Quarterly national accounts in Q2 2017National accounts in base 2010 - Detailed figures

Detailed figures
Insee Résultats
Paru le : 22/09/2017

French GDP increased by 0.5% in Q2 2017Quarterly national accounts - first estimate - second quarter 2017

In Q2 2017, GDP in volume terms* kept on increasing: +0.5%, for the third quarter in a row. Households' consumption accelerated slightly (+0.3% after +0.1%) whereas total gross fixed capital formation (GFCF) decelerated markedly (+0.5% after +1.4%). All in all, final domestic demand excluding inventory changes contributed +0.4 points to GDP growth, as in the previous quarter.

Exports bounced back (+3.1% after −0.7%) while imports significantly slowed down (+0.2% after +1.2%). All in all, foreign trade balance contributed positively to GDP growth: +0.8 points after −0.6 points in the previous quarter. Conversely, changes in inventories contributed negatively (−0.6 points after +0.7 points).

Informations rapides
No 202
Paru le : 28/07/2017

In Q2 2017, GDP in volume terms* kept on increasing: +0.5%, for the third quarter in a row. Households' consumption accelerated slightly (+0.3% after +0.1%) whereas total gross fixed capital formation (GFCF) decelerated markedly (+0.5% after +1.4%). All in all, final domestic demand excluding inventory changes contributed +0.4 points to GDP growth, as in the previous quarter.

Exports bounced back (+3.1% after −0.7%) while imports significantly slowed down (+0.2% after +1.2%). All in all, foreign trade balance contributed positively to GDP growth: +0.8 points after −0.6 points in the previous quarter. Conversely, changes in inventories contributed negatively (−0.6 points after +0.7 points).

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

Graph – GDP and its main components

  • Source: INSEE

Tab1 – GDP and its main components: chain-linked volumes

percentage change from previous period,working-day and seasonally adjusted data
GDP and its main components: chain-linked volumes
2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016 2017 (ovhg)
GDP 0.2 0.5 0.5 0.5 1.1 1.4
Imports 2.8 0.6 1.2 0.2 4.2 3.0
Household consumption *expenditure 0.0 0.7 0.1 0.3 2.1 0.9
General government's *consumption expenditure 0.3 0.3 0.3 0.4 1.2 1.1
GFCF 0.2 0.6 1.4 0.5 2.7 2.4
*of which Non-financial corporated and unincorporated enterprises 0.0 0.7 2.1 0.5 3.4 2.9
Households 1.0 1.1 1.2 1.0 2.4 3.5
General government -0.6 -0.4 -0.7 -0.1 -0.1 -1.3
Exports 0.9 1.1 -0.7 3.1 1.9 2.9
Contributions :
Internal demand excluding inventory changes 0.1 0.6 0.4 0.4 2.0 1.2
Inventory changes 0.7 -0.2 0.7 -0.6 -0.1 0.3
Net foreign trade -0.6 0.1 -0.6 0.8 -0.8 -0.1
  • Source: INSEE

Total production increased slightly faster

Total production of goods and services accelerated slightly in Q2 2017 (+0.8% after +0.6%). It increased anew in goods (+1.0% after 0.0%) while it was a bit less dynamic than in the previous quarter in services (+0.7% after +0.8%).

Manufacturing output recovered (+0.9% after +0.0%), mainly due to the rebound in the coke and refined petroleum branch. Electricity and gas production increased anew. In the construction branch, production accelerated (+1.0% after +0.6%). Conversely, it slowed down very slightly in market services (+0.8% after +0.9%).

Tab2 – Production, consumption and GFCF: main components

percentage change from previous period,working-day and seasonally adjusted data
Production, consumption and GFCF: main components
2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016 2017 (ovhg)
Production of branches 0.3 0.7 0.6 0.8 0.9 1.8
Goods 0.2 1.0 0.0 1.0 0.2 1.4
Manufactured Industry 0.8 0.7 0.0 0.9 0.8 1.4
Construction 0.2 0.9 0.6 1.0 0.1 2.1
Market services 0.4 0.7 0.9 0.8 1.4 2.1
Non-market services 0.2 0.2 0.3 0.4 1.0 0.9
Household consumption 0.0 0.7 0.1 0.3 2.1 0.9
Food products 0.7 -0.2 0.4 0.6 0.9 1.0
Energy -1.3 3.4 -3.2 0.5 2.2 -0.7
Engineered goods -1.4 1.1 0.1 0.2 2.4 0.5
Services 0.4 0.4 0.6 0.2 1.6 1.3
GFCF 0.2 0.6 1.4 0.5 2.7 2.4
Manufactured goods -2.2 0.1 2.0 -0.8 6.1 0.2
Construction -0.1 0.8 0.6 0.8 0.2 1.8
Market services 2.1 0.8 2.0 1.0 3.9 4.5
  • Source: INSEE

