Quarterly national accounts in Q2 2021National accounts in base 2014 - Detailed figures

Detailed figures
Insee Résultats
Paru le : Paru le 31/08/2021
Insee Résultats - August 2021

GDP rebounded in Q2 2021 (+0.9%), and approached its pre-crisis level (–3.3% from Q4 2019)Quarterly national accounts - first estimate - second quarter 2021

Gross domestic product (GDP) rebounded in Q2 2021 (+0.9%), after being stable (0.0%) in Q1. GDP closed more than one fifth of the gap to its pre-crisis level remaining at the end of 2020: in Q2 2021, GDP stood 3.3% below the level of Q4 2019, as compared to 4.2% in the two previous quarters.

Final internal demand (excluding inventory changes) made a positive contribution to GDP growth this quarter (+0.9 points after +0.1 points in the previous quarter). Gross fixed capital formation (GFCF) accelerated (+1.1% after +0.4%), as households’ consumption expenditure (+0.9% after +0.2%).

In Q2 2021, imports (+1.9%) increased more than exports (+1.5%). Overall, foreign trade made a slightly negative contribution to GDP growth this quarter: –0.1 points, after –0.5 points in the previous quarter. Lastly, the contribution of inventory changes to the growth of the GDP was slightly positive this quarter (+0.2 points after +0.4 points in Q1 2021).

Informations rapides

No 197

Paru le : 30/07/2021

Gross domestic product (GDP) rebounded in Q2 2021 (+0.9%), after being stable (0.0%) in Q1. GDP closed more than one fifth of the gap to its pre-crisis level remaining at the end of 2020: in Q2 2021, GDP stood 3.3% below the level of Q4 2019, as compared to 4.2% in the two previous quarters.

Final internal demand (excluding inventory changes) made a positive contribution to GDP growth this quarter (+0.9 points after +0.1 points in the previous quarter). Gross fixed capital formation (GFCF) accelerated (+1.1% after +0.4%), as households’ consumption expenditure (+0.9% after +0.2%).

In Q2 2021, imports (+1.9%) increased more than exports (+1.5%). Overall, foreign trade made a slightly negative contribution to GDP growth this quarter: –0.1 points, after –0.5 points in the previous quarter. Lastly, the contribution of inventory changes to the growth of the GDP was slightly positive this quarter (+0.2 points after +0.4 points in Q1 2021).

GDP - WDA-SA data

GDP - WDA-SA data ()
PIB
2005-Q1 492243
2005-Q2 493155
2005-Q3 495655
2005-Q4 499493
2006-Q1 503322
2006-Q2 508367
2006-Q3 508448
2006-Q4 512458
2007-Q1 516277
2007-Q2 520202
2007-Q3 522084
2007-Q4 523272
2008-Q1 525366
2008-Q2 523105
2008-Q3 521675
2008-Q4 514065
2009-Q1 505638
2009-Q2 505121
2009-Q3 505956
2009-Q4 509467
2010-Q1 511338
2010-Q2 513916
2010-Q3 517249
2010-Q4 520920
2011-Q1 526087
2011-Q2 526237
2011-Q3 528177
2011-Q4 529078
2012-Q1 529584
2012-Q2 528727
2012-Q3 529769
2012-Q4 529381
2013-Q1 529338
2013-Q2 532802
2013-Q3 532897
2013-Q4 535437
2014-Q1 535830
2014-Q2 536509
2014-Q3 539254
2014-Q4 539648
2015-Q1 542171
2015-Q2 542304
2015-Q3 544215
2015-Q4 544965
2016-Q1 548347
2016-Q2 547507
2016-Q3 548602
2016-Q4 551503
2017-Q1 555972
2017-Q2 560581
2017-Q3 564137
2017-Q4 568896
2018-Q1 569062
2018-Q2 571130
2018-Q3 573453
2018-Q4 577349
2019-Q1 581105
2019-Q2 584192
2019-Q3 585017
2019-Q4 582781
2020-Q1 549093
2020-Q2 474940
2020-Q3 564205
2020-Q4 558476
2021-Q1 558456
2021-Q2 563716

