Insee
Informations Rapides · 29 July 2022 · n° 198
Informations rapidesGDP rebounded in Q2 2022 (+0.5%) Quarterly national accounts - first estimate - second quarter 2022

In Q2 2022, GDP in volume terms strongly recovered after the decline in the previous quarter (+0.5% after -0.2% in Q1).

Foreign trade contributed to +0.4 points to GDP growth this quarter, after +0.1 points in the previous quarter. This large contribution is due to the dynamism of exports (+0.8% after +1.6% in Q1 2022), coupled with the decline of imports (-0.6% after +1.2%).

Conversely, the contribution of final domestic demand (excluding inventories) to GDP growth was null this quarter. Household consumption expenditure fell again, but more moderately than in the previous quarter (-0.2% after -1.3%). Gross fixed capital formation (GFCF) continued to grow at a rather vigorous pace (+0.5%, as in the previous quarter).

Finally, the contribution of inventory changes to GDP growth was weakly positive this quarter (+0.1 points after +0.2 points in Q1).

Informations rapides
No 198
Paru le :Paru le29/07/2022
Prochaine parution le : 30/07/2024 at 07:30 - second quarter 2024

In Q2 2022, GDP in volume terms strongly recovered after the decline in the previous quarter (+0.5% after -0.2% in Q1).

Foreign trade contributed to +0.4 points to GDP growth this quarter, after +0.1 points in the previous quarter. This large contribution is due to the dynamism of exports (+0.8% after +1.6% in Q1 2022), coupled with the decline of imports (-0.6% after +1.2%).

Conversely, the contribution of final domestic demand (excluding inventories) to GDP growth was null this quarter. Household consumption expenditure fell again, but more moderately than in the previous quarter (-0.2% after -1.3%). Gross fixed capital formation (GFCF) continued to grow at a rather vigorous pace (+0.5%, as in the previous quarter).

Finally, the contribution of inventory changes to GDP growth was weakly positive this quarter (+0.1 points after +0.2 points in Q1).

GDP - SA-WDA

GDP - SA-WDA
PIB
2022-Q2 588870
2022-Q1 585862
2021-Q4 587112
2021-Q3 583899
2021-Q2 564981
2021-Q1 559176
2020-Q4 558853
2020-Q3 563803
2020-Q2 476258
2020-Q1 550817
2019-Q4 583324
2019-Q3 584920
2019-Q2 584890
2019-Q1 581070
2018-Q4 577073
2018-Q3 573572
2018-Q2 571370
2018-Q1 569028
2017-Q4 568609
2017-Q3 565092
2017-Q2 560345
2017-Q1 556005
2016-Q4 551862
2016-Q3 548611
2016-Q2 547082
2016-Q1 548707
2015-Q4 545297
2015-Q3 544213
2015-Q2 542994
2015-Q1 542380
2014-Q4 539537
2014-Q3 539723
2014-Q2 536653
2014-Q1 536183
2013-Q4 536163
2013-Q3 532621
2013-Q2 533164
2013-Q1 529616
2012-Q4 529273
2012-Q3 529839
2012-Q2 528606
2012-Q1 529395
2011-Q4 529302
2011-Q3 528283
2011-Q2 525703
2011-Q1 526173
2010-Q4 520808
2010-Q3 517273
2010-Q2 514098
2010-Q1 511625
2009-Q4 509832
2009-Q3 506237
2009-Q2 505375
2009-Q1 505450
2008-Q4 514178
2008-Q3 521976
2008-Q2 522969
2008-Q1 525860
2007-Q4 523267
2007-Q3 522258
2007-Q2 519832
2007-Q1 516378
2006-Q4 512591
2006-Q3 508860
2006-Q2 508543
2006-Q1 503359
2005-Q4 499422
2005-Q3 496101
2005-Q2 493420
2005-Q1 492075