Household consumption accelerated slightly

Household consumption expenditure accelerated slightly in Q2 2017 (+0.3% after +0.1%). Expenditure on goods bounced back (+0.4% after −0.4%) while it decelerated in services (+0.2% after +0.6%).

Expenditure on energy picked up (+0.5% after −3.2%). Consumption of engineered goods accelerated slightly (+0.2% after +0.1%), as well as consumption of food products (+0.6% after +0.4%).

GDP and its main components

Expenditure on services decelerated (+0.2 % after +0.6 %), notably on accommodation and catering.

Tab3 – Sectoral accounts

percentage change from previous period,working-day and seasonally adjusted data
Sectoral accounts
2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016 2017 (ovhg)
Profit ratio of NFCs* (level) 31.6 31.7 31.6 31.8
Households' purchasing power 0.7 0.2 0.2 1.8 0.7
  • *NFCs: non-financial corporations
  • Source: INSEE

Tab4 – Households' 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
2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016 2017 (ovhg)
HDI 0.8 0.5 0.8 1.7 1.6
Household purchasing power 0.7 0.2 0.2 1.8 0.7
HDI by cu* (purchasing power) 0.6 0.1 0.1 1.4 0.5
Adjusted HDI (purchasing power) 0.7 0.2 0.2 1.7 0.8
Saving rate (level) 14.4 14.0 14.0 14.0
Financial saving rate (level) 5.1 4.6 4.5 4.7
  • *cu: consumption unit
  • Source: INSEE

Corporate investment decelerated significantly

In Q2 2017, total GFCF decelerated sharply (+0.5% after +1.4%), especially that of enterprises (+0.5% after +2.1%). Investment of households remained sustained (+1.0% after +2.1%). Investment in construction accelerated slightly (+0.8% after +0.6%) thanks to a renewed vigour in civil engineering. Conversely investment in manufactured goods fell back markedly (−0.8% after +2.0%), notably due to a decline in equipment goods and, to a lesser extent, to a stronger decrease in transport equipment. GFCF in market services sharply decelerated (+1.0% after +2.0%), mainly owing to a downturn in corporate services.

Tab5 – Ratios of non-financial corporations' account

level (in percent), WDA-SA data
Ratios of non-financial corporations' account
2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016
Profit share 31.6 31.7 31.6 31.8
Investment ratio 23.3 23.4 23.7 23.3
Savings ratio 19.5 19.6 20.0 19.7
Self-financing ratio 83.4 84.1 84.3 84.2
  • Source: INSEE

Foreign trade balance contributed positively to GDP growth

Exports bounced back in Q2 2017 (+3.1% after −0.7%), especially in transport equipment and “other manufactured goods”. At the same time, imports significantly decelerated (+0.2% after +1.2%): in particular, purchases of refined petroleum products decreased, so did those in transport equipment. All in all, foreign trade balance contributed positively to GDP growth this quarter: +0.8 points (after −0.6 points).

Changes in inventories slowed down

In Q2 2017, the contribution of changes in inventories to GDP growth amounted to −0.6 points (after +0.7 points in the beginning of 2017). In particular, they decreased steeply in transport equipment.

Tab6 – Expenditure, receipts and net borrowing of public administrations

level, WDA-SA data
Expenditure, receipts and net borrowing of public administrations
2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016
In billions of euros    
Total expenditure 315.3 315.1 317.4 1257.0
Total receipts 294.8 297.1 298.7 1181.2
Net lending (+) or borrowing (-) -20.4 -18.1 -18.7 -75.8
In % of GDP
Net lending (+) or borrowing (-) -3.7 -3.2 -3.3 -3.4
  • Source: INSEE

The GDP profile has been revised over the past

GDP growth estimate in Q1 2017 is confirmed: +0.5%. Revisions about different aggregates make up for one another; they are mainly due to the revision of indicators.

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.