In Q4 2022, gross domestic product (GDP) slowed again (+0.1% in volume terms*, after +0.2% in Q3).

Final domestic demand (excluding inventories) contributed negatively to GDP growth this quarter (-0.2 points after +0.9 points), due to a sharp decline in household consumption (-0.9% after +0.5%). Gross fixed capital formation (GFCF) slowed down (+0.8% after +2.3% in Q3), but remained dynamic.

Conversely, foreign trade contributed positively to GDP growth this quarter (+0.5 points), after a negative contribution in the previous quarter. Imports fell sharply (-1.9% after +3.9%), more than exports (-0.3% after +0.8%).

Finally, the contribution of inventory changes to the evolution of GDP was negative this quarter (-0.2 points after +0.3 points in Q3).

On average over the year 2022, GDP increased by 2.6% (after +6.8% in 2021 and -7.9% in 2020). This figure was essentially the result of the rebound in activity in the second and third quarters of 2021, as the health crisis receded. Quarter-on-quarter growth was significantly less dynamic over the year 2022. The growth overhang for 2023 stands at +0.3% at the end of the fourth quarter of 2022.

*_{Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects (SA-WDA).}

Total production (goods and services) slowed down in Q4 2022 (+0.2%, after +0.4% in Q3 2022).

In manufacturing industry, production fell (-0.5% after +0.6%), with a sharp drop in refinery output (-10.0% after -0.2%) as a result of the October strikes, but also a decline in transport equipment (-0.7% after +4.0%) and other manufactured goods (-0.3%, as in the previous quarter). In addition, energy production remained low, still disrupted by the maintenance of nuclear reactors. The production of services decelerated slightly (+0.4% after +0.5%). It continued to be driven by production in business services (+0.5% after +0.8%) and information and communication (+1.9% after +2.4%), but it was notably held back by the decline in trade production (-0.3% after +0.6%), linked to the fall in household consumption.

Household consumption fell by 0.9% in Q4 2022 (after +0.5%). Household consumption of goods fell sharply (-1.9% after -0.5%). In particular, food consumption fell for the fourth consecutive quarter (-2.8% after -1.2%). Energy consumption declined sharply (-5.5% after +0.3%), due to a very mild autumn but probably also as a result of efforts to reduce energy consumption. Household consumption of services increased by 0.5% (after +0.4% in the previous quarter). This slight acceleration was driven by transportation services (+2.0% after +0.3%).

Total GFCF continued to grow but slowed down in the fourth quarter (+0.8% after +2.3%). It was essentially driven by the slowdown of GFCF in manufactured goods (+1.2% after +6.8%), held back in particular by the decline in investment in transport equipment (-3.2% after +19.1%). GFCF in services slowed down moderately this quarter (+0.6% after +1.1%), with GFCF in information-communication less dynamic (+2.5% after +4.8%) while GFCF in real estate services fell for the second consecutive quarter (-1.4% after -3.7%). GFCF in construction remained stable (+0.0%, as in the third quarter).

The contribution of foreign trade to GDP growth was positive this quarter (+0.5 points, after -1.0 point in the previous quarter), as a result of a much more marked decline in imports than in exports.

Exports fell this quarter (-0.3% after +0.8%), penalised in particular by the contraction in exports of manufactured goods (-1.8% after +1.5%), and particularly of transport equipment (-1.8% after +4.9%). This decline was however mitigated by the rebound of exports in energy, water, waste (+32.6% after -2.2%) in crude oil, gas and electricity, and the increase in spending by non-resident tourists in France.

Imports fell more sharply (-1.9% after +3.9%). In particular, imports of energy, water and waste decreased markedly (-17.9% after +7.8%), in crude oil, gas and electricity especially. Imports of refined petroleum, on the other hand, rose following the refinery strikes in October (+9.7% after +2.3%). Imports of manufactured goods were also down this quarter (-1.5% after +2.7%). Furthermore, imports of services remained on the rise (+0.6% after +5.6%), driven by imports of business services (+1.4% after +0.7%), while imports of transport services fell back slightly (-0.4% after +14.2%), as did imports in information-communication services (-0.3% after +5.5%). Finally, spending by French residents abroad declined (-4.0% after +9.8%).

Inventory changes contributed negatively to GDP growth this quarter: -0.2 points, after +0.3 points in the previous quarter.

The quarterly GDP profile for the previous three quarters 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 strong revision of consumption in the third quarter (+0.5% instead of -0.1%) was linked to a significant revision of the territorial correction (the addition of French consumption abroad and the removal of foreign consumption in France from the consumption recorded on French territory). It had its counterpart in foreign trade and ultimately had no effect on the assessment of growth.