French economy - Accounts and files2017 Edition
Using the national accounts, French Economy – Accounts and Reports presents a summary of economic developments in France and worldwide, and analyses during the past year.
As every year, the French economy - Accounts and Records summarizes the essential movements affecting the French and global economies during the past year.
Growth in world trade at its weakest since 2009 - In 2016, GDP increased by 1.2%, while household purchasing power accelerated
In 2016, world activity progressed at an almost identical rate to that in previous years: +3.2% after +3.3% in 2015 and +3.5% in 2014. It slowed down in the advanced economies, but picked up somewhat in the emerging countries after a sharp slowdown last year (Figure 1): Chinese economic growth levelled out after declining for five years, while activity contracted less sharply than in 2015 in Brazil and Russia, major commodity exporters.
Growth slowed in the advanced economies (+1.7% after +2.0% in 2015), essentially due to the United States (+1.6% after +2.6%) where corporate demand decelerated significantly, especially in the mining sector. UK growth remained buoyant, although slightly less so than the year before (+1.8% after +2.2%). Growth stabilised in Japan (+1.0% in 2016 after +1.1% in 2015 and +0.2% in 2014). In the Eurozone, the recovery was confirmed: +1.6% after +1.5%.
In 2016, French growth barely increased: +1.2% in volume after +1.1% in 2015, although this was still the strongest growth since 2011 (Figure 1). Domestic demand excluding inventory accelerated clearly (contribution of +2.1 points to growth in GDP in 2016, against +1.3 points in 2015), driven by households whose consumption became more dynamic (+2.3% after +1.4%), following in the wake of their purchasing power, while their investment rebounded after falling for several years (+2.4% after -2.1%). Regarding government demand, meanwhile, general government consumption accelerated slightly (+1.3% after +1.1%), while the volume of its investment almost stopped falling (-0.1% after -3.0%). Finally, investment by non-financial enterprises accelerated a little further (+3.6% after +3.1%).