In Q1 2016, GDP in volume terms* increased by 0.5%, after +0.3% in Q4 2015. Household consumption expenditure recovered strongly (+1.2% after −0.1%). Total gross fixed capital formation (GFCF) kept increasing (+0.9% after +0.7%). Overall, final domestic demand excluding inventory changes accelerated and contributed for +0.9 points to GDP growth (after +0.2 points in the end of 2015). Exports fell back slightly (−0.2% after +1.0%) while imports slowed down (+0.5% after +2.1%). In fine, foreign trade balance weighed again on GDP growth: −0.2 points after −0.4 points. Changes in inventories also contributed negatively (−0.2 points after +0.5 points).

Production in goods and services increased again in Q1 2016 (+0.6% as in the previous quarter). Output in manufacturing industry slowed down (+0.3% after +0.9%), in almost all branches. Conversely, production sped up in energy (+1.1% after +0.2%) and in market services (+0.9% after +0.6%). Production in construction remained almost stable (−0.1% after +0.2%).

Household consumption expenditure increased strongly in Q1 2016 (+1.2% after −0.1%). This rise was the most significant since the end of 2004. It was mainly driven by the strong rebound in expenditure on goods (+1.7% after −0.5%) and, to a lesser extent, by the acceleration in consumption of services (+0.6% after +0.2%).

Consumption of engineered goods rebounded sharply (+2.4% after −0.4%), notably in housing equipment, car purchases and clothing. Similarly, consumption in energy (gaz, electricity and refined petroleum products) recovered considerably (+1.5% after −2.3%), with temperatures closer to seasonal norms than in the end of 2015.

Household consumption of services accelerated, particulary because of the rebound in the accommodation and food services (+1.0% after −0.7%).

Global GFCF accelerated slightly in Q1 2016 (+0.9% after +0.7%). Manufactured goods' GFCF kept on grewing strongly (+2.6% after +2.5%), especially in capital goods and transport equipment. Investment in market services accelerated too (+1.2% after +0.7%). However, investment in construction was almost stable (−0.1% after −0.2%).

In Q1 2016, imports slowed down strongly (+0.5% after +2.1%), particularly in hydrocarbons. Exports slipped back slightly (−0.2% after +1.0%), mainly because of transport equipment. Overall, foreign trade balance weighed on GDP growth again, by 0.2 points in this quarter (after −0.4 points).

Changes in inventories contributed negatively to GDP growth to 0.2 points, after +0.5 points in Q4 2015, in particular those in refined petroleum products and capital goods.

The estimate of GDP growth in Q4 2015 is confirmed at +0.3%. Slight revisions about different aggregates are compensated; they are mainly due to the revision of indicators and to the update of seasonal and working day adjustment.