Contrary to the rest of the Eurozone, the French economy failed to pick up in 2013. GDP showed a slight improvement of +0.3%, as in 2012, after growth of 2.1% in 2011. Domestic demand excluding inventories once again increased slightly, contributing 0.4 GDP points after 0.3% in 2012. Household consumption increased by 0.2% after a decline of 0.5% in 2012, helped by the stabilisation of the purchasing power of households, whereas it had fallen by 0.9% in 2012, and by a slight drop in the saving ratio. Whilst nominal household income barely increased, inflation on the other hand dropped distinctly (0.6% as an annual average after 1.4% in 2012). Moreover, domestic demand was again sustained by the increase in general government consumption expenditure (+2.6% after 2.8% in 2012). General government investment also increased by 1.0% after 1.6% in 2012. On the other hand, investments by non-financial enterprises dropped (-0.9% after +0.1%) and investments by households continued to drop sharply (-3.1% after -2.2%). All in all, investments were down by 1.9% whereas they had increased slightly in 2012 (+0.3%). Exports showed a distinct increase to +2.2% after +1.1%, contributing to a return to growth for imports via the import content of exports, with an increase of 1.7% after -1.3% in 2012, also sustained by the acceleration of domestic demand. Foreign trade barely contributed to growth in activity with just +0.1 points. Finally, destocking had a negative impact on growth in activity in 2013, contributing -0.2 points.