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)
2021 Q3 2021 Q4 2022 Q1 2022 Q2 2021 2022 (ovhg)
GDP 3.3 0.6 -0.2 0.5 6.8 2.5
Imports 1.0 4.0 1.2 -0.6 7.8 4.8
Household consumption expenditure 5.8 0.5 -1.3 -0.2 5.2 2.0
General government’s consumption expenditure 3.0 0.4 0.0 -0.2 6.4 1.9
GFCF 0.5 -0.1 0.5 0.5 11.4 1.5
Of which non-financial corporations and unincorporated enterprises 0.8 -0.2 0.3 0.6 11.4 1.4
Households 1.4 -0.3 0.3 0.5 17.0 1.8
General government -1.7 -0.3 1.2 0.0 2.7 0.2
Exports 2.3 2.8 1.6 0.8 8.6 6.2
Contributions:
Internal demand excluding inventory changes 3.9 0.4 -0.5 0.0 7.0 1.9
Inventory changes -0.9 0.6 0.2 0.1 -0.3 0.2
Net foreign trade 0.4 -0.4 0.1 0.4 0.1 0.3
  • This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
  • Source: INSEE

Total production accelerated this quarter (+0.7% after +0.2%)

Total production (goods and services) picked up in Q2 (+0.7%, after +0.2% in Q1 2022), particularly in market services (+1.4% after +0.3%).

In particular, the production of accommodation and food services rebounded sharply this quarter (+6.7% after -2.1% in the previous quarter) while the dynamism of the production of transport services increased (+3.8% after +1.3%). Business services (+1.2% after +0.6%) and household services (+1.5% after +0.4%) also clearly went up. However, construction production fell this quarter (-0.5% after +0.6%).

The production of goods grew more moderately than the production of services this quarter (+0.2%, as in the previous quarter). In particular, the production of the manufacturing branches slowed down after the rebound in the previous quarter (+0.6% in Q2 after +1.3% in Q1). The slowdown is noticeable in "other manufactured products" (+0.1% after +2.0%) and in the "coke and refined petroleum" branch (+1.9% after +10.8%), while the production of food products, beverages and tobacco declined (-1.2% after +0.3%), as did the production of energy, water and waste for the second quarter in a row (-1.1% after -3.4%). Conversely, the production of transport equipment rebounded (+4.9% after -2.3%) but remained still far below its pre-crisis level.

GDP and its main components

GDP and its main components
Inventory changes Net foreign trade Consumption GDP GFCF
2022-Q2 0.1 0.42 -0.13 0.5 0.12
2022-Q1 0.23 0.08 -0.64 -0.2 0.12
2021-Q4 0.59 -0.4 0.39 0.6 -0.03
2021-Q3 -0.89 0.35 3.77 3.3 0.12
2021-Q2 -0.33 0.21 0.75 1.0 0.41
2021-Q1 0.38 -0.58 0.04 0.1 0.21

GDP and its main components

  • 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)
2021 Q3 2021 Q4 2022 Q1 2022 Q2 2021 2022 (ovhg)
Production of branches 3.0 0.7 0.2 0.7 7.2 3.1
Goods 0.0 -0.2 0.2 0.2 5.7 0.2
Manufactured industry -0.2 -0.1 1.3 0.6 6.4 1.4
Construction 0.0 0.2 0.6 -0.5 12.8 0.7
Market services 5.2 1.4 0.3 1.4 7.3 5.5
Non-market services 1.7 0.1 -0.1 -0.2 6.7 0.8
Household consumption 5.8 0.5 -1.3 -0.2 5.2 2.0
Food products 0.6 0.4 -1.6 -2.3 -0.8 -3.4
Energy 2.3 0.6 -3.9 -0.6 8.1 -2.3
Engineered goods 5.6 -0.8 -1.9 -0.7 6.9 -1.4
Services 9.6 1.4 0.0 1.5 6.6 8.0
GFCF 0.5 -0.1 0.5 0.5 11.4 1.5
Manufactured goods -0.3 -1.5 -1.2 0.0 10.7 -2.2
Construction -0.4 0.2 1.0 -0.5 14.2 0.9
Market services 1.8 0.3 1.0 1.8 8.9 4.2
  • Source: INSEE

Household consumption decreased for the second quarter in a row (-0.2% after -1.3%)

Purchases of goods decreased for the second quarter in a row (-1.3% after -2.1%, see Informations Rapides No. 199). However, consumption of services recovered significantly (+1.5% after +0.0%), particularly in the accommodation and food services (+8.9% after -2.5%), while consumption of transport services accelerated (+4.8% after +4.0%).Consumption of goods and services in France was supported this quarter by the expenditure of foreign travelers in France. All in all, consumption expenditure of French residents decreased again in the second quarter (-0.2% after -1.3%).

