Quarterly national accounts in Q4 2022 National accounts in base 2014 - Detailed figures
In Q4 2022, GDP slowed down (+0.1%) while the purchasing power of GDHI per consumption unit remained dynamic (+0.8%) Quarterly national accounts - detailed figures - fourth quarter 2022
In Q4 2022, the GDP growth in volume terms* is confirmed at +0.1%.
The purchasing power of GDHI per consumption unit increased by 0.8% in Q4 2022 (after +0.7% in Q3). The household savings rate rose sharply this quarter : it stood at 17.8% after 16.1% in Q3 2022.
The margin rate of non-financial corporations increased by 0.5 percentage points: it stood at 32.4%, after 31.9%.
Like every year, the general government account for Q4 2022 and the whole year 2022 is not published in the Detailed Results. The public deficit estimate for 2022, using the annual national accounts methodology, will be released on 28 March.
In Q4 2022, the GDP growth in volume terms* is confirmed at +0.1%.
The purchasing power of GDHI per consumption unit increased by 0.8% in Q4 2022 (after +0.7% in Q3). The household savings rate rose sharply this quarter : it stood at 17.8% after 16.1% in Q3 2022.
The margin rate of non-financial corporations increased by 0.5 percentage points: it stood at 32.4%, after 31.9%.
GDP growth in Q4 2022 is confirmed at +0.1%
In Q4 2022, GDP slowed down again in volume terms* (+0.1% in quarterly variation, after +0.2% in Q3 2022 and +0.5% in Q2). Household consumption declined (-1.2% after +0.4%), pulled down by consumption of goods. The gross fixed capital formation (GFCF) slowed down (+0.3% after +2.3%). In total, final domestic demand excluding inventories contributed negatively, by -0.4 percentage points to GDP growth (after +0.8 points in the previous quarter).
Imports declined (-0.4% after +4.2%), as a result of lower energy imports, and exports slowed down (+0.5% after +1.0%), due to the manufactured goods, but still rose. The contribution of foreign trade to GDP growth is therefore positive (+0.3 percentage points after -1.1 points).
Finally, the contribution of inventory changes to GDP growth is positive this quarter (+0.2 percentage points after +0.4 points in Q3 2022).
* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects (SA-WDA).
tableauGDP and its main components
| Inventory changes | Net foreign trade | Consumption | GDP | GFCF | |
|---|---|---|---|---|---|
| 2022-Q4 | 0.15 | 0.31 | -0.45 | 0.1 | 0.06 |
| 2022-Q3 | 0.43 | -1.08 | 0.27 | 0.2 | 0.54 |
| 2022-Q2 | 0.26 | -0.14 | 0.32 | 0.5 | 0.06 |
| 2022-Q1 | 0.01 | 0.16 | -0.46 | -0.2 | 0.07 |
| 2021-Q4 | 0.86 | -0.73 | 0.52 | 0.6 | -0.07 |
| 2021-Q3 | -0.74 | 0.36 | 3.6 | 3.3 | 0.12 |
| 2021-Q2 | -0.44 | 0.25 | 0.76 | 1.1 | 0.5 |
| 2021-Q1 | 0.29 | -0.51 | 0.14 | 0.1 | 0.14 |
graphiqueGDP and its main components
- Source: INSEE
tableauGDP and its main components
| 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2021 | 2022 | |
|---|---|---|---|---|---|---|
| GDP | -0.2 | 0.5 | 0.2 | 0.1 | 6.8 | 2.6 |
| Imports | 1.3 | 1.1 | 4.2 | -0.4 | 7.8 | 9.1 |
| Household consumption expenditure | -1.0 | 0.6 | 0.4 | -1.2 | 5.2 | 2.7 |
| General government’s consumption expenditure | 0.3 | 0.0 | 0.3 | 0.6 | 6.4 | 2.7 |
| GFCF | 0.3 | 0.3 | 2.3 | 0.3 | 11.4 | 2.3 |
| Of which non-financial corporations and unincorporated enterprises | 0.1 | 0.5 | 3.8 | 0.6 | 11.4 | 3.3 |
| Households | 0.0 | -0.1 | -0.7 | -0.9 | 17.0 | 0.3 |
| General government | 1.1 | -0.1 | 1.0 | 0.5 | 2.7 | 0.6 |
| Exports | 1.9 | 0.7 | 1.0 | 0.5 | 8.6 | 7.1 |
| Contributions: | ||||||
| Internal demand excluding inventory changes | -0.4 | 0.4 | 0.8 | -0.4 | 7.0 | 2.7 |
| Inventory changes | 0.0 | 0.3 | 0.4 | 0.2 | -0.3 | 0.6 |
| Net foreign trade | 0.2 | -0.1 | -1.1 | 0.3 | 0.1 | -0.7 |
- This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
- Source: INSEE
tableauProduction, consumption and GFCF: main components
| 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2021 | 2022 | |
|---|---|---|---|---|---|---|
| Production of branches | 0.2 | 0.7 | 0.4 | 0.1 | 7.2 | 3.4 |
| Goods | 0.2 | -0.1 | 0.0 | 0.0 | 5.7 | 0.1 |
| Manufactured industry | 1.0 | 0.5 | 0.6 | -0.4 | 6.4 | 1.5 |
| Construction | 0.5 | -0.5 | -0.1 | -0.2 | 12.8 | 0.4 |
| Market services | 0.2 | 1.5 | 0.7 | 0.2 | 7.3 | 5.9 |
| Non-market services | 0.2 | -0.1 | 0.2 | 0.3 | 6.7 | 1.5 |
| Household consumption | -1.0 | 0.6 | 0.4 | -1.2 | 5.2 | 2.7 |
| Food products | -1.4 | -2.1 | -1.2 | -2.9 | -0.8 | -4.7 |
| Energy | -3.6 | -1.7 | 0.4 | -6.2 | 8.1 | -4.0 |
| Engineered goods | -1.7 | -0.3 | 0.0 | 0.3 | 6.9 | -1.1 |
| Services | 0.0 | 2.6 | 0.3 | 0.4 | 6.6 | 9.2 |
| GFCF | 0.3 | 0.3 | 2.3 | 0.3 | 11.4 | 2.3 |
| Manufactured goods | -1.6 | -0.6 | 6.7 | 1.2 | 10.7 | 1.0 |
| Construction | 0.7 | -1.1 | 0.0 | 0.1 | 14.2 | -0.1 |
| Market services | 0.9 | 2.2 | 2.4 | 0.0 | 8.9 | 5.5 |
- Source: INSEE
Household purchasing power remained dynamic in Q4 2022
Household gross disposable income (GDI) in current euros accelerated in Q4 2022 (+2.9% after +2.5%). It was driven in particular by a sharp decline in tax levies (-3.3% after +3.0%) due to the suppression of the public broadcasting contribution and the continued reduction in the housing tax (second rebate for the wealthiest 20% of households). The wage bill received by households remained very dynamic (+1.7%, as in the previous quarter): salaried employment slowed down slightly (+0.2% after +0.3%) while the average wage per capita accelerated a little bit (+1.5% after +1.4%) driven in particular by the large value-sharing bonus payments this quarter. In contrast, social cash benefits slowed down sharply (+0.7% after +3.2%) after the strong revaluations of the previous quarter.
