Quarterly national accounts in Q3 2020 National accounts in base 2014 - Detailed figures
In Q3 2020, Household gross disposable income and non-financial corporations’ profits recovered with the rebound of economic activity Quarterly national accounts - detailed figures - third quarter 2020
In Q3 2020, GDP in volume terms bounced back: +18.7% (revised by +0.4 points compared to the first release) after – 13.8% 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 change), GDP in Q3 2020 was 3.9% lower (previously estimated at 4.3 % lower). Revisions are mostly due to the integration of new data for September, especially for household consumption and investment in services.
All components of domestic demand rebounded sharply in Q3. Household consumption expenditure increased strongly (+17.9% in Q3, after –11.4%) and approached their pre-crisis level (–1.3% year-on-year), while general government expenditure slightly exceeded it (+0.5% year-on-year). On the other hand, total GFCF remained largely under its pre-crisis level (–4.8% year-on-year), despite its strong rebound in Q3 (+23.9% after –14,5%). Overall, total domestic demand (excluding inventory changes) contributed by +19.5 points to GDP growth this quarter.
Foreign trade also rebounded this quarter, especially exports (+22.1% after –25.1%). Imports on the other hand increased in a less pronounced manner (+16.8% after –16.8%). Overall, foreign trade made a positive contribution to GDP growth: +0.7 points, after –2.3 points in Q2. Finally, changes in inventories contributed negatively to GDP growth (–1.5 points after –0.9 points).
The detailed results of Q3 2020 continues the methodological changes implemented in previous publications to measure the effects of the current health and economic crisis and the economic policy measures taken to contain them. These methodological changes are detailed in the note attached to this release. Given the strong economic fluctuations in recent quarters, year-on-year evolution are a better reflection of third-quarter activity than quarterly evolution, and are highlighted in the commentary to this publication. The tables have been duplicated to show both quarterly evolution (Q/Q-1) and year-on-year evolutions (Q/Q-4).
- Households gross disposable income bounced back while their saving services fell down by 10 points
- Non-financial corporations’ profit rate partially compensated its decrease during the first semester
- In Q3 2020, the general government deficit has decreased sharply but remained degraded
- Revisions
- To go further
In Q3 2020, GDP in volume terms bounced back: +18.7% (revised by +0.4 points compared to the first release) after – 13.8% 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 change), GDP in Q3 2020 was 3.9% lower (previously estimated at 4.3 % lower). Revisions are mostly due to the integration of new data for September, especially for household consumption and investment in services.
All components of domestic demand rebounded sharply in Q3. Household consumption expenditure increased strongly (+17.9% in Q3, after –11.4%) and approached their pre-crisis level (–1.3% year-on-year), while general government expenditure slightly exceeded it (+0.5% year-on-year). On the other hand, total GFCF remained largely under its pre-crisis level (–4.8% year-on-year), despite its strong rebound in Q3 (+23.9% after –14,5%). Overall, total domestic demand (excluding inventory changes) contributed by +19.5 points to GDP growth this quarter.
Foreign trade also rebounded this quarter, especially exports (+22.1% after –25.1%). Imports on the other hand increased in a less pronounced manner (+16.8% after –16.8%). Overall, foreign trade made a positive contribution to GDP growth: +0.7 points, after –2.3 points in Q2. Finally, changes in inventories contributed negatively to GDP growth (–1.5 points after –0.9 points).
