In 2015, GDP grew by 1.3% in real termsAnnual national accounts - first results - year 2015

Growth in gross domestic product (GDP) is estimated at 1.3% in volume* terms in 2015 (not working-day adjusted). Households' final consumption expenditure accelerated sharply (+1.5% after +0.7% in 2014) and investment recovered (+1.0% after -0.3%). Overall final domestic demand excluding change in inventories contributed for 1.4 points to GDP growth after +0.6 points in 2014. Foreign trade balance weighed again on GDP growth: -0.3 points. Conversely, changes in inventories contributed positively (+0.1 points).

Informations rapides
No 127
Paru le : 17/05/2016

Erratum: this Informations rapides replaces and supersedes the issue published on 17 May 2016 at 8:45 am, the contribution of overall final domestic demand excluding change in inventories to GDP growth in 2015 being rectified.

Warning: due to the new publication schedule of quaterly accounts, the complete revised estimates of annual and quarterly national accounts for years 2013-2015 will be published on 30 May. This release presents the new estimates for gross domestic product (GDP) and the main aggregates (not working-day adjusted). A working-day adjusted estimate is also given for GDP, to allow for a better comparison with the annual working-day adjusted growth rate for 2015 published on 29 April with the first estimate of quarterly national accounts for Q1 2016.

Growth in gross domestic product (GDP) is estimated at 1.3% in volume* terms in 2015 (not working-day adjusted). Households' final consumption expenditure accelerated sharply (+1.5% after +0.7% in 2014) and investment recovered (+1.0% after -0.3%). Overall final domestic demand excluding change in inventories contributed for 1.4 points to GDP growth after +0.6 points in 2014. Foreign trade balance weighed again on GDP growth: -0.3 points. Conversely, changes in inventories contributed positively (+0.1 points).

GDP and its components in volume

percentage change from previous period
GDP and its components in volume
Previous estimates New estimates
2013 2014 2015 2013 2014 2015
GDP 0.7 0.2 0.6 0.6 1.3
working-day adjusted GDP 0.7 0.2 1.2 0.6 0.7 1.2
Imports 1.7 3.8 2.1 4.7 6.6
Households consumption expenditure 0.4 0.6 0.5 0.7 1.5
Government consumption expenditure 1.7 1.5 1.5 1.2 1.4
GFCF -0.6 -1.2 -0.8 -0.3 1.0
of which NFCs* 0.5 2.0 0.2 1.6 2.8
of which households -1.5 -5.3 -0.5 -3.5 -0.8
Of which government 0.1 -6.9 -0.7 -5.7 -3.8
Exports 1.7 2.4 1.9 3.3 6.1
Contributions :
Final domestic demand excluding inventory changes 0.5 0.5 0.4 0.6 1.4
Inventory changes 0.2 0.2 0.2 0.5 0.1
Net foreign trade 0.0 -0.5 -0.1 -0.5 -0.3
  • *NFCs : non financial corporations
  • Source: INSEE - National accounts

Level of GDP

€bn
Level of GDP
Previous estimates New estimates
2013 2014 2013 2014 2015
GDP in current euros 2116.6 2132.4 2115.3 2140.0 2181.1
GDP in 2010 euros 2057.2 2060.9 2055.5 2068.6 2095.0
  • Source: INSEE - National accounts

General government deficit reached 3.6% of GDP in 2015 instead of 3.5% previously estimated, a result linked to a downward revision of GDPin nominal terms compared to the release on 25 March 2016. General government public debt reached 96.1% of GDP instead of 95.7% in the previous release.

General government accounts

%
General government accounts
Estimates released on March 25th 2016 New estimates
2013 2014 2015 2013 2014 2015
Deficit/GDP -4.0 -4.0 -3.5 -4.0 -4.0 -3.6
Gross debt/GDP 92.4 95.3 95.7 92.4 95.3 96.1
Expenditure/GDP 57.0 57.3 56.8 57.0 57.3 57.0
Receipts/GDP 52.9 53.4 53.2 52.9 53.4 53.5
Taxes/GDP 44.8 44.8 44.5 44.8 44.8 44.7
  • Source: INSEE - National accounts

The purchasing power of households' gross disposable income accelerated (+1.6% after +0.7% in 2014) thanks to an increase inearned income. The gross profit rate of non financial corporations (NFCs) picked up sharply by +1.1 points and reached 31.4%: their gross operating surplus benefits both from the acceleration of gross value added and from labour cost reduction measures: targeted social contributions cuts under the Pacte de responsabilité et de solidarité, increase of the rate of the tax credit for competitiveness and employment from 4% to 6%.

* Volumes are chain-linked previous-year-prices volumes.

Households accounts

percentage change from previous period
Households accounts
Previous estimates New estimates
2013 2014 2015 2013 2014 2015
Households purchasing power -0.1 1.1 -0.4 0.7 1.6
Purchasing power by consumption unit -0.6 0.7 -0.9 0.1 1.1
Savings ratio (level) 14.7 15.1 14.3 14.4 14.5
  • Source: INSEE - National accounts

NFCs accounts

%
NFCs accounts
Previous estimates New estimates
2013 2014 2015 2013 2014 2015
Gross profit rate 29.7 29.4 29.9 30.4 31.4
Investment rate 22.8 23.1 22.6 22.8 22.9
Self-financing ratio 73.7 74.9 75.2 76.0 86.3
  • Source: INSEE - National accounts

Revisions on years 2014 and 2013

GDP growth for 2014 is revised by +0.4 points at 0.6% (not working-day adjusted). Its main counterpart is an upward revision of the contribution of changes in inventories (+0.5 points instead of +0.2 points previously). The contribution of final domestic demand is slightly revised by +0,1 points, standing at +0.6 points since the drop of investment is smaller than previously estimated (-0.3% instead of -1.2%). The contribution of foreign trade to growth is unchanged (-0,5 points), the increase in both exports and imports being raised to the same extent. The gross profit rate of NFCs now recovers (+0.5 points instead of -0.3 points previously) thanks to a higher growth of value added and lower wages paid. The purchasing power of households is thus revised downward as well as their savings ratio.