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

The purchasing power of GDHI rebounded (+0.6%) in Q2 2021 in connection with the dynamism of GDP (+1.1%)Quarterly national accounts - detailed figures - second quarter 2021

In Q2 2021, gross domestic product (GDP) in volume terms* rebounded (+1.1%) after being stable (0.0%) in the previous quarter. GDP thus closed one quarter of the gap to its pre-crisis level remaining at the end of 2020: it stood 3.2% below its level in Q4 2019, as compared to 4.3% in the last two quarters.

Final domestic demand (excluding inventory changes) made a positive contribution to GDP growth this quarter (+1.2 points). In particular, gross fixed capital formation (GFCF) accelerated significantly (+2.4% after +0.4%) and exceeded its pre-crisis level for the first time (+1.4% compared to Q4 2019). Household’s consumption expenditure recovered as well (+1.0% after 0.0%) but remained well below its pre-crisis level (-5.9% compared to Q4 2019).

Imports (+1.7%) increased more than exports (+1.0%): therefore, foreign trade contributed negatively to GDP growth (–0.2 points). Foreign trade remained well below its pre-crisis level: –5.8% below Q4 2019 for imports and –9.5% for exports. Lastly, inventory changes contributed positively to GDP growth this quarter (+0.1 points).

* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects.

Informations rapides

No 220

Paru le : 31/08/2021

Warning

The detailed results of Q2 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. 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.

In Q2 2021, gross domestic product (GDP) in volume terms* rebounded (+1.1%) after being stable (0.0%) in the previous quarter. GDP thus closed one quarter of the gap to its pre-crisis level remaining at the end of 2020: it stood 3.2% below its level in Q4 2019, as compared to 4.3% in the last two quarters.

Final domestic demand (excluding inventory changes) made a positive contribution to GDP growth this quarter (+1.2 points). In particular, gross fixed capital formation (GFCF) accelerated significantly (+2.4% after +0.4%) and exceeded its pre-crisis level for the first time (+1.4% compared to Q4 2019). Household’s consumption expenditure recovered as well (+1.0% after 0.0%) but remained well below its pre-crisis level (-5.9% compared to Q4 2019).

Imports (+1.7%) increased more than exports (+1.0%): therefore, foreign trade contributed negatively to GDP growth (–0.2 points). Foreign trade remained well below its pre-crisis level: –5.8% below Q4 2019 for imports and –9.5% for exports. Lastly, inventory changes contributed positively to GDP growth this quarter (+0.1 points).

* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects.

GDP - SA-WDA

GDP - SA-WDA ()
PIB
2005-Q1 492235
2005-Q2 493158
2005-Q3 495663
2005-Q4 499490
2006-Q1 503323
2006-Q2 508372
2006-Q3 508445
2006-Q4 512455
2007-Q1 516273
2007-Q2 520209
2007-Q3 522087
2007-Q4 523265
2008-Q1 525369
2008-Q2 523109
2008-Q3 521675
2008-Q4 514059
2009-Q1 505641
2009-Q2 505125
2009-Q3 505958
2009-Q4 509458
2010-Q1 511327
2010-Q2 513920
2010-Q3 517254
2010-Q4 520922
2011-Q1 526092
2011-Q2 526244
2011-Q3 528171
2011-Q4 529072
2012-Q1 529585
2012-Q2 528730
2012-Q3 529766
2012-Q4 529380
2013-Q1 529342
2013-Q2 532807
2013-Q3 532886
2013-Q4 535440
2014-Q1 535834
2014-Q2 536507
2014-Q3 539242
2014-Q4 539658
2015-Q1 542169
2015-Q2 542292
2015-Q3 544219
2015-Q4 544976
2016-Q1 548330
2016-Q2 547491
2016-Q3 548625
2016-Q4 551514
2017-Q1 555939
2017-Q2 560558
2017-Q3 564187
2017-Q4 568901
2018-Q1 569014
2018-Q2 571072
2018-Q3 573556
2018-Q4 577351
2019-Q1 581096
2019-Q2 584113
2019-Q3 585059
2019-Q4 582826
2020-Q1 549625
2020-Q2 475479
2020-Q3 563880
2020-Q4 557738
2021-Q1 557995
2021-Q2 564170