tableau – GDP - SA-WDA
PIB | |
---|---|
2005-Q1 | 492310 |
2005-Q2 | 493204 |
2005-Q3 | 495709 |
2005-Q4 | 499420 |
2006-Q1 | 503293 |
2006-Q2 | 508409 |
2006-Q3 | 508421 |
2006-Q4 | 512523 |
2007-Q1 | 516251 |
2007-Q2 | 520316 |
2007-Q3 | 522034 |
2007-Q4 | 523194 |
2008-Q1 | 525541 |
2008-Q2 | 523105 |
2008-Q3 | 521458 |
2008-Q4 | 514150 |
2009-Q1 | 505610 |
2009-Q2 | 505111 |
2009-Q3 | 505898 |
2009-Q4 | 509550 |
2010-Q1 | 511510 |
2010-Q2 | 514156 |
2010-Q3 | 517167 |
2010-Q4 | 520744 |
2011-Q1 | 526153 |
2011-Q2 | 526398 |
2011-Q3 | 527913 |
2011-Q4 | 529114 |
2012-Q1 | 529709 |
2012-Q2 | 528723 |
2012-Q3 | 529764 |
2012-Q4 | 529341 |
2013-Q1 | 529192 |
2013-Q2 | 532813 |
2013-Q3 | 532899 |
2013-Q4 | 535471 |
2014-Q1 | 536190 |
2014-Q2 | 536632 |
2014-Q3 | 538953 |
2014-Q4 | 539576 |
2015-Q1 | 542383 |
2015-Q2 | 542259 |
2015-Q3 | 544168 |
2015-Q4 | 544707 |
2016-Q1 | 548486 |
2016-Q2 | 547254 |
2016-Q3 | 548531 |
2016-Q4 | 551622 |
2017-Q1 | 556050 |
2017-Q2 | 560198 |
2017-Q3 | 564123 |
2017-Q4 | 568772 |
2018-Q1 | 569499 |
2018-Q2 | 570838 |
2018-Q3 | 572938 |
2018-Q4 | 576507 |
2019-Q1 | 579533 |
2019-Q2 | 581245 |
2019-Q3 | 582048 |
2019-Q4 | 581011 |
2020-Q1 | 546764 |
2020-Q2 | 471370 |
2020-Q3 | 559361 |
graphique – GDP - SA-WDA

- Source : Insee
tableauGDP and its main components
2019 Q4 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2019 | 2020 (ovhg) | |
---|---|---|---|---|---|---|
GDP | -0.2 | -5.9 | -13.8 | 18.7 | 1.5 | -8.0 |
Imports | -0.8 | -5.6 | -16.8 | 16.8 | 2.6 | -11.2 |
Household consumption expenditure | 0.2 | -5.7 | -11.4 | 17.9 | 1.5 | -5.9 |
General government’s consumption expenditure | 0.4 | -3.0 | -10.6 | 15.5 | 1.7 | -3.4 |
GFCF | 0.3 | -10.5 | -14.5 | 23.9 | 4.3 | -10.0 |
Exports | -0.9 | -6.5 | -25.1 | 22.1 | 1.8 | -17.3 |
Contributions: | ||||||
Internal demand excluding inventory changes | 0.3 | -6.3 | -12.3 | 19.5 | 2.2 | -6.4 |
Inventory changes | -0.4 | 0.7 | 0.9 | -1.5 | -0.4 | 0.2 |
Net foreign trade | 0.0 | -0.2 | -2.3 | 0.7 | -0.3 | -1.8 |
- This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
- Source: Insee
tableauGDP and its main components – year-on-year change
2019 T4 | 2020 T1 | 2020 T2 | 2020 T3 | |
---|---|---|---|---|
GDP | 0.8 | -5.7 | -18.9 | -3.9 |
Imports | 1.1 | -5.7 | -21.7 | -9.1 |
Household consumption expenditure | 1.6 | -4.7 | -16.0 | -1.3 |
General government’s consumption expenditure | 1.7 | -1.6 | -12.5 | 0.5 |
GFCF | 4.0 | -8.0 | -22.3 | -4.8 |
Exports | -1.2 | -8.2 | -30.9 | -15.3 |
Contributions: | ||||
Internal demand excluding inventory changes | 2.2 | -4.8 | -17.0 | -1.8 |
Inventory changes | -0.6 | -0.1 | 0.9 | -0.2 |
Net foreign trade | -0.8 | -0.7 | -2.8 | -1.9 |
- This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
- Source: Insee
tableauProduction, consumption and GFCF: main components
2019 Q4 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2019 | 2020 (ovhg) | |
---|---|---|---|---|---|---|
Production of branches | -0.4 | -5.5 | -14 | 18.1 | 1.5 | -8.3 |
Goods | -1.5 | -5.8 | -16.8 | 19.1 | -0.3 | -11.6 |
Manufactured industry | -1.6 | -6.8 | -20.4 | 23.9 | -0.2 | -13.6 |
Construction | -0.1 | -12.9 | -19.5 | 35.8 | 2.6 | -12.8 |
