Quarterly national accounts in Q2 2018National accounts in base 2014 - Detailed figures

Detailed figures
Insee Résultats
Paru le : Paru le 21/09/2018
Insee Résultats - septembre 2018

French GDP rose by 0.2% in Q2 2018Quarterly national accounts - second estimate - second quarter 2018

In Q2 2018, GDP in volume terms* rose at the same pace as in Q1: +0.2%. Household consumption expenditures faltered slightly (−0.1% after +0.2%), whereas total gross fixed capital formation recovered sharply (GFCF: +0.8% after +0.2%). Overall, final domestic demand excluding inventory changes contributed as much to GDP growth as in Q1 (+0.2 points).

Imports bounced back this quarter (+1.0% after −0.4%) as did exports to a lesser extent (+0.2% after −0.4%). All in all, foreign trade balance contributed negatively to GDP growth, −0.3 points, after a neutral contribution in Q1. Conversely, changes in inventories drove GDP on (+0.2 points after 0.0 points).

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No 223

Paru le : 29/08/2018

In Q2 2018, GDP in volume terms* rose at the same pace as in Q1: +0.2%. Household consumption expenditures faltered slightly (−0.1% after +0.2%), whereas total gross fixed capital formation recovered sharply (GFCF: +0.8% after +0.2%). Overall, final domestic demand excluding inventory changes contributed as much to GDP growth as in Q1 (+0.2 points).

Imports bounced back this quarter (+1.0% after −0.4%) as did exports to a lesser extent (+0.2% after −0.4%). All in all, foreign trade balance contributed negatively to GDP growth, −0.3 points, after a neutral contribution in Q1. Conversely, changes in inventories drove GDP on (+0.2 points after 0.0 points).

GraphGDP and its main components

  • Source: INSEE

Tab1GDP 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 (percentage change from previous period, working-day and seasonally adjusted data) -
2017 Q3 2017 Q4 2018 Q1 2018 Q2 2017 2018 (ovhg)
GDP 0.7 0.7 0.2 0.2 2.3 1.3
Imports 1.9 0.3 -0.4 1.0 4.1 1.4
Household consumption *expenditure 0.4 0.2 0.2 -0.1 1.1 0.6
General government's *consumption expenditure 0.5 0.2 0.1 0.3 1.4 0.9
GFCF 1.3 1.0 0.2 0.8 4.7 2.3
*of which Non-financial corporated and unincorporated enterprises 1.6 1.3 0.1 1.3 4.4 2.9
Households 1.1 0.7 0.3 -0.1 5.6 1.6
General government 0.3 0.3 0.1 0.6 1.6 1.1
Exports 0.9 2.4 -0.4 0.2 4.7 2.6
Contributions:        
Internal demand excluding inventory changes 0.7 0.4 0.2 0.2 2.0 1.0
Inventory changes 0.3 -0.4 0.0 0.2 0.2 -0.1
Net foreign trade -0.3 0.7 0.0 -0.3 0.1 0.4
  • Source: INSEE

Total production slightly increased

Production in goods and services barely accelerated in Q2 2018 (+0.2% after +0.1%). It fell back again in goods (−0.3% after −0.6%) while it continued to grow in services (+0.4% after +0.3%).

Output in manufactured goods fell back again this quarter (−0.2% after −1.0%). Production in refinery stepped back (−10.2% after −1.6%) due to technical maintenance; production in electricity and gas dropped too (−1.7% after +1.8%). However, construction bounced back (+0.5% after −0.4%).

Tab2Production, consumption and GFCF: main components

percentage change from previous period, working-day and seasonally adjusted data
Production, consumption and GFCF: main components (percentage change from previous period, working-day and seasonally adjusted data) -
2017 Q3 2017 Q4 2018 Q1 2018 Q2 2017 2018 (ovhg)
Production of branches 0.8 0.9 0.1 0.2 2.6 1.5
Goods 1.0 1.1 -0.6 -0.3 2.2 0.6
Manufactured Industry 0.9 1.3 -1.0 -0.2 2.4 0.5
Construction 0.5 0.5 -0.4 0.5 3.5 0.9
Market services 0.9 1.0 0.5 0.4 3.2 2.2
Non-market services 0.5 0.3 0.2 0.3 1.1 1.0
Household consumption 0.4 0.2 0.2 -0.1 1.1 0.6
Food products -0.5 0.2 -0.3 -1.3 0.3 -1.2
Energy 1.3 -0.6 0.8 -1.9 0.1 -0.1
Engineered goods 1.2 -0.1 -0.3 1.1 2.6 1.3
Services 0.5 0.5 0.5 0.1 1.6 1.3
GFCF 1.3 1.0 0.2 0.8 4.7 2.3
Manufactured goods 1.8 1.7 -1.0 1.6 3.7 2.4
Construction 0.7 0.3 0.1 0.5 3.5 1.3
Market services 1.8 1.3 1.0 0.6 7.0 3.6
  • Source: INSEE