GDP - SA-WDA data

  • 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 Q3 2020 Q4 2021 Q1 2021 Q2 2020 2021 (ovhg)
GDP 18.8 -1.0 0.0 0.9 -8.0 4.8
Imports 16.4 1.4 1.1 1.9 -12.2 6.0
Household consumption expenditure 18.2 -5.6 0.2 0.9 -7.2 1.7
General government’s consumption expenditure 18.0 -0.8 -0.4 0.6 -3.2 4.6
GFCF 26.2 2.5 0.4 1.1 -8.9 10.5
Of which non-financial corporations and unincorporated enterprises 27.5 1.6 1.0 0.7 -8.1 10.8
Households 28.6 6.8 -1.1 2.7 -12.2 13.7
General government 20.6 0.4 -0.4 0.4 -4.4 6.0
Exports 21.5 5.4 -0.5 1.5 -16.1 6.7
Contributions:
Internal demand excluding inventory changes 20.2 -2.6 0.1 0.9 -6.7 4.5
Inventory changes -2.1 0.5 0.4 0.2 -0.2 0.3
Net foreign trade 0.7 1.0 -0.5 -0.1 -1.1 0.0
  • 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 Q3 2020 Q4 2021 Q1 2021 Q2
GDP -3.2 -4.2 -4.2 -3.3
Imports -9.8 -8.5 -7.5 -5.7
Household consumption expenditure -1.4 -6.9 -6.7 -5.9
General government’s consumption expenditure 1.5 0.7 0.3 0.9
GFCF -3.6 -1.2 -0.8 0.3
Of which non-financial corporations and unincorporated enterprises -2.2 -0.6 0.4 1.1
Households -6.8 -0.5 -1.7 1.0
General government -0.3 0.1 -0.3 0.0
Exports -14.4 -9.8 -10.2 -8.9
  • This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
  • Source: INSEE

Total production recovered in Q2 2021 (+1.3%), particularly in market services (+2.0%)

Total production of goods and services recovered this quarter: : +1.3%, after +0.1%. Notably, production in market services accelerated strongly in Q2 2021 (+2.0% after +0.1%), especially in hotel and restaurant services after their gradual reopening (+29.1 % after –14.0%). Construction also accelerated (+1.5% after +1.0%) and the production of goods rebounded (+0.6% after –0.2%), notably manufacturing goods (+0.5% after +0.1%). Finally, the production of non-market services fell slightly (–0.2% after +0.2%).

In Q2 2021, total production partially catched up with its pre-crisis level (–3.0% from Q4 2019, after –4.3% in the previous quarter). Sectoral disparities were still significant, but were reducing. Among the branches that were well below their pre-crisis level, the production of market services closed its gap the most (–3.9% in Q4 2019, after –5.8% in the previous quarter), due to the strong rebound of the hotel and restaurant industry. The catch-up was more moderate in the manufacturing branches (–5.3% after –5.7%), while construction continued its walk towards its pre-crisis level (–1.8%, after –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 Q3 2020 Q4 2021 Q1 2021 Q2 2020 2021 (ovhg)
Production of branches 18.3 -0.4 0.1 1.3 -8.5 5.3
Goods 18.4 2.0 -0.2 0.6 -10.8 5.6
Manufactured industry 22.7 2.3 0.1 0.5 -13.0 6.7
Construction 39.4 -0.3 1.0 1.5 -13.0 11.8
Market services 15.9 -1.5 0.1 2.0 -8.2 4.3
Non-market services 18.3 -0.5 0.2 -0.2 -3.4 5.1
Household consumption 18.2 -5.6 0.2 0.9 -7.2 1.7
Food products -2.5 0.9 0.5 -1.5 3.0 -1.1
Energy 16.3 -3.4 3.1 0.8 -7.3 5.4
Engineered goods 38.1 -7.8 0.3 -4.7 -8.4 3.1
Services 21.3 -7.5 -1.0 4.0 -11.1 0.9
GFCF 26.2 2.5 0.4 1.1 -8.9 10.5
Manufactured goods 35.2 -1.2 0.8 -0.4 -11.1 9.8
Construction 45.6 -0.2 1.1 1.8 -14.2 13.5
Market services 5.8 7.9 -0.6 1.3 -1.3 7.9
  • 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 Q3 2020 Q4 2021 Q1 2021 Q2
Production of branches -4.0 -4.4 -4.3 -3.0
Goods -6.4 -4.5 -4.7 -4.1
Manufactured industry -7.9 -5.8 -5.7 -5.3
Construction -3.8 -4.2 -3.2 -1.8
Market services -4.5 -5.9 -5.8 -3.9
Non-market services 1.7 1.2 1.4 1.2
Household consumption -1.4 -6.9 -6.7 -5.9
Food products 1.7 2.6 3.0 1.5
Energy -1.8 -5.1 -2.1 -1.4
Engineered goods 4.4 -3.7 -3.4 -8.0
Services -5.4 -12.5 -13.4 -9.9
GFCF -3.6 -1.2 -0.8 0.3
Manufactured goods -1.9 -3.1 -2.3 -2.7
Construction -4.5 -4.7 -3.6 -1.9
Market services -3.5 4.1 3.5 4.8
  • Source: INSEE

