Quarterly national accounts in Q3 2022 National accounts in base 2014 - Detailed figures
GDP slowed down in Q3 2022 (+0.2% after +0.5%) Quarterly national accounts - first estimate - third quarter 2022
In Q3 2022, gross domestic product (GDP) decelerated after the rebound in the previous quarter (+0.2% in volume terms*, after +0.5% in Q2).
Final domestic demand (excluding inventories) contributed positively to GDP growth this quarter (+0.4 points after +0.2 points). Thus, gross fixed capital formation (GFCF) accelerated strongly in the third quarter after an already relatively dynamic start to the year (+1.3% after +0.6% in Q1 and +0.4% in Q2), while household consumption expenditure were stable (+0.0% after +0.3%).
Conversely, foreign trade contributed negatively to GDP growth this quarter (-0.5 points), after a zero contribution in the previous quarter: imports were more sustained than in the second quarter (+2.2% after +1.2%), in particular for goods (+1.9% after +0.8%) while exports continued to slow down (+0.7% after +1.3%) due to the decline in services exports (-0.4% after +3.3%).
Finally, the contribution of inventory changes to the evolution of GDP was slightly positive this quarter (+0.2 points after +0.3 points in Q2).
* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects (SVC-WD).
- Total production was less dynamic in Q3 (+0.4% after +0.7%)
- Household consumption stabilized in Q3 2022 (+0.0% after +0.3%)
- GFCF was very dynamic in the third quarter (+1.3% after +0.4%)
- Foreign trade contributed negatively to GDP growth (-0.5 points)
- The contribution of inventory changes to GDP growth was slightly positive in Q3 2022 (+0.2 points)
- Revisions
- To go further
In Q3 2022, gross domestic product (GDP) decelerated after the rebound in the previous quarter (+0.2% in volume terms*, after +0.5% in Q2).
Final domestic demand (excluding inventories) contributed positively to GDP growth this quarter (+0.4 points after +0.2 points). Thus, gross fixed capital formation (GFCF) accelerated strongly in the third quarter after an already relatively dynamic start to the year (+1.3% after +0.6% in Q1 and +0.4% in Q2), while household consumption expenditure were stable (+0.0% after +0.3%).
Conversely, foreign trade contributed negatively to GDP growth this quarter (-0.5 points), after a zero contribution in the previous quarter: imports were more sustained than in the second quarter (+2.2% after +1.2%), in particular for goods (+1.9% after +0.8%) while exports continued to slow down (+0.7% after +1.3%) due to the decline in services exports (-0.4% after +3.3%).
Finally, the contribution of inventory changes to the evolution of GDP was slightly positive this quarter (+0.2 points after +0.3 points in Q2).
* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects (SVC-WD).
tableauGDP - SA-WDA
PIB | |
---|---|
2022-Q3 | 589543 |
2022-Q2 | 588612 |
2022-Q1 | 585666 |
2021-Q4 | 587117 |
2021-Q3 | 583851 |
2021-Q2 | 565051 |
2021-Q1 | 559164 |
2020-Q4 | 558787 |
2020-Q3 | 563766 |
2020-Q2 | 476348 |
2020-Q1 | 550841 |
2019-Q4 | 583227 |
2019-Q3 | 584932 |
2019-Q2 | 584961 |
2019-Q1 | 581078 |
2018-Q4 | 577096 |
2018-Q3 | 573528 |
2018-Q2 | 571398 |
2018-Q1 | 569023 |
2017-Q4 | 568598 |
2017-Q3 | 564994 |
2017-Q2 | 560367 |
2017-Q1 | 556071 |
2016-Q4 | 551875 |
2016-Q3 | 548510 |
2016-Q2 | 547037 |
2016-Q1 | 548860 |
2015-Q4 | 545278 |
2015-Q3 | 544125 |
2015-Q2 | 542966 |
2015-Q1 | 542472 |
2014-Q4 | 539544 |
2014-Q3 | 539648 |
2014-Q2 | 536643 |
2014-Q1 | 536274 |
2013-Q4 | 536155 |
2013-Q3 | 532565 |
2013-Q2 | 533149 |
2013-Q1 | 529704 |
2012-Q4 | 529245 |
2012-Q3 | 529793 |
2012-Q2 | 528617 |
2012-Q1 | 529499 |
2011-Q4 | 529280 |
2011-Q3 | 528249 |
2011-Q2 | 525675 |
2011-Q1 | 526249 |
2010-Q4 | 520796 |
2010-Q3 | 517232 |
2010-Q2 | 514098 |
2010-Q1 | 511687 |
2009-Q4 | 509812 |
2009-Q3 | 506181 |
2009-Q2 | 505364 |
2009-Q1 | 505513 |
2008-Q4 | 514185 |
2008-Q3 | 521967 |
2008-Q2 | 522976 |
2008-Q1 | 525877 |
2007-Q4 | 523260 |
2007-Q3 | 522220 |
2007-Q2 | 519870 |
2007-Q1 | 516393 |
2006-Q4 | 512595 |
2006-Q3 | 508839 |
2006-Q2 | 508549 |
2006-Q1 | 503357 |
2005-Q4 | 499418 |
2005-Q3 | 496101 |
2005-Q2 | 493439 |
2005-Q1 | 492062 |
graphiqueGDP - SA-WDA

- Source: INSEE