At the same time, the household consumption deflator accelerated again (+2.0% after +1.7%). It remained very dynamic, but less so than GDI in current euros. Thus, the purchasing power of household GDI remained on the rise (+0.9% after +0.8%). Over the whole year, it slowed down sharply (+0.2% after +2.3% en 2021) due to the strong acceleration in consumer prices (+5.3% in 2022 after +1.6%). Measured per consumption unit to be brought back to an individual level, the purchasing power of household GDI rose by 0.8% in the fourth quarter (after +0.7% in Q3). For the whole year, it declined by 0.2%.
Given the decline in consumption despite the increase in purchasing power of GDI at the end of the year, the household savings rate rose sharply in Q4 2022 : it stood at 17.8% after 16.1% in Q3 2022.
On average for the year 2022, the savings rate stood at 16.6%. It decreased by 2 percentage points compared to 2021, but remained well above its level before the healthcare crisis (+1.6 percentage points compared to 2019).
tableauHouseholds’ disposable income and ratios of households’ account
| 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2021 | 2022 | |
|---|---|---|---|---|---|---|
| HDI | -0.1 | 1.3 | 2.5 | 2.9 | 4.0 | 5.5 |
| HDI (purchasing power) | -1.4 | -0.7 | 0.8 | 0.9 | 2.3 | 0.2 |
| HDI by cu* (purchasing power) | -1.5 | -0.8 | 0.7 | 0.8 | 1.9 | -0.2 |
| Adjusted HDI (purchasing power) | -1.0 | -0.5 | 0.7 | 0.9 | 3.7 | 1.2 |
| Saving rate (level) | 16.9 | 15.8 | 16.1 | 17.8 | 18.7 | 16.6 |
| Financial saving rate (level) | 5.5 | 4.5 | 4.8 | 6.9 | 7.7 | 5.4 |
- * cu: consumption unit
- Source: INSEE
Total hours worked accelerated a bit
Total hours worked increased by 0.4% in the fourth quarter of 2022 (after +0.3%). Total employment slowed down slightly (+0.3% after +0.4%) but the number of hours per job increased a little bit, as the number of sick days decreased this quarter.
The margin rate of non-financial corporations increased
In the fourth quarter of 2022, the margin rate of non-financial corporations (NFC) rose by 0.5 percentage points: it stood at 32.4% after 31.9%. The increase in the margin rate was due in particular to the improvement in the domestic terms of trade, the price of NFC value added being more dynamic than the price of consumption this quarter. Productivity per capita decreased this quarter, but this decline was offset by the drop in real wages and in the apparent rate of employer contributions (the large value-sharing bonus payments are not subject to social security contributions). The margin rate increased especially in the energy sector, while it declined slightly in transportation services, but remained at a high level for this sector.
On average for 2022, the NFC margin rate stood at 32.0% (after 34.2% in 2021). After having reached a historically high level in 2021, it decreased by 2.2 percentage points, mainly due to the end of support measures linked to the healthcare crisis. However, it remained 0.5 percentage points higher than its average level in 2018.
tableauRatios of non-financial corporations’s account
| 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2021 | 2022 | |
|---|---|---|---|---|---|---|
| Profit share | 31.7 | 32.1 | 31.9 | 32.4 | 34.2 | 32.0 |
| Investment ratio | 25.2 | 25.2 | 26.2 | 25.9 | 25.6 | 25.6 |
| Savings ratio | 24.1 | 23.0 | 23.7 | 24.6 | 26.8 | 23.8 |
| Self-financing ratio | 95.4 | 91.4 | 90.5 | 94.7 | 105.0 | 93.0 |
- Source: INSEE
Revisions
The evolution of GDP in Q4 2022 is confirmed at +0.1%, as in the first estimate.
Since the previous publication, new information have been included and the seasonal adjustment (SA) and working day adjustment (WDA) coefficients have been updated, but these revisions broadly offset each other in the GDP growth estimate. In particular, exports and imports have been revised upwards significantly.
To go further
Next publication: 28 April 2023, at 7:30 am.
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 :
- synthetic files displaying from the accounts the relevant information for economic analysis
- sometimes, one or two files displaying all the data available.
Documentation
Abbreviated methodology (pdf, 125 Ko )