In Q3 2020, GDP in volume terms bounced back: +18.2% after –13.7% in Q2 2020. Nevertheless, GDP remained well below the level it had before the health crisis: measured in volume, compared to its level in Q3 2019 (year-on-year), GDP of Q3 2020 was 4.3% lower.

All components of domestic demand rebounded sharply in Q3. In particular, household consumption expenditure (+17.3% in Q3) was close to its pre-crisis level (–2.1% year-on-year), while general government expenditure slightly exceeded it (+0.4% year-on-year). On the other hand, total GFCF remained sharply down (–5.1% year-on-year), despite rebounding in Q3 (+23.3%). Overall, total domestic demand (excluding inventory changes) contributed +18.9 points to GDP growth this quarter. Foreign trade also rebounded this quarter, especially exports (+23.2% after –25.7%). Imports also increased, but in a less pronounced manner (+16.0% after –17.1%). Overall, foreign trade made a positive contribution to GDP growth: +1.2 points, after -2.4 points in Q2. Finally, changes in inventories contributed negatively to GDP growth (-1.9 points after 0.9 points).

Total production in goods and services rebounded by 17.6% in the Q2 after –13.9%. However, it did not return to its pre-crisis level and remained 4.8% below the level in Q3 2019. In particular, by branch, production in goods remained well below the pre-crisis level (–8.0% year-on-year), especially in the manufacturing branches (–9.5% year-on-year). Services were closer to their pre-crisis level in Q3 (–3.8% year-on-year), carried in particular by non-market services (public administration, human health, see methodological note), whose production was slightly above last year's levels (+0.8% year-on-year). Market services remained more depressed (–4.9% year-on-year), especially in transport and accommodation and food services.

Household consumption expenditure rebounded by +17.3% in Q3 2020 (after –11.6% in Q2). The recovery that began at the end of the second quarter continued at the beginning of the third quarter, carried in particular by catch-up effects on goods. Indeed, household consumption in goods was higher than last year (+1.3% year-on-year), in particular regarding consumption of manufactured goods (+38.9% in quarterly growth, +4.2% year-on-year). On the contrary, household consumption in services remained well below its pre-crisis level (–5.0% year-on-year). Finally, household consumption remained below its last year's level (–2.1% year-on-year).

In Q3 2020, total GFCF rebounded by +23.3% (after –14.3% in Q2) but remained below the pre-crisis level (–5.1% year-on-year). Construction investment was the most affected and remained 6.2% below its last year’s level.

In Q3 2020, exports rebounded more than imports (+23.2% after –25.7% and +16.0% after –17.1% respectively). Foreign trade made a positive contribution to GDP growth in Q3 (+1.2 points after –2.4 points). However, exports remained well below their pre-crisis levels (–15.2% year-on-year), more than imports (–9.9% year-on-year). Indeed, the sectors that are buoyant for French exports (aeronautics, international tourism, etc.) are particularly affected by the health crisis. Foreign trade made a negative contribution to year-on-year GDP growth (–1.6 points).

In Q3 2020, changes in inventories contributed negatively to GDP growth (-1.9 points after +0.9 points in Q2 and +0,7 points in Q1).

The GDP growth estimate for Q2 2020 is revised upward by 0.1 points to reach –13.7%. This revision is due to the integration and revisions of indicators.