Market services | -0.1 | -5.0 | -12.8 | 15.5 | 2.2 | -7.6 |
Non-market services | 0.4 | -3.4 | -11.5 | 18.4 | 1.2 | -3.3 |
Household consumption | 0.2 | -5.7 | -11.4 | 17.9 | 1.5 | -5.9 |
Food products | 0.2 | 2.8 | -0.5 | -3.3 | -1.3 | 0.6 |
Energy | -1.1 | -3.8 | -11.2 | 16.1 | -0.1 | -5.8 |
Engineered goods | 1.0 | -15.9 | -11.7 | 39.4 | 1.7 | -7.3 |
Services | 0.3 | -5.6 | -16.2 | 20.4 | 2.0 | -8.5 |
GFCF | 0.3 | -10.5 | -14.5 | 23.9 | 4.3 | -10.0 |
Manufactured goods | -0.4 | -13.0 | -17.0 | 33.6 | 4.0 | -11.5 |
Construction | -0.1 | -14.7 | -20.6 | 38.8 | 3.7 | -14.2 |
Market services | 1.2 | -4.0 | -6.6 | 6.0 | 5.3 | -4.2 |
- Source : Insee
tableauProduction, consumption and GFCF: main components – year-on-year change
2019 T4 | 2020 T1 | 2020 T2 | 2020 T3 | |
---|---|---|---|---|
Production of branches | 0.4 | -5.6 | -19.0 | -4.5 |
Goods | -2.3 | -8.1 | -23.4 | -8.1 |
Manufactured industry | -2.4 | -9.3 | -27.3 | -9.5 |
Construction | 1.8 | -11.9 | -29.6 | -4.9 |
Market services | 1.3 | -4.5 | -17.0 | -4.4 |
Non-market services | 1.3 | -2.3 | -13.8 | 1.6 |
Household consumption | 1.6 | -4.7 | -16.0 | -1.3 |
Food products | -1.1 | 2.6 | 1.8 | -0.8 |
Energy | -0.1 | -4.0 | -16.4 | -1.9 |
Engineered goods | 3.4 | -14.1 | -23.7 | 4.6 |
Services | 1.9 | -4.5 | -20.4 | -4.5 |
GFCF | 4.0 | -8.0 | -22.3 | -4.8 |
Manufactured goods | 3.8 | -11.5 | -27.3 | -4.0 |
Construction | 3.0 | -13.0 | -31.8 | -6.1 |
Market services | 5.2 | 0.1 | -7.9 | -3.9 |
- Source: Insee
Households gross disposable income bounced back while their saving services fell down by 10 points
Household gross disposable income (GDI) sharply bounced back in Q3 (+3.7% after –2.6%, its largest increase since 1983. Year-on-year, it grew by +1.0% after –1.9%). Total wages received by households strongly increased (+13.1% after –10.8%), driven by a decrease in the use of furlough scheme and the rebound of employement. This increase in household wages was partially outweighed by a loss in social benefits received by households (–6.2% after +8.3%), which remained however above their pre-crisis level (+5.0% year-on-year). Indeed, partial activity and sick leave allowances were still higher than average, despite having decreased in Q3. Furthermore, unemployment allowances and social assistance expenditure to households also increased, while the back-to-school allowance was exceptionally raised. Income and wealth taxes bounced back (+11.5% after –8.5%) but remained below previous year’s level, due to the reform of the income tax scale and of the housing tax that took place before the health crisis. Finally, social contributions paid by households increased (+8.0% after -8,6%), due to the growth of labour income.
Households’ consumption prices slightly accelerated (+0.2% after –0.3%) and the purchasing power of households’ GDI grew by +3.5% (after −2.4%). Measured by consumption unit to bring it to an individual level, households’ GDI grew by +3.4% (after −2.5%). Due to the strong rebound of households’ consumption (see above), households’ savings rate strongly decreased: it stood at 16.5% in Q3 2020 after 26.5% in Q2. It remained however above its 2019 average (14.9%).
