Quarterly national accounts in Q1 2021National accounts in base 2014 - Detailed figures

Detailed figures
Insee Résultats
Paru le : Paru le 28/05/2021
Insee Résultats - May 2021

GDP rebounded slightly in Q1 2021 (+0.4%), but remained below its pre-crisis level (–4.4% from Q4 2019)Quarterly national accounts - first estimate - first quarter 2021

Gross domestic product (GDP) rose again in Q1 2021: +0.4% after −1.4% in Q4 2020. However, the economic rebound was limited, as GDP is still 4.4% below its level of Q4 2019.

Final internal demand (excluding inventory changes) made a positive contribution to GDP growth this quarter (+0.9 points after −3.0 points in the previous quarter). Gross fixed capital formation (GFCF) intensified its dynamic (+2.2% after +1.3%) and households’ consumption expenditure picked up slightly (+0.3%), after a strong decline in the previous quarter (−5.7%).

In Q1 2021, exports declined (–1.5%) more than imports (–0.1%). Overall, foreign trade made a negative contribution to GDP growth this quarter: –0.4 points, after +1.2 points in the previous quarter. Lastly, the contribution of inventory changes to the growth of the GDP was null this quarter (+0.0 points after +0.4 points in Q4 2020).

Informations rapides

No 111

Paru le : 30/04/2021

Warning

The first release of Q1 2021 continues methodological changes already implemented in the previous estimations to take into account the consequences of the health and economic crisis as well as the economic measures taken to tackle them. Those methodological changes are detailed in the note attached to the previous release. Given the strong economic fluctuations in recent quarters, evolutions from Q4 2019 may be considered as reflecting the activity better than quarterly fluctuations. Tables have therefore been duplicated to show both quarterly evolutions (Q/Q-1) and evolutions from Q4 2019, which replace year-on-year evolutions that were shown in previous releases.

Gross domestic product (GDP) rose again in Q1 2021: +0.4% after −1.4% in Q4 2020. However, the economic rebound was limited, as GDP is still 4.4% below its level of Q4 2019.

Final internal demand (excluding inventory changes) made a positive contribution to GDP growth this quarter (+0.9 points after −3.0 points in the previous quarter). Gross fixed capital formation (GFCF) intensified its dynamic (+2.2% after +1.3%) and households’ consumption expenditure picked up slightly (+0.3%), after a strong decline in the previous quarter (−5.7%).

In Q1 2021, exports declined (–1.5%) more than imports (–0.1%). Overall, foreign trade made a negative contribution to GDP growth this quarter: –0.4 points, after +1.2 points in the previous quarter. Lastly, the contribution of inventory changes to the growth of the GDP was null this quarter (+0.0 points after +0.4 points in Q4 2020).

GDP - SA-WDA

GDP - SA-WDA ()
PIB
2005-Q1 492241
2005-Q2 493205
2005-Q3 495767
2005-Q4 499443
2006-Q1 503259
2006-Q2 508406
2006-Q3 508498
2006-Q4 512471
2007-Q1 516191
2007-Q2 520339
2007-Q3 522095
2007-Q4 523185
2008-Q1 525494
2008-Q2 523108
2008-Q3 521562
2008-Q4 514107
2009-Q1 505592
2009-Q2 505078
2009-Q3 505948
2009-Q4 509579
2010-Q1 511453
2010-Q2 514113
2010-Q3 517241
2010-Q4 520741
2011-Q1 526067
2011-Q2 526339
2011-Q3 528034
2011-Q4 529118
2012-Q1 529748
2012-Q2 528774
2012-Q3 529839
2012-Q4 529177
2013-Q1 529238
2013-Q2 532788
2013-Q3 532867
2013-Q4 535528
2014-Q1 535969
2014-Q2 536544
2014-Q3 539108
2014-Q4 539737
2015-Q1 542449
2015-Q2 542259
2015-Q3 544137
2015-Q4 544703
2016-Q1 548505
2016-Q2 547228
2016-Q3 548512
2016-Q4 551607
2017-Q1 556042
2017-Q2 560255
2017-Q3 564142
2017-Q4 568708
2018-Q1 569477
2018-Q2 570903
2018-Q3 572871
2018-Q4 576542
2019-Q1 579586
2019-Q2 581094
2019-Q3 582142
2019-Q4 581086
2020-Q1 547450
2020-Q2 473116
2020-Q3 560768
2020-Q4 552983
2021-Q1 555421

