Quarterly national accounts in Q4 2013 National accounts in base 2005 - Detailed results
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.
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.
graphiqueGraph1 – GDP and its main components
tableauTab1 – 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 |
tableauTab2 – 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 |
tableauTab3 – 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 |
tableauTab4 – 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
tableauTab5 – 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 |
tableauTab6 – 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.
Avertissement
Quarterly national accounts
Quarterly debt of the general government
Sources
Quarterly national accounts
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.
Documentation
Abbreviated methodology (pdf, 140 Ko )
Methodology - First estimate at 30 days (pdf, 112 Ko )