Total hours worked grew by+20.6 % during Q3 2020 (after –17.1%). This rise mainly followed the decrease in the demand for sick leave and partial activity. Employment and over-time hours rose too. Nevertheless, total hours worked remained well below their pre-crisis level (−4.3% year-on-year).
tableauHouseholds’ disposable income and ratios of households’ account
2019 Q4 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2019 | |
---|---|---|---|---|---|
HDI | 0.8 | -0.7 | -2.6 | 3.7 | 3.1 |
HDI (purchasing power) | 0.5 | -0.9 | -2.4 | 3.5 | 2.1 |
HDI by cu* (purchasing power) | 0.3 | -1.0 | -2.5 | 3.4 | 1.5 |
Adjusted HDI (purchasing power) | 0.5 | -1.6 | -4.9 | 6.9 | 2.0 |
Saving rate (level) | 15.1 | 19.2 | 26.7 | 16.5 | 14.9 |
Financial saving rate (level) | 4.5 | 10.0 | 18.9 | 6.6 | 4.6 |
- * cu: consumption unit
- Source: Insee
Non-financial corporations’ profit rate partially compensated its decrease during the first semester
In Q3 2019, non-financial corporations’ profit ratio grew again. It stood at 30.3% (after 27.8%), and increased therefore by 2.5 points. This rise came from the rebound of the value added in Q3 2020 (+23.3% in Q2 after –17.3% in Q1). Nevertheless, this increase was partially outweighed by the rebound of the payroll and social benefits. Moreover, the recourse to subsidies (Solidarity Funds, which benefited partly to non-financial corporations, but mainly to own-account workers) was less important than during the previous quarter.
tableauRatios of non-financial corporations’s account
2019 Q4 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2019 | |
---|---|---|---|---|---|
Profit share | 33.3 | 29.5 | 27.8 | 30.3 | 33.2 |
Investment ratio | 24.8 | 24.3 | 25.6 | 24.9 | 24.5 |
Savings ratio | 23.8 | 20.1 | 16.9 | 21.3 | 23.2 |
Self-financing ratio | 95.9 | 82.6 | 65.9 | 85.4 | 94.7 |
- Source: Insee
In Q3 2020, the general government deficit has decreased sharply but remained degraded
In Q3 2020, general government’s net borrowing decreased by 7.4 points: the deficit stood at 4.9% of GDP after 12.3% during Q2 2020. The enhancement of the public deficit is due to the increase in revenues (+11.1% after –8.8%), driven by the recovery of economic activity (increased in VAT, households’ and corporate taxes and social contributions). Meanwhile, government's expenditure slightly decreased (–0.9% after +1.4%), driven by the decrease in social benefit expenditure (for partial activity and sick leave), business aid (Solidarity Funds), and the after-effects of the payment of bonuses and overtime hours for the health workforce. This fall was tempered by the recovery of activity of the public sector: increase in social transfers in cash (reimbursement of extra Covid health costs), GFCF and intermediate consumption.
tableauExpenditure, receipts and net borrowing of public administrations
2019 Q4 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2019 | |
---|---|---|---|---|---|
In billions of euros | |||||
Total expenditure | 339.7 | 339.4 | 344.1 | 341.1 | 1348.1 |
Total receipts | 317.3 | 308.0 | 280.9 | 312.1 | 1275.0 |
Net lending (+) or borrowing (–) | -22.3 | -31.4 | -63.3 | -29.0 | -73.1 |
In % of GDP | |||||
Net lending (+) or borrowing (–) | -3.7 | -5.4 | -12.3 | -4.9 | -3.0 |
- Source : Insee
Revisions
The GDP growth estimate for Q3 2020 stood at +18.7%. It is revised upward by 0.4 points. The GDP growth estimate for Q2 2020 is revised by -0.1 points at –13.8%. These revisions are due to the integration of new data and to the revisions of existing indicators.
To go further
Next publication: January 29, 2021 at 07:30 a.m.
Avertissement
Quarterly national accounts
Quarterly debt of the general government
Sources
Quarterly national accounts
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.
Documentation
Abbreviated methodology (pdf, 125 Ko )