Household consumption faltered

Household consumption expenditure faltered slightly in Q2 2018 (−0.1% after +0.2%): consumption of goods declined again (−0.3% after −0.1%) and that of services slowed down sharply (+0.1% after +0.5%).

In particular, decline in consumption of food products was stronger than in the previous quarter (−1.3% after −0.3%), whereas expenditures on energy dropped (−1.9% after +0.8%) because of temperatures higher than the seasonal norms in April.

In services, the slow down was notably driven by the significant downturn in transport expenses (−2.7% after +1.1%), mainly in rail transport as a result of strikes.

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

Tab3Sectoral accounts

percentage change from previous period, working-day and seasonally adjusted data
Sectoral accounts (percentage change from previous period, working-day and seasonally adjusted data) -
2017 Q3 2017 Q4 2018 Q1 2018 Q2 2017 2018 (ovhg)
Profit ratio of NFCs* (level) 32.1 32.0 31.9   32.0  
Households' purchasing power 0.5 0.2 -0.6   1.4 -0.1
  • *NFCs: non-financial corporations
  • Source: INSEE

Tab4Households' 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 (percentage change from previous period, working-day and seasonally adjusted data) -
2017 Q3 2017 Q4 2018 Q1 2018 Q2 2017 2018 (ovhg)
HDI 0.6 0.7 0.0   2.7 1.0
Household purchasing power 0.5 0.2 -0.6 1.4 -0.1
HDI by cu* (purchasing power) 0.4 0.1 -0.7 0.9 -0.3
Adjusted HDI (purchasing power) 0.5 0.2 -0.4 1.5 0.1
Saving rate (level) 14.3 14.3 13.6 14.2  
Financial saving rate (level) 4.4 4.3 3.6   4.4  
  • *cu: consumption unit
  • Source: INSEE

Corporate investment accelerated, household investment was almost stable

In Q2 2018, total GFCF recovered sharply (+0.8% after +0.2% in Q1 2018), especially because of the upsurge in corporate investment (+1.3% after +0.1%). It was mainly due to the upswing in manufactured goods (+1.6% after −1.0%). Conversely, household investment weakened slightly (−0.1% after +0.3%).

Tab5Ratios of non-financial corporations' account

level (in percent), WDA-SA data
Ratios of non-financial corporations' account (level (in percent), WDA-SA data) -
2017 Q3 2017 Q4 2018 Q1 2018 Q2 2017
Profit share 32.1 32.0 31.9   32.0
Investment ratio 23.5 23.6 23.6   23.5
Savings ratio 23.0 22.3 22.9   22.5
Self-financing ratio 97.8 94.6 96.9   95.9
  • Source: INSEE

Foreign trade balance contributed negatively to GDP this quarter

Imports recovered sharply in Q2 2018 after the decrease observed in Q1 (+1.0% after −0.4%). Exports also bounced back but to a lesser extent (+0.2% after −0.4%). All in all, foreign trade balance contributed negatively to GDP growth: −0.3 points after a neutral contribution in the previous quarter.

Tab6Expenditure, receipts and net borrowing of public administrations

level, WDA-SA data
Expenditure, receipts and net borrowing of public administrations (level, WDA-SA data) -
2017 Q3 2017 Q4 2018 Q1 2018 Q2 2017
In billions of euros      
Total expenditure 324.6 327.3 329.0   1292.5
Total receipts 309.0 314.7 315.0   1232.8
Net lending (+) or borrowing (–) -15.6 -12.6 -14.1   -59.7
In % of GDP      
Net lending (+) or borrowing (–) -2.7 -2.2 -2.4   -2.6
  • Source: INSEE

Revisions

GDP growth estimate for Q2 2018 is confirmed at +0.2%. Slight revisions in different aggregates offset each other; they are mainly due to the revision of indicators and to the update of seasonal adjustment coefficients.

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.