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 Q3 2020 Q4 2021 Q1 2021 Q2 2020 2021 (ovhg)
GDP 18.6 -1.1 0.0 1.1 -8.0 4.8
Imports 16.6 1.5 1.2 1.7 -12.2 6.0
Household consumption expenditure 18.3 -5.5 0.0 1.0 -7.2 1.7
General government’s consumption expenditure 18.1 -0.6 -0.4 0.6 -3.2 4.8
GFCF 26.2 2.5 0.4 2.4 -8.9 11.4
Of which non-financial corporations and unincorporated enterprises 28.2 1.6 1.1 1.9 -8.1 11.9
Households 28.8 6.9 -1.3 4.1 -12.2 14.8
General government 18.1 0.5 -0.5 1.3 -4.4 5.9
Exports 21.1 4.4 0.0 1.0 -16.1 5.9
Contributions:
Internal demand excluding inventory changes 20.2 -2.5 0.0 1.2 -6.7 4.8
Inventory changes -2.3 0.6 0.4 0.1 -0.2 0.2
Net foreign trade 0.6 0.8 -0.4 -0.2 -1.1 -0.1
  • 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 -3.3 -4.3 -4.3 -3.2
Imports -9.8 -8.5 -7.3 -5.8
Household consumption expenditure -1.4 -6.8 -6.8 -5.9
General government’s consumption expenditure 1.6 1.0 0.6 1.2
GFCF -3.8 -1.3 -1.0 1.4
Of which non-financial corporations and unincorporated enterprises -2.2 -0.6 0.5 2.3
Households -7.0 -0.6 -1.9 2.2
General government -1.1 -0.6 -1.1 0.2
Exports -14.1 -10.4 -10.4 -9.5
  • This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
  • Source: Insee

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 18.0 -0.5 0.3 1.5 -8.5 5.4
Goods 17.9 1.9 0.2 0.4 -10.8 5.7
Manufactured industry 22.1 2.2 0.5 0.0 -13.0 6.5
Construction 39.9 -0.3 1.1 2.5 -13.0 12.9
Market services 15.6 -1.6 0.2 2.3 -8.2 4.4
Non-market services 18.4 -0.4 0.2 0.0 -3.4 5.4
Household consumption 18.3 -5.5 0.0 1.0 -7.2 1.7
Food products -2.4 0.7 0.5 -1.8 3.0 -1.3
Energy 16.1 -3.3 3.3 0.8 -7.3 5.6
Engineered goods 38.4 -8.0 0.3 -4.6 -8.4 3.1
Services 21.5 -7.6 -1.0 4.1 -11.1 1.0
GFCF 26.2 2.5 0.4 2.4 -8.9 11.4
Manufactured goods 35.3 -1.4 0.7 0.7 -11.1 10.6
Construction 46.3 -0.1 1.3 3.1 -14.2 14.9
Market services 5.3 8.0 -0.8 2.5 -1.3 8.4
  • 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 -4.5 -4.2 -2.8
Goods -6.4 -4.6 -4.4 -4.0
Manufactured industry -8.0 -6.0 -5.5 -5.5
Construction -3.9 -4.1 -3.1 -0.7
Market services -4.6 -6.1 -5.9 -3.8
Non-market services 1.8 1.4 1.6 1.7
Household consumption -1.4 -6.8 -6.8 -5.9
Food products 1.8 2.6 3.0 1.2
Energy -1.8 -5.1 -2.0 -1.2
Engineered goods 4.6 -3.8 -3.5 -7.9
Services -5.4 -12.5 -13.4 -9.8
GFCF -3.8 -1.3 -1.0 1.4
Manufactured goods -1.8 -3.2 -2.4 -1.7
Construction -4.5 -4.7 -3.5 -0.5
Market services -4.0 3.6 2.9 5.5
  • Source: Insee

Gross disposable household income rebounded in Q2 2021

Gross disposable household income (GDHI) picked up in Q2 2021 (+0.8% after -0.1%) and remained thereby well above its pre-crisis level (+2.7% compared to Q4 2019). The wage bill received by households accelerated (+1.1% after +0.4%): total employment bounced back (+0.5% after 0.0%) in connection with the recovery of the economic activity, and the average wage per capita accelerated slightly (+0.6% after +0.4%). Overall, the wage bill got closer to its pre-crisis level (-0.6% compared to Q4 2019 after -1.8% in the previous quarter). Employee social contributions paid by households also accelerated (+0.7% after +0.5%), while social benefits rebounded slightly (+0.3% after -0.6%) in connection with unemployment benefits and sick leave, whereas paid amounts related to partial activity decreased again.