tableauGDP and its main components
2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2021 | 2022 (ovhg) | |
---|---|---|---|---|---|---|
GDP | 0.6 | -0.2 | 0.5 | 0.2 | 6.8 | 2.5 |
Imports | 4.7 | 1.7 | 1.2 | 2.2 | 7.8 | 8.3 |
Household consumption expenditure | 0.5 | -1.3 | 0.3 | 0.0 | 5.2 | 2.3 |
General government’s consumption expenditure | 0.6 | 0.1 | -0.1 | 0.5 | 6.4 | 2.4 |
GFCF | -0.1 | 0.6 | 0.4 | 1.3 | 11.4 | 2.0 |
Of which non-financial corporations and unincorporated enterprises | -0.1 | 0.4 | 0.8 | 2.3 | 11.4 | 2.8 |
Households | -0.6 | 0.1 | 0.0 | -0.2 | 17.0 | 1.1 |
General government | -0.2 | 1.1 | -0.5 | 0.0 | 2.7 | -0.2 |
Exports | 2.9 | 2.0 | 1.3 | 0.7 | 8.6 | 7.4 |
Contributions: | ||||||
Internal demand excluding inventory changes | 0.4 | -0.5 | 0.2 | 0.4 | 7.0 | 2.4 |
Inventory changes | 0.7 | 0.2 | 0.3 | 0.2 | -0.3 | 0.6 |
Net foreign trade | -0.5 | 0.0 | 0.0 | -0.5 | 0.1 | -0.4 |
- This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
- Source: INSEE
Total production was less dynamic in Q3 (+0.4% after +0.7%)
Total production (goods and services) slowed down in the third quarter after the dynamism of the previous quarter (+0.4%, after +0.7% in Q2 2022), in connection with the slowdown in the production of services (+0.5% after +1.0%). In particular, the production of accommodation and food services decelerated markedly this quarter (+0.5% after +9.7%) and transport services slowed down significantly (+1.0% after +4.2%). On the other hand, production in information and communication remained dynamic (+1.5% after +1.7%), mainly due to IT services.
The production of goods fell slightly this quarter (-0.2%, as in the previous quarter) as the production of energy, water and waste declined for the fourth consecutive quarter (-3.3% after -3.0%). Conversely, the production of the manufacturing branches continued to progress (+0.6%, as in the second quarter), supported in particular by the dynamism of the production of transport equipment (+4.6% after +5.9%) and the rebound in the production of capital goods (+1.6% after -0.3%).
tableauGDP and its main components
Inventory changes | Net foreign trade | Consumption | GDP | GFCF | |
---|---|---|---|---|---|
2022-Q3 | 0.24 | -0.52 | 0.13 | 0.2 | 0.3 |
2022-Q2 | 0.27 | 0.02 | 0.12 | 0.5 | 0.09 |
2022-Q1 | 0.19 | 0.05 | -0.61 | -0.2 | 0.13 |
2021-Q4 | 0.68 | -0.55 | 0.45 | 0.6 | -0.02 |
2021-Q3 | -0.76 | 0.29 | 3.76 | 3.3 | 0.04 |
2021-Q2 | -0.3 | 0.15 | 0.71 | 1.1 | 0.49 |
2021-Q1 | 0.29 | -0.5 | 0.07 | 0.1 | 0.21 |
graphiqueGDP and its main components

- Source: INSEE
tableauProduction, consumption and GFCF: main components
2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2021 | 2022 (ovhg) | |
---|---|---|---|---|---|---|
Production of branches | 0.8 | 0.2 | 0.7 | 0.4 | 7.2 | 3.3 |
Goods | -0.2 | 0.2 | -0.2 | -0.2 | 5.7 | -0.2 |
Manufactured industry | -0.1 | 1.2 | 0.6 | 0.6 | 6.4 | 1.6 |
Construction | 0.1 | 0.5 | -1.0 | -0.3 | 12.8 | 0.1 |
Market services | 1.4 | 0.3 | 1.6 | 0.7 | 7.3 | 6.0 |
Non-market services | 0.3 | 0.0 | -0.3 | 0.3 | 6.7 | 1.2 |
Household consumption | 0.5 | -1.3 | 0.3 | 0.0 | 5.2 | 2.3 |
Food products | 0.7 | -1.6 | -2.2 | -1.6 | -0.8 | -4.1 |
Energy | 1.1 | -4.0 | -1.6 | 0.6 | 8.1 | -2.8 |
Engineered goods | -0.8 | -1.8 | -0.8 | 0.1 | 6.9 | -1.4 |
Services | 1.2 | -0.1 | 2.2 | 0.2 | 6.6 | 8.6 |
GFCF | -0.1 | 0.6 | 0.4 | 1.3 | 11.4 | 2.0 |
Manufactured goods | -1.5 | -0.6 | 0.4 | 3.5 | 10.7 | 0.0 |
Construction | 0.1 | 0.9 | -1.0 | -0.2 | 14.2 | 0.2 |
Market services | 0.5 | 0.9 | 2.0 | 1.7 | 8.9 | 5.1 |
- Source: INSEE
Household consumption stabilized in Q3 2022 (+0.0% after +0.3%)
Consumption of services slowed down significantly this quarter after the rebound in the second quarter (+0.2% after +2.2%). In particular, household spending on accommodation and food services (+0.6% after +12.7%) and on transport services (+0.5% after +6.3%) decelerated sharply. On the other hand, purchases of goods continued to decline, but to a lesser extent than in the previous quarter (-0.5% after -1.5%). They were still dragged down by food consumption, which fell for the third consecutive quarter (-1.6% after -2.2%); on the other hand, spending on petroleum products and car purchases rebounded.
