Quarterly national accounts in Q2 2020National accounts in base 2014 - Detailed figures

Detailed figures
Insee Résultats
Paru le : Paru le 28/08/2020
Insee Résultats - August 2020

In Q2 2020, GDP shrank by 13.8%Quarterly national accounts - first estimate - second quarter 2020

In Q2 2020, GDP in volume terms declined: –13.8%, after –5.9% in Q1 2020. It is 19% lower than in Q2 2019. GDP’s negative developments in first half of 2020 is linked to the shut-down of “non-essential” activities in the context of the implementation of the lockdown between mid-March and the beginning of May. The gradual ending of restrictions led to a gradual recovery of economic activity in May and June, after the low point reached in April.

Household consumption expenditures dropped (–11.0% after –5.8%), as did total gross fixed capital formation in a more pronounced manner (GFCF: –17.8% after –10.3%). General government expenditure also stepped back (–8.0% after –3.5%). Overall, final domestic demand excluding inventory changes fell sharply: it contributed to –12.0 points to GDP growth.

Exports fell this quarter (–25.5% after –6.1%) more strongly than imports (–17.3% after –5.5%). All in all, the foreign trade balance contributed negatively to GDP growth: –2.3 points, after –0.1 points the previous quarter. Conversely, changes in inventories contributed positively to GDP growth (+0.6 points).

Informations rapides

Paru le : 31/07/2020

Warning

The methods used to estimate the first release of quarterly accounts have been modified to take into account the lockdown of the French population between mid-March and the beginning of May in the context of the fight against the Covid-19 pandemic. These changes are detailed in the methodological note attached to this release (https://insee.fr/fr/statistiques/documentation/comptes_m_PET220.pdf ). However, this first estimate remains fragile and is likely to be revised, more than usual, in the next releases of quarterly accounts. Furthermore, given the strong developments expected for the following quarters, the overhangs for the year 2020, which imply a null evolution for the rest of the year, cannot be interpreted. As such, they are not published in this estimate.

In Q2 2020, GDP in volume terms declined: –13.8%, after –5.9% in Q1 2020. It is 19% lower than in Q2 2019. GDP’s negative developments in first half of 2020 is linked to the shut-down of “non-essential” activities in the context of the implementation of the lockdown between mid-March and the beginning of May. The gradual ending of restrictions led to a gradual recovery of economic activity in May and June, after the low point reached in April.

Household consumption expenditures dropped (–11.0% after –5.8%), as did total gross fixed capital formation in a more pronounced manner (GFCF: –17.8% after –10.3%). General government expenditure also stepped back (–8.0% after –3.5%). Overall, final domestic demand excluding inventory changes fell sharply: it contributed to –12.0 points to GDP growth.

Exports fell this quarter (–25.5% after –6.1%) more strongly than imports (–17.3% after –5.5%). All in all, the foreign trade balance contributed negatively to GDP growth: –2.3 points, after –0.1 points the previous quarter. Conversely, changes in inventories contributed positively to GDP growth (+0.6 points).

GDP - SA-WDA

GDP - SA-WDA ()
PIB
2005-Q1 492311
2005-Q2 493183
2005-Q3 495698
2005-Q4 499449
2006-Q1 503320
2006-Q2 508381
2006-Q3 508399
2006-Q4 512547
2007-Q1 516272
2007-Q2 520286
2007-Q3 522017
2007-Q4 523219
2008-Q1 525567
2008-Q2 523070
2008-Q3 521441
2008-Q4 514176
2009-Q1 505630
2009-Q2 505083
2009-Q3 505877
2009-Q4 509580
2010-Q1 511525
2010-Q2 514134
2010-Q3 517139
2010-Q4 520779
2011-Q1 526175
2011-Q2 526377
2011-Q3 527887
2011-Q4 529139
2012-Q1 529736
2012-Q2 528711
2012-Q3 529734
2012-Q4 529356
2013-Q1 529225
2013-Q2 532804
2013-Q3 532854
2013-Q4 535492
2014-Q1 536224
2014-Q2 536623
2014-Q3 538905
2014-Q4 539601
2015-Q1 542426
2015-Q2 542243
2015-Q3 544115
2015-Q4 544733
2016-Q1 548559
2016-Q2 547214
2016-Q3 548458
2016-Q4 551661
2017-Q1 556157
2017-Q2 560128
2017-Q3 564014
2017-Q4 568844
2018-Q1 569659
2018-Q2 570774
2018-Q3 572803
2018-Q4 576546
2019-Q1 579693
2019-Q2 581127
2019-Q3 582044
2019-Q4 580964
2020-Q1 546457
2020-Q2 470963

GDP - SA-WDA

  • Source : Insee

GDP and its main components

percentage change from previous period, working-day and seasonally adjusted data
GDP and its main components (percentage change from previous period, working-day and seasonally adjusted data)
2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q2/2019 Q2
GDP 0.2 -0.2 -5.9 -13.8 -19.0
Imports 0.6 -0.7 -5.5 -17.3 -21.9
Household consumption expenditure 0.4 0.3 -5.8 -11.0 -15.6
General government’s consumption expenditure 0.5 0.5 -3.5 -8.0 -10.3
GFCF 1.2 0.2 -10.3 -17.8 -25.2
Exports -0.5 -0.8 -6.1 -25.5 -30.9
Contributions:
Internal demand excluding inventory changes 0.6 0.3 -6.4 -12.0 -16.8
Inventory changes -0.1 -0.5 0.6 0.6 0.5
Net foreign trade -0.3 0.0 -0.1 -2.3 -2.7
  • This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
  • Source: Insee

Sharp drop on total production

Overall production of goods and services declined sharply (–14.2% after –5.5%). It fell the hardest in construction (–24.1% after –12.8%). Output in goods also declined (–16.8% after –5.6%) as output in market services (–13.4% after –5.0%).

