The national accounts in 2019 GDP slowed down but household purchasing power accelerated

In 2019, activity slowed down in France: gross domestic product (GDP) in constant euros increased by 1.5%, after +1.8% in 2018 and +2.3% in 2017.

Exports slowed down further than imports, so that the contribution of foreign trade to growth is negative. However, investment and household consumption accelerated. Changes in inventories contributed negatively to growth.

The increase of the purchasing power of households was more dynamic than their consumption: their savings rate increased to reach 15.0% in 2019. The profit ratio of non-financial corporations increased as they benefited from two measures aiming at decreasing labor costs: the competitiveness and employment tax credit (CICE) and a decrease in social contributions.