GFCF was very dynamic in the third quarter (+1.3% after +0.4%)
Total GFCF accelerated sharply this quarter (+1.3% after +0.4%). It was essentially driven by the strength of GFCF in manufactured goods (+3.5% after +0.4%), particularly in transport equipment (+12.4% after +0.3%). In addition, GFCF in services accelerated slightly this quarter (+0.7% after +0.4%), especially under the influence of the dynamism of GFCF in information-communication (+3.0% after +2.5%), while GFCF in construction continued to decrease although more moderately than in the second quarter (-0.2% after -1.0%).
Foreign trade contributed negatively to GDP growth (-0.5 points)
The contribution of foreign trade was negative this quarter (-0.5 points, after +0.0 point in the two previous quarters). Exports slowed down for the third consecutive quarter (+0.7% after +1.3%), penalised in particular by the contraction of exports of transport services (-2.5% after +10.4%) and information-communication (-1.5% after -0.2%). Conversely, exports of goods picked up (+1.1% after +0.0%), particularly in transport equipment (+1.2% after -2.5%), while exports of capital goods accelerated (+3.1% after +1.6%).
Imports, on the other hand, were stronger this quarter than in the previous quarter (+2.2% after +1.2%). Imports of goods accelerated (+1.9% after +0.8%), driven by imports of electricity and capital goods. Furthermore, imports of services remained dynamic this quarter (+2.5%, as in the previous quarter): the rebound of imports in information-communication (+2.9% after -1.0%) and, to a lesser extent, in household services (+5.4% after -8.7%) balanced the slowdown in transport services (+6.2% after +10.3%).
The contribution of inventory changes to GDP growth was slightly positive in Q3 2022 (+0.2 points)
Inventory changes contributed positively to GDP growth this quarter: +0.2 points, after +0.3 points in the previous quarter.
tableauHouseholds’ disposable income and ratios of households’ account
2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2021 | 2022 (ovhg) | |
---|---|---|---|---|---|---|
HDI | 2.2 | -0.4 | 0.9 | na | 4.0 | 2.8 |
HDI (purchasing power) | 1.3 | -1.7 | -1.1 | na | 2.3 | -1.1 |
HDI by cu* (purchasing power) | 1.2 | -1.8 | -1.2 | na | 1.9 | -1.5 |
Adjusted HDI (purchasing power) | 1.3 | -1.2 | -0.8 | na | 3.7 | 0.1 |
Saving rate (level) | 17.1 | 16.7 | 15.6 | na | 18.7 | na |
Financial saving rate (level) | 6.0 | 5.3 | 4.2 | na | 7.7 | na |
- * cu: consumption unit
- na: not available at first estimate
- Source: INSEE
tableauRatios of non-financial corporations’s account
2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2021 | |
---|---|---|---|---|---|
Profit share | 32.0 | 31.7 | 31.8 | na | 34.2 |
Investment ratio | 25.3 | 25.3 | 25.5 | na | 25.6 |
Savings ratio | 24.4 | 23.5 | 22.7 | na | 26.8 |
Self-financing ratio | 96.5 | 92.9 | 89.1 | na | 105.0 |
- na: not available at first estimate
- Source: INSEE
tableauExpenditure, receipts and net borrowing of public administrations
2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2021 | |
---|---|---|---|---|---|
In billions of euros | |||||
Total expenditure | 369.7 | 372.5 | 378.0 | na | 1476.3 |
Total receipts | 340.5 | 346.7 | 353.0 | na | 1313.1 |
Net lending (+) or borrowing (–) | -29.2 | -25.8 | -24.9 | na | -163.1 |
In % of GDP | |||||
Net lending (+) or borrowing (–) | -4.6 | -4.0 | -3.8 | na | -6.5 |
- na: not available at first estimate
- Source: INSEE
Revisions
The quarterly GDP profile for the first half of 2022 is not revised. Since the previous publication, new information has been incorporated and the seasonal adjustment (SVA) and working day adjustment (WDA) coefficients have been updated, but these revisions broadly offset each other on the GDP growth estimate.
The production and generation of income accounts by branch have been partially revised, including an improvement in the volume-price split of intermediate consumption of energy and the breakdown of taxes on production by branch.
To go further
Next publication: 30 November 2022 at 08:45 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 :
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