Production, 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)
2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q2/2019 Q2
Production of branches 0.1 -0.4 -5.5 -14.2 -19.1
Goods -0.6 -1.4 -5.6 -16.8 -23.0
Manufactured industry -0.5 -1.6 -6.7 -19.9 -26.5
Construction 0.4 -0.1 -12.8 -24.1 -33.6
Market services 0.2 -0.1 -5.0 -13.4 -17.5
Non-market services 0.5 0.4 -3.8 -8.2 -11.1
Household consumption 0.4 0.3 -5.8 -11.0 -15.6
Food products -0.6 0.2 2.8 -0.5 1.8
Energy -0.4 -1.0 -3.7 -11.1 -15.5
Engineered goods 1.6 1.0 -16.0 -12.0 -24.2
Services 0.4 0.4 -5.8 -15.3 -19.6
GFCF 1.2 0.2 -10.3 -17.8 -25.2
Manufactured goods 1.2 -0.6 -13.2 -23.1 -32.8
Construction 0.9 -0.1 -14.5 -26.2 -36.4
Market services 1.6 1.0 -3.7 -6.2 -7.2
  • Source: Insee

Drop in household consumption

Household consumption dropped in Q2 2020 (–11.0% after –5.8%), more in services (–15.3% after –5.8%) than in goods (–7.1% after –6.8%). With regards to goods, consumption of engineered goods fell strongly (–12.0% after –16.0%) and expenditure on energy declined markedly (–11.1% after –3.7%) notably due to the heavy decline in fuel purchases, related to the lockdown. Food expenditure slightly decreased (–0.5% after +2.8%). With regards to services, expenditure on transport services (−45.8% après −13.1%) and accommodation and food services (–56.9% après –16.5%) plummeted, linked to the administrative restrictions enforced to fight the pandemic.

Investment fell sharply

In Q2 2020, total GFCF fell substantially (–17.8% after –10.3%). In particular, investment declined in construction (–26.2% after –14.5%), in connection with the suspension of building sites during the lockdown and despite their gradual recovery from May, and in manufactured goods (–23.1% after –13.2%).

Foreign trade fell back

In Q2 2020, imports declined strongly (–17.3% after –5.5%), notably in manufactured goods. Exports fell in a more pronounced manner (–25.5% after –6.1%), in particular in transport equipment. All in all, foreign trade contributed negatively to GDP growth this quarter (–2.3 points after –0.1points).

Changes in inventories contributed positively to GDP growth

In Q2 2020, changes in inventories contributed positively to GDP growth (+0.6 points, as much as in Q1), especially in manufactured goods.

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 (percentage change from previous period, working-day and seasonally adjusted data)
2019 Q3 2019 Q4 2020 Q1 2020 Q2 2019
HDI 0.7 0.9 -0.1 3.1
HDI (purchasing power) 0.5 0.6 -0.3 2.1
HDI by cu* (purchasing power) 0.3 0.5 -0.4 1.5
Adjusted HDI (purchasing power) 0.5 0.6 -1.1 2.0
Saving rate (level) 14.8 15.1 19.8 14.9
Financial saving rate (level) 4.3 4.5 10.6 4.6
  • * cu: consumption unit
  • Source: Insee

Ratios of non-financial corporations’s account

level (in percent), WDA-SA data
Ratios of non-financial corporations’s account (level (in percent), WDA-SA data)
2019 Q3 2019 Q4 2020 Q1 2020 Q2 2019
Profit share 33.3 33.6 29.4 33.2
Investment ratio 24.7 24.8 24.5 24.5
Savings ratio 22.8 24.0 19.6 23.2
Self-financing ratio 92.6 96.9 80.0 94.7
  • Source: Insee

Expenditure, receipts and net borrowing of public administrations

level, WDA-SA data
Expenditure, receipts and net borrowing of public administrations (level, WDA-SA data)
2019 Q3 2019 Q4 2020 Q1 2020 Q2 2019
In billions of euros
Total expenditure 338.1 340.1 338.0 1347.9
Total receipts 321.6 317.4 308.2 1275.1
Net lending (+) or borrowing (–) -16.6 -22.7 -29.8 -72.9
In % of GDP
Net lending (+) or borrowing (–) -2.7 -3.7 -5.1 -3.0
  • Source: Insee

Revisions

The GDP growth estimate for Q1 2020 is revised downward by 0.6 points to reach –5.9%. This revision is due to the revision of estimates of non-market services and the integration and revisions of indicators.

To go further

Next publication: August 28, 2020 at 08:45 a.m.

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.