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)
2020 Q2 2020 Q3 2020 Q4 2021 Q1 2020 2021 (ovhg)
GDP -13.6 18.5 -1.4 0.4 -8.2 4.1
Imports -17.4 16.0 1.7 -0.1 -12.0 3.5
Household consumption expenditure -11.5 18.2 -5.7 0.3 -7.0 1.1
General government’s consumption expenditure -10.1 14.7 -0.1 0.5 -3.0 4.5
GFCF -15.1 23.9 1.3 2.2 -10.4 9.8
Exports -25.3 22.5 6.1 -1.5 -16.6 5.2
Contributions:
Internal demand excluding inventory changes -12.3 19.3 -3.0 0.9 -7.0 4.0
Inventory changes 1.0 -1.9 0.4 0.0 0.2 -0.3
Net foreign trade -2.2 1.0 1.2 -0.4 -1.3 0.4
  • This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
  • Source: Insee

GDP and its main components - percentage change from 2019 Q4

percentage change, working-day and seasonally adjusted data
GDP and its main components - percentage change from 2019 Q4 (percentage change, working-day and seasonally adjusted data)
2020 Q2 2020 Q3 2020 Q4 2021 Q1
GDP -18.6 -3.5 -4.8 -4.4
Imports -22.2 -9.8 -8.3 -8.4
Household consumption expenditure -16.4 -1.2 -6.8 -6.4
General government’s consumption expenditure -12.5 0.4 0.2 0.7
GFCF -24.0 -5.8 -4.6 -2.5
Exports -30.6 -15.0 -9.9 -11.3
  • This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
  • Source: Insee

Total production rose again during Q1 2021 (+0.4%), particularly in construction services (+4.2%)

Total production of goods and services rebounded slightly this quarter: +0.4% after –0.6% in Q4. However, goods production declined (−1.0% after +2.5%), notably in the manufactured industry (−1.2% after +2.6%). By contrast, construction bounced back strongly (+4.2% after −2.2%). The rebound was more moderate in both market services (+0.3% after −1.8%) and non-market services (+1.0% after −0.5%).

All in all, total production went slightly closer to its pre-crisis level (−4.3% from Q4 2019, after −4.6% in the precedent quarter), but sectoral disparities remained. Production in non-market services output stood over its pre-crisis level (+1.8% from Q4 2019). However, the activity in market sectors remained below its pre-crisis level, especially in market services (−5.6% from Q4 2019) and manufactured industry (−6.7%), but also in construction (−3.2%).

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)
2020 Q2 2020 Q3 2020 Q4 2021 Q1 2020 2021 (ovhg)
Production of branches -13.9 18.0 -0.6 0.4 -8.4 4.3
Goods -16.9 19.3 2.5 -1.0 -11.1 4.8
Manufactured industry -20.5 24.2 2.6 -1.2 -13.0 5.5
Construction -19.6 35.6 -2.2 4.2 -13.7 12.2
Market services -12.8 15.7 -1.8 0.3 -7.8 2.6
Non-market services -10.8 17.2 -0.5 1.0 -3.1 5.7
Household consumption -11.5 18.2 -5.7 0.3 -7.0 1.1
Food products -0.3 -3.3 1.1 0.8 1.1 -0.2
Energy -11.3 16.0 -3.9 3.4 -7.4 4.7
Engineered goods -11.4 39.8 -8.3 0.8 -8.4 7.4
Services -16.5 20.8 -7.3 -0.6 -10.2 -1.7
GFCF -15.1 23.9 1.3 2.2 -10.4 9.8
Manufactured goods -19.4 35.4 -2.3 1.7 -14.2 9.4
Construction -20.9 38.8 -2.7 5.1 -15.3 13.5
Market services -6.8 5.5 8.0 -0.4 -2.1 6.3
  • Source : Insee

Production, consumption and GFCF: main components – percentage change from 2019 Q4

percentage change, working-day and seasonally adjusted data
Production, consumption and GFCF: main components – percentage change from 2019 Q4 (percentage change, working-day and seasonally adjusted data)
2020 Q2 2020 Q3 2020 Q4 2021 Q1
Production of branches -18.7 -4.0 -4.6 -4.3
Goods -21.8 -6.7 -4.4 -5.3
Manufactured industry -25.9 -8.0 -5.6 -6.7
Construction -30.0 -5.1 -7.1 -3.2
Market services -17.1 -4.1 -5.9 -5.6
Non-market services -13.6 1.3 0.8 1.8
Household consumption -16.4 -1.2 -6.8 -6.4
Food products 2.5 -0.9 0.2 1.0
Energy -15.2 -1.6 -5.5 -2.3
Engineered goods -25.0 4.9 -3.9 -3.1
Services -21.0 -4.6 -11.6 -12.1
GFCF -24.0 -5.8 -4.6 -2.5
Manufactured goods -30.4 -5.7 -7.9 -6.4
Construction -32.6 -6.4 -8.9 -4.2
Market services -10.1 -5.2 2.4 2.0
  • Source: Insee

Households’ consumption increased by 0.3% in Q1 2021 but remained below its pre-crisis level (-6.4% from Q4 2019)

Household consumption expenditure rebounded only slightly this quarter (+0.3%), after a sharp decline in Q4 2020 (−5.7%), during which the second national lockdown was enforced. In particular, several sanitary restrictions remained this quarter and were likely to affect households’ consumption: curfews, closing of shopping centers, closing of restaurants and cultural sites, etc. Households’ consumption in manufactured goods rebounded moderately (+0.8% after −8.3%), while services consumption, which is more affected by sanitary restrictions, declined slightly (−0.6% after −7.3%).

