In 2013 Q4 French GDP increased (+0.3%) while households’ purchasing power declined (–0.2%)Quarterly national accounts - detailed figures - 4th Quarter 2013

In Q4 2013, French gross domestic product (GDP) in volume terms* increased by 0.3%, after –0.1% in Q3. Over the year, GDP rose by 0.3%, after a stagnation in 2012. The previous estimation (february 14th, 2014) is thus overall confirmed.

Informations rapides
No 73
Paru le : 31/03/2014
Prochaine parution le : 22/12/2017 at 08:45 - third quarter 2017

In Q4 2013, French gross domestic product (GDP) in volume terms* increased by 0.3%, after –0.1% in Q3. Over the year, GDP rose by 0.3%, after a stagnation in 2012. The previous estimation (february 14th, 2014) is thus overall confirmed.

Total domestic demand (excluding inventory changes) picked up by the end of the year and contributed positively to activity: +0.4 points after a neutral contribution. Indeed, household consumption accelerated (+0.4% after 0.0%) and gross fixed capital formation (GFCF) rose for the first time since the end of 2011 (+0.5% after –0.3%). Exportations bounced back in Q4 (+1.3% after –1.1%), while imports decelerated slightly (+0.7% after +0.9%): consequently, the foreign trade balance contributed positively to activity anew (+0.2 points after –0.6 points). On the contrary, changes in inventories contributed for –0.3 points, after +0.5 points the previous quarter.

Households’ purchasing power stepped back in Q4 (–0.2%) but rose over the year (+0.3%)

In nominal terms, households’ gross disposable income (GDI) decreased again slightly in Q4 (–0.1%, as in Q3). Wages received by households increased (+0.5% after +0.2%) and social benefits in cash are slightly more dynamic (+0.9% after +0.7%). But these effects are compensated by anew increase in taxes on income and wealth (+5.2% after +2.4%), as a result of measures decided in the finance act for 2013: the de-indexation of the income tax thresholds, the creation of a 45% bracket and the lowering of the family quotient ceiling. Furthermore, households’ social contributions accelerated in Q4 (+1.1% after +0.7%).

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

Graph1 – GDP and its main components

Tab1 – Goods and services:supply and uses chain-linked volumes

% change from previous period,working-day and seasonally adjusted data
Goods and services:supply and uses chain-linked volumes
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2012 2013
GDP 0.0 0.6 -0.1 0.3 0.0 0.3
Imports -0.1 1.4 0.9 0.7 -0.9 0.8
Households' consumption *expenditure 0.1 0.3 0.0 0.4 -0.4 0.3
General government's *consumption expenditure 0.4 0.7 0.3 0.5 1.4 1.8
GFCF -0.7 -0.3 -0.3 0.5 -1.2 -2.1
*of which Non financial corporated and unincorporated enterprises -0.9 -0.1 -0.3 0.9 -1.9 -2.3
Households -1.3 -1.5 -0.7 -0.4 -0.4 -3.8
General government 0.5 1.0 0.4 1.0 -0.6 1.4
Exports -0.5 2.3 -1.1 1.3 2.5 0.8
Contributions :        
Internal demand excluding inventory changes 0.0 0.3 0.0 0.4 -0.1 0.2
Inventory changes 0.1 0.1 0.5 -0.3 -0.8 0.1
Net foreign trade -0.1 0.2 -0.6 0.2 1.0 0.0

    Tab2 – Sectoral accounts

    level, percentage,WD-SA data
    Sectoral accounts
    2013 Q1 2013 Q2 2013 Q3 2013 Q4 2012 2013
    Profit ratio of NFC* (level) 28.1 28.4 27.9 28.0 28.3 28.1
    Household purchasing power 1.0 0.5 -0.2 -0.2 -0.9 0.3

