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

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

In Q2 2017 households' purchasing power acceleratedQuarterly national accounts - detailed figures - second quarter 2017

In Q2 2017, the gross domestic product (GDP) in volume terms* kept increasing: +0.5%, for the third quarter in a row.

Households' consumption expenditure slightly accelerated (+0.3% after +0.1%) while total gross fixed capital formation (GFCF) slowed down (+0.9% after +1.4%). All in all, final domestic demand excluding inventory changes contributed +0.5 points to GDP growth after +0.4 points in the previous quarter.

Exports bounced back (+2.4% after −0.8%) while imports decelerated sharply (+0.3% after +1.2%). Overall, the foreign trade balance supported GDP growth: +0.6 points after −0.6 points in the previous quarter. Conversely, changes in inventories contributed negatively to GDP growth (−0.5 points after +0.7 points).

Informations rapides
No 249
Paru le : 22/09/2017

In Q2 2017, the gross domestic product (GDP) in volume terms* kept increasing: +0.5%, for the third quarter in a row.

Households' consumption expenditure slightly accelerated (+0.3% after +0.1%) while total gross fixed capital formation (GFCF) slowed down (+0.9% after +1.4%). All in all, final domestic demand excluding inventory changes contributed +0.5 points to GDP growth after +0.4 points in the previous quarter.

Exports bounced back (+2.4% after −0.8%) while imports decelerated sharply (+0.3% after +1.2%). Overall, the foreign trade balance supported GDP growth: +0.6 points after −0.6 points in the previous quarter. Conversely, changes in inventories contributed negatively to GDP growth (−0.5 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 2.7 0.8 1.2 0.3 4.2 3.1
Household consumption *expenditure -0.1 0.6 0.1 0.3 2.1 0.8
General government's *consumption expenditure 0.3 0.3 0.3 0.4 1.2 1.1
GFCF 0.3 0.7 1.4 0.9 2.7 2.8
*of which Non-financial corporated and unincorporated enterprises 0.1 0.8 2.1 1.0 3.4 3.4
Households 1.1 1.3 1.5 1.2 2.4 4.2
General government -0.6 -0.6 -0.8 0.2 -0.1 -1.4
Exports 0.9 1.2 -0.8 2.4 1.9 2.3
Contributions :        
Internal demand excluding inventory changes 0.1 0.6 0.4 0.5 2.0 1.3
Inventory changes 0.7 -0.1 0.7 -0.5 -0.1 0.4
Net foreign trade -0.6 0.1 -0.6 0.6 -0.8 -0.3
  • Source: INSEE

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 0.5 0.7 0.9 1.7
Goods 0.3 0.9 -0.1 0.7 0.2 1.1
Manufactured Industry 0.9 0.6 0.0 0.7 0.8 1.2
Construction 0.3 0.9 0.7 1.1 0.1 2.2
Market services 0.3 0.7 0.9 0.8 1.4 2.1
Non-market services 0.2 0.2 0.2 0.4 1.0 0.9
Household consumption -0.1 0.6 0.1 0.3 2.1 0.8
Food products 0.6 -0.1 0.4 0.6 0.9 1.0
Energy -1.2 3.2 -3.3 0.6 2.2 -0.8
Engineered goods -1.7 1.4 0.1 0.5 2.4 0.8
Services 0.4 0.4 0.6 0.2 1.6 1.3
GFCF 0.3 0.7 1.4 0.9 2.7 2.8
Manufactured goods -1.9 -0.1 1.6 0.6 6.1 0.8
Construction 0.0 0.8 0.6 1.1 0.2 2.1
Market services 2.3 1.0 2.3 1.0 3.9 5.0
  • Source: INSEE

Purchasing power accelerated in Q2 2017

Households' gross disposable income (GDI) decelerated a little in Q2 2017 (+0.6% after +0.7%). Indeed, wages received by households slowed down (+0.8% after +1.1%); in the private sector, employment grew at a slightly slower pace than in the previous quarter and the average wage per capita decelerated. In the public sector, wages also decelerated as a repercussion of a raise in the civil service salary index point on 1st February 2017. Furthermore, taxes on incomes and wealth, which include the general social contribution (CSG) and the income tax, kept increasing, as in the previous quarter (+0.8%).

Social contributions paid by households slowed down (+0.5% after +0.7%), as did the social benefits in cash they receive (+0.3% after +0.4%): the indexation of social benefits (family benefits, RSA and activity premium) on inflation led to a small raise on 1st April.

Households' consumption prices retreated in Q2 2017 (−0.2% after +0.5%), so that households' purchasing power strongly accelerated (+0.8% after +0.2%). Measured per consumption unit to bring it to an individual level, it also sped up (+0.7% after +0.1%).

In Q2 2017, households' consumption in volume terms did not recover as much as their purchasing power did, thus their saving ratio increased, by 0.4 points: it reached 14.5% of their income, after 14.1%.

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 31.7 31.8  
Households' purchasing power 0.7 0.2 0.2 0.8 1.8 1.3
  • *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 0.7 0.6 1.7 2.0
Household purchasing power 0.7 0.2 0.2 0.8 1.8 1.3
HDI by cu* (purchasing power) 0.6 0.1 0.1 0.7 1.4 1.0
Adjusted HDI (purchasing power) 0.7 0.2 0.2 0.7 1.7 1.3
Saving rate (level) 14.4 14.0 14.1 14.5 14.0  
Financial saving rate (level) 5.1 4.7 4.5 4.8 4.7  
  • *cu: consumption unit
  • Source: INSEE

Non-financial corporations' profit ratio was virtually stable at 31.7%

In Q2 2017, non-financial corporations' profit ratio was practically stable at 31.7% (after 31.6%). On the one hand, terms of trade sustained corporations' profit; on the other hand, real wages increased more than productivity.

Non-financial corporations' taxes on incomes and wealth rebounded sharply, because of corporate tax. All in all, gross savings of non-financial corporations decelerated. As investment slowed down similarly, their self-financing rate was virtually stable.

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 31.7 31.8
Investment ratio 23.3 23.4 23.7 23.8 23.3
Savings ratio 19.4 19.6 19.9 20.0 19.6
Self-financing ratio 83.3 83.7 83.7 83.9 84.2
  • Source: INSEE

General government deficit decreased in Q2

In Q2 2017, general government net borrowing decreased by 0.4 points, to 2.8% of GDP after 3.2%.

General government spending slowed down (+0.3% after +0.6%), after the backlash of the French contribution to the European Union budget coming back to normal. Moreover, general government wage bill and social benefits paid decelerated.

At the same time, receipts sped up (+0.9% after +0.6%) especially because of a significant rebound in corporation tax. Taxes on production as well as social contributions receipts slowed down.

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 315.2 315.0 316.9 317.9 1256.9
Total receipts 294.8 297.4 299.1 301.8 1181.1
Net lending (+) or borrowing (-) -20.4 -17.7 -17.9 -16.1 -75.8
In % of GDP      
Net lending (+) or borrowing (-) -3.7 -3.2 -3.2 -2.8 -3.4
  • Source: INSEE

Revisions

Integration of new informations now available has not led to significantly review the estimates of GDP growth of the last three quarters. However, the growth rate overhang for 2017 has been raised by 0.1 points: it now stands at 1.4% at the end of Q2.

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.