GFCF growth remained dynamic in Q2 (+0.5% after +0.5%)

The growth of GFCF remained rather sustained this quarter (+0.5% for the second quarter in a row). It remained mainly driven by GFCF in services (+0.6% after +1.0%), particularly in information and communication (+1.8% after +2.7%) and business services (+1.7% after -0.4%). Conversely, GFCF in manufactured goods was stable this quarter (+0.0% after -1.2%), while GFCF in construction decreased (-0.5% after +1.0%).

Foreign trade made a significant contribution to GDP growth (+0.4 points)

The contribution of foreign trade was clearly positive this quarter (+0.4 points, after +0.1 points). Exports continued to grow (+0.8% after +1.6% in Q1), driven in particular by transport services (+6.3% after +5.0%) and spending made by foreign travellers in France (+8.6% after +5.0%). Conversely, exports of goods fell (-0.6% after +1.4%), particularly in transport equipment (-3.8% after +11.5%) and food products and beverages (-1.7% after +0.1%).

Imports fell sharply this quarter (-0.6% after +1.2% in Q1). Imports of goods fell (-0.4% after +1.2%), notably those of refined petroleum (-9.9% after -22.2%), and other manufactured goods (-1.5% after +2.8%), and despite the rebound in imports of transport equipment (+3.7% after -5.1%). Imports of services (excluding tourism) also fell, but more slightly (-0.2% after +1.6%). Finally, spending by French travelers abroad contracted significantly (-2.0% after -2.2%).

The drop in imports means that the increase in demand (external and domestic) this quarter was met by an increase in production and not by an increase in imports. This is in that sense that the fall in imports contributed to GDP growth.

The contribution of inventory changes to GDP growth was weakly positive in Q2 2022 (+0.1 points)

Inventory changes contributed positively to GDP growth this quarter: +0.1 points, after +0.2 points in the previous quarter.

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)
2021 Q3 2021 Q4 2022 Q1 2022 Q2 2021 2022 (ovhg)
HDI 1.4 2.0 -0.2 na 4.0 2.1
HDI (purchasing power) 0.6 1.1 -1.6 na 2.3 -0.4
HDI by cu* (purchasing power) 0.5 1.0 -1.8 na 1.8 -0.7
Adjusted HDI (purchasing power) 1.8 1.1 -1.2 na 3.7 0.7
Saving rate (level) 16.4 16.9 16.6 na 18.7 na
Financial saving rate (level) 5.1 5.8 5.2 na 7.7 na
  • * cu: consumption unit
  • 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)
2021 Q3 2021 Q4 2022 Q1 2022 Q2 2021
Profit share 32.6 32.2 31.8 na 34.2
Investment ratio 25.3 25.3 25.4 na 25.6
Savings ratio 26.0 24.8 24.4 na 26.8
Self-financing ratio 102.7 98.0 96.0 na 105.0
  • 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)
2021 Q3 2021 Q4 2022 Q1 2022 Q2 2021
In billions of euros
Total expenditure 361.5 368.8 370.3 na 1475.2
Total receipts 333.7 339.6 343.3 na 1314.7
Net lending (+) or borrowing (–) -27.8 -29.2 -27.0 na -160.5
In % of GDP
Net lending (+) or borrowing (–) -4.4 -4.6 -4.2 na -6.4
  • Source: INSEE

Revisions

The quarterly profile of GDP growth estimates in 2021 is revised, with an unchanged annual average: growth is revised by -0.2 points in the first quarter of 2021 and by +0.1 points for each of the last three quarters of 2021. These revisions reflect an improvement in the estimation of the production in transportation services, as well as the incorporation of new data and revisions to existing indicators.

The growth overhang for 2022 is estimated at +2.5% at the end of the second quarter, instead of +1.9% at the end of the first quarter estimated in the detailed results for the first quarter of 2021. About three quarters of the update to the 2022 growth overhang (+0.6 points) comes from the results in Q2 and about one quarter of the update comes from revisions in previous quarters.

This publication is accompanied by a note (in French) describing the effect of working days on GDP growth between 2021 and 2024 and describing the new methodology for the estimation of the working day adjustment in the quarterly national accounts.

To go further

Next publication: August 31, 2022 at 08:45 a.m.

Documentation

Methodology (pdf,434 Ko)

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