      Tab3 – Production, Consumption and GFCF : main componants

      % change from previous period,WD-SA data
      Production, Consumption and GFCF : main componants
      2013 Q1 2013 Q2 2013 Q3 2013 Q4 2012 2013
      Production of branchs 0.2 0.9 -0.2 0.2 -0.3 0.6
      Goods 0.5 1.7 -1.0 -0.1 -2.1 0.3
      Manufacturing industry 0.5 1.8 -1.1 0.0 -2.8 0.1
      Construction -0.7 -0.5 -0.4 0.3 -0.7 -2.2
      Tradable services 0.1 0.7 0.2 0.4 0.3 0.9
      Non-tradable services 0.3 0.7 0.2 0.4 1.2 1.5
      Households consumption 0.1 0.3 0.0 0.4 -0.4 0.3
      Food products 0.9 -1.0 0.4 0.8 0.2 -0.3
      Energy 2.3 1.7 -3.1 -0.9 1.5 1.4
      Engineered goods -1.1 0.4 0.9 1.3 -1.9 -0.3
      Services -0.1 0.3 0.0 0.2 0.4 0.4
      GFCF -0.7 -0.3 -0.3 0.5 -1.2 -2.1
      Manufactured goods -0.6 -0.3 1.1 1.1 -3.0 -2.0
      Construction -0.8 -0.6 -0.4 0.3 -0.9 -2.5
      Tradable services -0.7 0.4 -1.7 0.3 0.3 -1.1

        Tab4 – Households’ disposable income and ratios of households’ account

        % change from previous period, WD-SA data
        Households’ disposable income and ratios of households’ account
        2013 Q1 2013 Q2 2013 Q3 2013 Q4 2012 2013
        HDI 1.3 0.4 -0.1 -0.1 0.9 0.9
        Household purchasing power 1.0 0.5 -0.2 -0.2 -0.9 0.3
        HDI by cu* (purchasing power) 0.8 0.3 -0.4 -0.4 -1.5 -0.3
        Adjusted HDI (purchasing power) 0.8 0.5 -0.1 -0.1 -0.4 0.6
        Saving rate (level) 15.7 15.9 15.7 15.2 15.6 15.6
        Financial saving rate (level) 6.5 6.9 6.8 6.2 6.2 6.6
        • *cu: consumption unit

        Tab5 – Ratios of non-financial corporations’ account

        level, percentage,WD-SA data
        Ratios of non-financial corporations’ account
        2013 Q1 2013 Q2 2013 Q3 2013 Q4 2012 2013
        Profit share 28.1 28.4 27.9 28.0 28.3 28.1
        Investment ratio 19.0 18.8 18.9 19.0 19.4 18.9
        Savings ratio 12.3 12.8 12.0 12.8 12.8 12.5
        Self-financing ratio 64.9 68.2 63.6 67.6 65.9 66.1

          Tab6 – Expenditures, receipts and net borrowing of general government

          level, WD-SA data
          Expenditures, receipts and net borrowing of general government
          2013 Q1 2013 Q2 2013 Q3 2013 Q4 2012 2013
          In billions of euros        
          Total expenditures 291.2 292.9 295.6 296.5 1151.1 1176.2
          Total receipts 268.8 270.6 273.3 275.1 1053.0 1087.9
          Net lending (+) or borrowing (-) -22.4 -22.3 -22.3 -21.4 -98.1 -88.4
          In % of GDP        
          Net lending (+) or borrowing (-) -4.4 -4.3 -4.3 -4.1 -4.8 -4.3

            Consumption prices increased modestly in Q4 (+0.1% after +0.2%). Households’ purchasing power thus stepped back by 0.2% in Q3 and Q4 2013. Over the year, GDI rose in 2013 as in 2012 (+0.9%). But, because of disinflation (+0.6% after +1.9%), households’ purchasing power grew slightly in 2013 (+0.3%) while it had declined in 2012 (–0.9%). Taken individually (measured per consumption unit), it decreased by 0.3% in 2013 (after –1.5%).

            In Q4, household consumption in value is more dynamic (+0.5% after +0.1%) than nominal income, reflecting the decline of savings ratio from 15.7% to 15.2% at year’s end, to stand at 15.6% on average over the whole year (as in 2012).

            Non financial corporation’s margin rate increased in Q4 2013

            In Q4 2013, non financial corporation’s value added recovered (+0.6% after –0.4%). Wages accelerated (+0.6% after +0.2%), employment (+0.1% after –0.1%) and average wages (+0.5% after +0.3%) both contributed. On the contrary employer contributions and taxes on workforce decreased (–0.2% after +0.8%). Overall, the gross operating surplus recovered and the NFC’s margin rate increased from 27.9% to 28.0% at year-end. In 2013, it reached 28.1% (after 28.3% in 2012).

            General government deficit decreased slightly in Q4

            General government deficit decreased slightly in Q4, from 4.3% of GDP in Q3 to 4.1% in Q4 (data adjusted for seasonal and working-day variations). Indeed, while receipts are less dynamic (+0.7% after +1.0%), because of a fall in corporate income tax, expenditures slowed more markedly (+0.3% after +0.9%), mainly due to a lower interest expense indexed to inflation.

            Documentation

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