All in all, households’ consumption stayed far below its pre-crisis level in Q1 2021 (–6.4% from Q4 2019, after −6.8% in the previous quarter).

Gross fixed capital formation accelerated this quarter (+2.2%) and reduced the gap with its pre-crisis level (–2.5% from Q4 2019)

In Q1 2021, GFCF accelerated (+2.2% after +1.3% in Q4 2020). GFCF seemed to be less affected by the pursuance of sanitary restrictions than the rest of the interior demand. In particular, GFCF in construction significantly bounced back this quarter (+5.1%, after −2.7%), as well as GFCF in manufactured goods (+1.7%, after –2.3%). However, GFCF in market services declined slightly (–0.4%, after +8.0%), in the aftermath of the large number of real estate transactions recorded at the end of 2020.

In Q1 2021, GFCF closed nearly by half the gap from its pre-crisis level (–2.5% from Q4 2019, after −4.6% in the previous quarter).

Foreign trade made a negative contribution to GDP growth in Q1 2021 and remained largely below its pre-crisis level

Imports were almost stable this quarter (–0.1%, after +1.7%): the increase of imports of refined hydrocarbon products imports (+11.3%) and of equipment goods (+4.4%) was offset by the decline of transport equipment imports (–7.7%). Exports decreased substantially (–1.5%, after +6.1%), mainly as a result of the fall of exports of transport equipment (–13.3%, after +16.8%) and of refined hydrocarbon products (−16.7%, after +1.8%). In total, the contribution of foreign trade to GDP growth was negative (−0.4 points), after a positive contribution in Q4 2020 (+1,2 points).

Finally, foreign trade remained largely below its pre-crisis level: exports were –11.3% below their Q4 2019 level, and imports were –8.4% below.

The contribution of inventory changes to the growth of the GDP was null in Q1 2021

The inventory changes contributed for 0.0 points to GDP growth, after +0.4 points in Q4 2021.

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)
2020 Q2 2020 Q3 2020 Q4 2021 Q1 2020
HDI -1.9 2.8 1.7 na 0.6
HDI (purchasing power) -1.8 2.7 1.6 na 0.2
HDI by cu* (purchasing power) -1.9 2.6 1.5 na -0.4
Adjusted HDI (purchasing power) -4.6 6.3 0.7 na -1.2
Saving rate (level) 27.1 16.1 22.1 na 21.0
Financial saving rate (level) 19.3 6.2 11.7 na 11.7
  • * cu: consumption unit
  • na : not available at the first estimate
  • 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)
2020 Q2 2020 Q3 2020 Q4 2021 Q1 2020
Profit share 28.0 30.9 32.7 na 30.4
Investment ratio 25.3 24.6 25.3 na 24.9
Savings ratio 16.8 21.7 25.0 na 21.1
Self-financing ratio 66.5 88.3 98.6 na 84.9
  • na : not available at the first estimate
  • 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)
2020 Q2 2020 Q3 2020 Q4 2021 Q1 2020
In billions of euros
Total expenditure 355.8 356.9 378.0 na 1434.0
Total receipts 286.2 317.8 308.3 na 1222.6
Net lending (+) or borrowing (–) -69.7 -39.1 -69.7 na -211.5
In % of GDP
Net lending (+) or borrowing (–) -13.5 -6.6 -11.8 na -9.3
  • na : not available at the first estimate
  • Source : Insee

Revisions

The GDP growth estimate for Q4 2020 is revised downwards by −0.1 points, and stood at −1.4%. This revision is due to the integration of new data, and to the revision of existing indicators. Agents’ accounts now integrate the accounts of public administrations, published at the end of March. Thus, the series of the agents’ account were revised, notably the evolution of the purchasing power of households’ HDI (+0.2% instead of +0.6% in 2020) and the corporations’ profit ratio (30.4% instead of 29.3% in 2020). The quarterly national accounts may be revised on the next release (May, 28th), as a result of the integration of the 2018 definitive, 2019 semi-definitive and 2020 provisory accounts, released at the same time. Furthermore, annual improvements of statistical procedures will also be integrated to the next release of QNA, which may also induce revisions.

To go further

Next publication: May 28, 2021 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.