Insee conjoncture

In 2017, GDP grew by 2.2% in real termsAnnual national accounts - Revision of the main aggregates - year 2017

Growth in gross domestic product (GDP) is estimated at +2.2% in volume* terms in 2017 (+2.3% in working−day adjusted data). Households' final consumption expenditure slowed down sharply (+1.0% after +2.1% in 2016). Conversely, investment kept on accelerating sharply (+4.5% after +2.8% in 2016 and +1.0% in 2015). Final domestic demand excluding change in inventories contributed for +1.8 points to GDP growth, after +2.1 points in 2016. The contribution of foreign trade balance to GDP picked up (+0.1 points after −0.5 points), as did changes in inventories' contribution (+0.2 points after −0.4 points).

General government deficit reached 2.6% of GDP in 2017. General government public debt reached 96.8% of GDP at the end of 2017.

The purchasing power of households' gross disposable income slowed down (+1.3% after +1.8% in 2016) because of inflation, despite more dynamic wages and property income. The gross profit rate of non financial corporations (NFCs) held steady at 31.9%: productivity grew faster than real wages but change in the terms of trade had a negative effect on the gross profit rate.

Informations rapides N° 127
No 127
Principaux indicateurs
Paru le : 15/05/2018

Warning: due to the new publication schedule of the quaterly accounts, the complete revised estimates of annual and quarterly national accounts for the years 2015−2017 will be published on 30 May 2018. 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 2017 published on 27 April 2018 with the first estimate of quarterly national accounts for Q1 2018.

In 2017, GDP grew by 2.2% in real terms

Growth in gross domestic product (GDP) is estimated at +2.2% in volume* terms in 2017 (+2.3% in working−day adjusted data). Households' final consumption expenditure slowed down sharply (+1.0% after +2.1% in 2016). Conversely, investment kept on accelerating sharply (+4.5% after +2.8% in 2016 and +1.0% in 2015). Final domestic demand excluding change in inventories contributed for +1.8 points to GDP growth, after +2.1 points in 2016. The contribution of foreign trade balance to GDP picked up (+0.1 points after −0.5 points), as did changes in inventories' contribution (+0.2 points after −0.4 points).

General government deficit reached 2.6% of GDP in 2017. General government public debt reached 96.8% of GDP at the end of 2017.

The purchasing power of households' gross disposable income slowed down (+1.3% after +1.8% in 2016) because of inflation, despite more dynamic wages and property income. The gross profit rate of non financial corporations (NFCs) held steady at 31.9%: productivity grew faster than real wages but change in the terms of trade had a negative effect on the gross profit rate.

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

Tab1 – GDP and its components in volume

percentage change from previous period, %, not working−day adjusted
GDP and its components in volume
Previous estimates New estimates
2015 2016 2017 2015 2016 2017
GDP 1.1 1.2 1.1 1.2 2.2
working−day adjusted GDP 1.0 1.1 2.0 1.0 1.1 2.3
Imports 5.7 4.2 5.9 3.0 4.0
Households' consumption expenditure 1.4 2.3 1.5 2.1 1.0
Government consumption expenditure 1.1 1.3 1.0 1.4 1.3
GFCF 1.0 2.8 1.0 2.8 4.5
of which NFCs* 3.1 3.6 3.2 3.4 4.1
of which households −2.1 2.4 −1.5 2.8 5.6
Of which government −3.0 −0.1 −4.6 0.2 1.4
Exports 4.3 1.8 4.6 1.5 4.5
Contributions :
Final domestic demand excluding inventory changes 1.3 2.1 1.3 2.1 1.8
Inventory changes 0.3 −0.2 0.3 −0.4 0.2
Net foreign trade −0.5 −0.8 −0.4 −0.5 0.1
  • *NFCs: non−financial corporations
  • Source: INSEE − National accounts

Tab2 – Level of GDP

€bn, not working−day adjusted
Level of GDP
Previous estimates New estimates
2015 2016 2015 2016 2017
GDP in current euros 2194.2 2228.9 2198.4 2228.6 2291.7
GDP in constant euros 2097.2 2122.1 2173.7 2199.2 2246.7
  • Source: INSEE − National accounts

Tab3 – General government accounts

%, not working−day adjusted
General government accounts
Estimates released on March 26th 2018 New estimates
2015 2016 2017 2015 2016 2017
Deficit/GDP −3.6 −3.4 −2.6 −3.6 −3.4 −2.6
Gross debt/GDP 95.6 96.6 97.0 95.6 96.6 96.8
Expenditure/GDP 56.8 56.6 56.5 56.8 56.6 56.4
Receipts/GDP 53.2 53.2 53.9 53.2 53.2 53.8
Taxes/GDP 44.5 44.6 45.4 44.5 44.6 45.3
  • Note : public finances ratios of 2015 and 2016 published on 26 March 2018 already relied on the new estimates of GDP in current prices.
  • Source: INSEE − National accounts

Tab4 – Households' accounts

%, not working−day adjusted
Households' accounts
Previous estimates New estimates
2015 2016 2017 2015 2016 2017
Households' purchasing power 0.8 1.8 0.9 1.8 1.3
Purchasing power by consumption unit 0.4 1.4 0.3 1.2 0.7
Savings ratio (level) 14.2 13.9 14.2 13.9 14.3
  • Source: INSEE − National accounts

Tab5 – Non−financial corporations' accounts

%, not working−day adjusted
Non−financial corporations' accounts
Previous estimates New estimates
2015 2016 2017 2015 2016 2017
Gross profit rate 31.9 31.9 32.0 31.9 31.9
Investment rate 22.9 23.3 22.8 23.2 23.5
Self−financing ratio 84.6 84.7 97.5 92.9 95.5
  • Source: INSEE − National accounts

Revisions on years 2016 and 2015

GDP growth for 2016 held steady at +1.2%. In detail, the foreign trade balance is not as deteriorated as initially estimated: its contribution to growth revised from −0.8 points to −0.5 points. It is mainly due to the revision of growth in volume terms for imports from +4.2% to +3.0%, with the integration of the first estimates of Complementary Survey On International Trade in Services (produced by the french balance of payments). Meanwhile, changes in inventory contribution to the GDP was revised downwards with −0.4 points instead of +0.2 points. The growth of GDP in nominal terms is revised by 0.2 points to +1.4 %.

For the year 2015, GDP growth in volume terms is confirmed at +1.1%, and its components are virtually unchanged.

Regarding sectoral accounts on years 2015 and 2016, households' purchasing power's growth barely changed (+0.0 point in 2016 and +0.1 points in 2015). However purchasing power by consumption unit was lowered (−0.2 points in 2016 and −0.1 points in 2015), because of a new consumption unit series. The gross profit and investment rates of NFCs hardly changed. Self−financing ratio revised upwards sharply because of the downward revision of net property income distributed by NFCs.

The upward revision of GDP growth led to a slight downward revision of public finance ratios in 2017: −0.2 points for the public debt ratio, and −0.1 points for expenditures, receipts and taxes ratios.