In Q2 2021, households’ consumption prices slowed down after a strong rise in the previous quarter (+0.2% after +0.8%). Therefore, the purchasing power of households’ GDHI bounced back (+0.6% after -0.9%) and stood above its pre-crisis level (+1,4%). Measured by consumption unit to bring it to an individual level, it rose by 0.5% (after -1.0%).

The households’ savings rate declined for the second consecutive quarter due to the rebound of the household’s consumption and despite the increase of the GDHI, but the decrease remained limited: 21.4% after 21.6% in Q1 2021; it remained well above its 2019 level (15.0%).

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 1.9 1.9 -0.1 0.8 1.0 2.7
HDI (purchasing power) 1.7 1.9 -0.9 0.6 0.4 1.7
HDI by cu* (purchasing power) 1.6 1.7 -1.0 0.5 0.0 1.4
Adjusted HDI (purchasing power) 6.2 0.8 -0.7 0.7 -1.1 2.4
Saving rate (level) 16.3 22.4 21.6 21.4 21.4 na
Financial saving rate (level) 6.6 11.9 11.2 10.5 12.2 na
  • * cu: consumption unit
  • na : not available at the first estimate
  • Source: Insee

Total hours worked accelerated in Q2 2021

Total hours worked increased by 1.2% in Q2 2021 (after +0.3%): the use of the partial activity scheme declined and total employment picked up. However, total hours worked remained way below its pre-crisis level (-5.4% compared to Q4 2019, after -6.6% in Q1).

Non financial corporations’ profit ratio declined slightly

In Q2 2021, non financial corporations' profit ratio (NFCs) stepped back slightly: it stood at 35.4% after 35.9 % in Q1. However, it remained well above its previous years level. As non-financial corporations’ added value move in line with the wage bill paid, the decline in Q2 was mainly due to the reduction of payments by the Solidarity Fund to corporations.

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 34.2 35.9 35.4 31.7
Investment ratio 25.2 25.6 25.8 25.9 24.6
Savings ratio 21.1 26.0 26.2 26.1 21.8
Self-financing ratio 83.7 101.5 101.8 100.7 88.6
  • na : not available at the first estimate
  • Source: Insee

The general government deficit dropped slightly but remained at a very high level

In Q2 2021, the general government deficit decreased by 0.2 points. It stood at 9.6% of GDP after 9.8% in Q1 2021 and 9.1% in 2020. This improvement was due to a slightly rise of revenues, driven by the rebound of the economic activity (increase of VAT revenues and social contributions). Expenditure remained stable, the increase of operating and investment costs being offset by a slightly drop of subsidies paid to economic operators.

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 350.2 370.2 371.6 371.4 1419.9
Total receipts 316.0 306.8 312.5 313.1 1210.9
Net lending (+) or borrowing (–) -34.2 -63.4 -59.0 -58.3 -209.0
In % of GDP
Net lending (+) or borrowing (–) -5.7 -10.6 -9.8 -9.6 -9.1
  • na : not available at the first estimate
  • Source : Insee

Revisions

The GDP growth estimate for Q2 2021 is revised upwards by 0.2 points. This revision is due to the integration of new data, and to the revision of existing indicators. However, the GDP growth overhang estimate for 2021 is not revised (+4.8%). In addition, in the context of the notification of the general government deficit to the European Union, annual accounts are updated every years at the end of August in order to take account of the last data of social security founds and revisions that might affect the general government deficit. By the way, annual tables of public finances have been updated and are available here.

To go further

Next publication: 29 October 2021 at 07:30 am.

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.