Household consumption increased in Q2 2021 (+0.9%) but remained well below its pre-crisis level (–5.9% from Q4 2019)

Household consumption expenditure increased again this quarter (+0.9% after +0.2%). In particular, household consumption of hotel and restaurant services rebounded sharply (+42.8% after –22.1%), due to the gradual reopening of bars and restaurants. Similarly, consumption of transport services accelerated sharply (+11.4% after +2.8%), due to the recovery of people mobility. On the other hand, household consumption of manufactured goods contracted sharply (–4.7% after +0.3%), mainly because of the closure of 'non-core' shops during the third national lockdown. Overall, household consumption partially filled the gap to its pre-crisis level, but was still far away from it (–5.9% compared to Q4 2019, after –6.7% in the previous quarter), with a first half of quarter marked by the continuation of sanitary measures and the third lockdown.

Investment accelerated this quarter (+1.1%) and slightly exceeded its pre-crisis level (+0.3% from Q4 2019)

Total GFCF accelerated this quarter (+1.1%, after +0.4% in the previous quarter), under the effect of construction (+1.8%, after 1.1%), and market services (+1.3% after –0.6%). On the other hand, GFCF in manufactured goods fell slightly (–0.4%) after the rebound recorded in the first quarter (+0.8%). In the second quarter of 2021, total GFCF thus slightly exceeded its pre-crisis level: +0.3% compared to the level of Q4 2019, after –0.8% in the previous quarter.

Foreign trade contributed negatively to GDP growth this quarter and remained globally deteriorated

In Q2 2021, imports accelerated (+1.9% after +1.1%), particularly in industrial goods (+2.0% after +1.3%). In particular, imports of pharmaceutical products were particularly dynamic. Exports also grew again (+1.5% after –0.5%). Exports of transport equipment rebounded notably (+5.5% after –9.0%), and exports in food and agricultural products accelerated (+5.6% after +3.3%). As imports were more dynamic than exports, the contribution of foreign trade to GDP growth was slightly negative this quarter (–0.1 points, after –0.5 points in the previous quarter).

Despite its increase this quarter, foreign trade remained well below its pre-crisis level: –8.9% below Q4 2019 for exports, after –10.2% in the previous quarter; –5.7% for imports, after –7.5%.

The contribution of inventory changes to GDP growth was slightly positive (+0.2 points) in the second quarter of 2021

Inventory changes made a small contribution to GDP growth this quarter (+0.2 points, after +0.4 points in Q1 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 Q3 2020 Q4 2021 Q1 2021 Q2 2020 2021(ovhg)
HDI 1.7 2.1 0.2 na 1.0 2.5
HDI (purchasing power) 1.5 2.1 -0.5 na 0.4 1.7
HDI by cu* (purchasing power) 1.4 2.0 -0.6 na 0.0 1.4
Adjusted HDI (purchasing power) 6.0 0.9 -0.4 na -1.1 2.2
Saving rate (level) 16.3 22.5 21.9 na 21.4 na
Financial saving rate (level) 6.5 12.1 11.6 na 12.2 na
  • * 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 Q3 2020 Q4 2021 Q1 2021 Q2 2020
Profit share 30.7 34.7 36.1 na 31.7
Investment ratio 25.1 25.5 25.7 na 24.6
Savings ratio 21.0 26.5 26.6 na 21.8
Self-financing ratio 83.7 103.9 103.6 na 88.7
  • 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 Q3 2020 Q4 2021 Q1 2021 Q2 2020
In billions of euros
Total expenditure 349.9 369.6 372.0 na 1422.5
Total receipts 316.1 305.6 312.9 na 1210.6
Net lending (+) or borrowing (–) -33.8 -64.0 -59.1 na -211.9
In % of GDP
Net lending (+) or borrowing (–) -5.7 -10.7 -9.8 na -9.2
  • na : not available at the first estimate
  • Source: INSEE

Revisions

The GDP growth estimate for Q1 2021 is revised upwards by 0.1 points. This revision is due to the integration of new data, and to the revision of existing indicators. The quarterly profile of growth in 2020 is revised, with year-on year evolution unchanged. This follow methodological improvements notably on the estimation of activity in construction. In addition, the quarterly profile of household gross disposable income is slightly revised in 2020, with year-on year evolution unchanged, to better take into account the profile of payments from the Unédic part of partial activity. Finally, in the first quarter of 2021, non financial corporations’profit ratio (NFCs) was revised by +1.3 points, to 36.1%, following the revision of the added value and the update of data on the Solidarity Fund payments.

For further information

Next issue: August 31, 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.