Quarterly national accounts in Q1 2016National accounts in base 2010 - Detailed figures

Detailed figures
Insee Résultats
Paru le : 24/06/2016

In Q1 2016, household consumption sustained French GDP growth (+0.5%)Quarterly national accounts - first estimate - 1st Quarter 2016

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).

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).

* This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.

Graph1GDP and its main components

  • Source: INSEE

Tab1Goods and services:supply and uses chain-linked volumes

percentage change from previous period,working-day and seasonally adjusted data
Goods and services:supply and uses chain-linked volumes (percentage change from previous period,working-day and seasonally adjusted data) -
2015 Q2 2015 Q3 2015 Q4 2016 Q1 2015 2016 (ovhg)
GDP 0.0 0.4 0.3 0.5 1.2 1.0
Imports 0.9 1.8 2.1 0.5 6.4 3.1
Household consumption *expenditure 0.0 0.4 -0.1 1.2 1.4 1.3
General government's *consumption expenditure 0.3 0.4 0.5 0.4 1.5 1.1
GFCF 0.0 0.1 0.7 0.9 0.0 1.5
*of which Non-financial corporated and unincorporated enterprises 0.5 0.4 1.0 1.6 2.1 2.8
Households -0.9 -0.5 -0.9 -0.2 -2.7 -1.4
General government -0.6 0.1 1.8 0.1 -3.0 1.3
Exports 2.0 -0.3 1.0 -0.2 6.1 0.9
Contributions :        
Internal demand excluding inventory changes 0.1 0.4 0.2 0.9 1.2 1.3
Inventory changes -0.4 0.7 0.5 -0.2 0.3 0.4
Net foreign trade 0.3 -0.6 -0.4 -0.2 -0.3 -0.7
  • Source: Insee

Total production increased again

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%).

Tab3Production, consumption and GFCF: main components

percentage change from previous period,working-day and seasonally adjusted data
Production, consumption and GFCF: main components (percentage change from previous period,working-day and seasonally adjusted data) -
2015 Q2 2015 Q3 2015 Q4 2016 Q1 2015 2016 (ovhg)
Production of branches -0.1 0.4 0.6 0.6 1.3 1.2
Goods -0.7 0.4 0.7 0.4 1.4 1.0
Manufactured Industry -0.4 0.5 0.9 0.3 1.6 1.1
Construction -0.8 -0.8 0.2 -0.1 -2.8 -0.5
Market services 0.2 0.5 0.6 0.9 1.9 1.6
Non-market services 0.3 0.3 0.4 0.4 1.1 1.0
Household consumption 0.0 0.4 -0.1 1.2 1.4 1.3
Food products 0.7 0.0 0.4 1.0 1.1 1.4
Energy -2.5 1.9 -2.3 1.5 1.7 0.0
Engineered goods 0.0 1.1 -0.4 2.4 2.5 2.6
Services 0.2 0.2 0.2 0.6 1.0 0.9
GFCF 0.0 0.1 0.7 0.9 0.0 1.5
Manufactured goods 0.1 1.4 2.5 2.6 2.3 5.3
Construction -1.0 -0.8 -0.2 -0.1 -3.3 -0.9
Market services 1.1 0.5 0.7 1.2 3.2 2.3
  • Source: INSEE

Household consumption picked up strongly

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%).

Investment still increased

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%).

Foreign trade balance worsened again, but less than in the fourth quarter

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 weighed on GDP growth

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.

Revisions: activity is slightly upscaled in Q3

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.

Tab2Sectoral accounts

percentage change from previous period,working-day and seasonally adjusted data
Sectoral accounts (percentage change from previous period,working-day and seasonally adjusted data) -
2015 Q2 2015 Q3 2015 Q4 2016 Q1 2015
Profit ratio of NFC* (level) 30.8 31.1 31.5   31.1
Household purchasing power -0.2 0.9 0.4   1.8
  • *NFC: non-financial corporations
  • Source: INSEE

Tab4Households' disposable income and ratios of households' account

percentage change from previous period,working-day and seasonally adjusted data
Households' disposable income and ratios of households' account (percentage change from previous period,working-day and seasonally adjusted data) -
2015 Q2 2015 Q3 2015 Q4 2016 Q1 2015
HDI 0.1 0.6 0.4   1.6
Household purchasing power -0.2 0.9 0.4 1.8
HDI by cu* (purchasing power) -0.3 0.7 0.3 1.3
Adjusted HDI (purchasing power) -0.1 0.7 0.4 1.8
Saving rate (level) 15.1 15.4 15.9 15.4
Financial saving rate (level) 6.2 6.6 7.1   6.5
  • *cu: consumption unit
  • Source: INSEE

Tab5Ratios of non-financial corporations' account

level (in percent), data WDA-SA
Ratios of non-financial corporations' account (level (in percent), data WDA-SA) -
2015 Q2 2015 Q3 2015 Q4 2016 Q1 2015
Profit share 30.8 31.1 31.5   31.1
Investment ratio 23.0 22.9 22.9   22.9
Savings ratio 19.4 20.2 20.0   19.7
Self-financing ratio 84.4 88.1 87.4   85.9
  • Source: INSEE

Tab6Expenditure, receipts and net borrowing of public administrations

level, data WDA-SA
Expenditure, receipts and net borrowing of public administrations (level, data WDA-SA) -
2015 Q2 2015 Q3 2015 Q4 2016 Q1 2015
In billions of euros      
Total expenditure 312.0 311.5 310.5   1243.4
Total receipts 290.7 290.4 294.8   1166.0
Net lending (+) or borrowing (-) -21.3 -21.1 -15.7   -77.4
In % of GDP      
Net lending (+) or borrowing (-) -3.9 -3.8 -2.9   -3.5
  • Source: INSEE

Avertissement

Quarterly national accounts

Quarterly debt of the general government

Sources

Quarterly accounts are a consistent set of indicators which provides a global overview of recent economic activity.

Time series of the main aggregates of quarterly national accounts can be accessed through the "Summary". They are classified into eight categories:

  • Gross domestic product (GDP) and main economic aggregates ;
  • Goods and services ;
  • Households' consumption ;
  • Foreign trade ;
  • Activities ;
  • Institutional sectors ;
  • Households' income and purchasing power ;
  • Public finances.

For each category, are available :

  • synthetic files displaying from the accounts the relevant information for economic analysis ,
  • sometimes, one or two files displaying all the data available.