.3%) and contributed for +0.1 point to GDP growth.

        Exports rose, imports fell

        Exports went on growing in Q4 (+1.2%), mostly driven by transport equipment sales (+7.9% after +3.6%). Meanwhile, imports fell (–1.2% after +0.7%), weighed down by almost all goods. Consequently, foreign trade balance improved and contributed for +0.7 point to GDP growth (after +0.1 point). Over 2011, exports and imports grew at the same pace (+5.0%). Hence, the contribution of the foreign trade balance to GDP growth is almost neutral: –0.1 point after +0.1 point in 2010.

        Changes in inventories weighed down GDP growth this quarter

        In Q4, changes in inventories accounted for –0.8 point of GDP growth, half of this contribution being imputable to transport equipments (–0.4 point). But given the growth rate carried over at the beginning of the year, they contributed for +0.9 point to the annual GDP growth (after +0.5 point in 2010).

        Revisions

        GDP growth in 2011 Q3 is still estimated at 0.3% Revisions with respect to the previous publications are small. They are mainly due to the update of seasonal and working day adjustment.

        Documentation

        Methodology (pdf, 140 Ko)