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Informations Rapides · 28 July 2023 · n° 193
Informations rapidesGDP increased significantly in Q2 2023 (+0.5% after +0.1%) Quarterly national accounts - first estimate - second quarter 2023

In Q2 2023, gross domestic product (GDP) increased significantly (+0.5% in volume terms*, after +0.1% in the previous quarter).

Foreign trade contributed positively to GDP growth (+0.7 points after +0.5 points). Exports bounced back this quarter (+2.6% after -0.8%), as well as imports to a lesser extent (+0.4% after - 2.0%).

Conversely, final domestic demand (excluding inventories) contributed again negatively to GDP growth (-0.1 points in Q2 2023, as in the previous quarter), because of the decrease of household consumption (-0.4% after 0.0%). Gross fixed capital formation (GFCF) increased (+0.1% after - 0.4%).

Finally, the contribution of inventory changes to GDP growth was slightly negative this quarter (- 0.1 points after -0.3 points in Q1 2023).

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

Informations rapides
No 193
Paru le :Paru le28/07/2023
Prochaine parution le : 30/04/2024 at 07:30 - first quarter 2024

In Q2 2023, gross domestic product (GDP) increased significantly (+0.5% in volume terms*, after +0.1% in the previous quarter).

Foreign trade contributed positively to GDP growth (+0.7 points after +0.5 points). Exports bounced back this quarter (+2.6% after -0.8%), as well as imports to a lesser extent (+0.4% after - 2.0%).

Conversely, final domestic demand (excluding inventories) contributed again negatively to GDP growth (-0.1 points in Q2 2023, as in the previous quarter), because of the decrease of household consumption (-0.4% after 0.0%). Gross fixed capital formation (GFCF) increased (+0.1% after - 0.4%).

Finally, the contribution of inventory changes to GDP growth was slightly negative this quarter (- 0.1 points after -0.3 points in Q1 2023).

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

GDP - SA-WDA

GDP - SA-WDA
PIB
2023-Q2 592964
2023-Q1 589734
2022-Q4 589192
2022-Q3 588893
2022-Q2 587485
2022-Q1 584724
2021-Q4 585100
2021-Q3 582022
2021-Q2 565503
2021-Q1 559968
2020-Q4 559557
2020-Q3 563331
2020-Q2 479994
2020-Q1 552333
2019-Q4 582941
2019-Q3 585511
2019-Q2 585035
2019-Q1 580972
2018-Q4 577000
2018-Q3 573998
2018-Q2 571433
2018-Q1 568807
2017-Q4 568748
2017-Q3 565451
2017-Q2 560465
2017-Q1 555588
2016-Q4 552034
2016-Q3 548761
2016-Q2 546753
2016-Q1 548764
2015-Q4 545322
2015-Q3 544264
2015-Q2 543049
2015-Q1 542293
2014-Q4 539416
2014-Q3 539831
2014-Q2 536822
2014-Q1 536293
2013-Q4 536596
2013-Q3 532650
2013-Q2 533141
2013-Q1 529411
2012-Q4 529191
2012-Q3 529986
2012-Q2 528691
2012-Q1 529281
2011-Q4 529483
2011-Q3 528191
2011-Q2 525725
2011-Q1 526004
2010-Q4 520461
2010-Q3 517256
2010-Q2 514113
2010-Q1 511583
2009-Q4 510171
2009-Q3 505941
2009-Q2 505434
2009-Q1 505354
2008-Q4 514352
2008-Q3 522067
2008-Q2 522701
2008-Q1 525857
2007-Q4 523291
2007-Q3 522277
2007-Q2 519919
2007-Q1 516449
2006-Q4 512381
2006-Q3 509316
2006-Q2 508436
2006-Q1 503321
2005-Q4 499484
2005-Q3 496409
2005-Q2 493075
2005-Q1 491972

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)
2022 Q3 2022 Q4 2023 Q1 2023 Q2 2022 2023 (ovhg)
GDP 0.2 0.1 0.1 0.5 2.5 0.8
Imports 3.2 -0.5 -2.0 0.4 8.8 -0.3
Household consumption expenditure 0.5 -0.8 0.0 -0.4 2.1 -0.4
General government’s consumption expenditure 0.3 0.7 -0.2 0.0 2.6 0.4
GFCF 2.3 0.3 -0.4 0.1 2.3 1.2
Of which non-financial corporations and unincorporated enterprises 4.1 0.7 -0.2 0.7 3.8 3.0
Households -1.2 -1.0 -1.4 -1.6 -1.2 -3.7
General government 1.4 0.8 0.2 0.5 1.5 1.8
Exports 0.5 1.1 -0.8 2.6 7.3 2.3
Contributions:
Internal demand excluding inventory changes 0.9 -0.2 -0.1 -0.1 2.4 0.2
Inventory changes 0.2 -0.3 -0.3 -0.1 0.7 -0.3
Net foreign trade -0.9 0.5 0.5 0.7 -0.6 0.9
  • This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
  • Source: INSEE

Total production accelerated in Q2 2023 (+0.8% after +0.4%)

Total production (goods and services) rose in the second quarter of 2023 at a faster pace than in the previous quarter (+0.8% after +0.4%).

This acceleration was partly due to the dynamism of the manufacturing industry (+1.1% after +0.8%). Production accelerated in transport equipment (+3.6% after +2.8%), slowed down significantly in the refineries (+1.7% after +10.1%), and recovered in “other manufactured products” (+0.5% after -0.4%). At the same time, energy production remained dynamic, following the continued reopening of nuclear power plants (+4.1% after +4.0%). Production of market services accelerated as well (+0.7% after 0.0%). It was driven in particular by production of business services (+0.8% after +0.2%), in information-communication (+1.4% after +1.1%), and of transport services (+1.2% after -1.1%). Conversely, production declined more markedly in construction (‑0.8% after ‑0.3%).

GDP and its main components

GDP and its main components
Inventory changes Net foreign trade Consumption GDP GFCF
2023-Q2 -0.05 0.75 -0.18 0.5 0.04
2023-Q1 -0.26 0.48 -0.03 0.1 -0.1
2022-Q4 -0.31 0.51 -0.23 0.1 0.08
2022-Q3 0.25 -0.91 0.35 0.2 0.55
2022-Q2 0.28 -0.21 0.23 0.5 0.17
2022-Q1 0.46 0.0 -0.58 -0.1 0.06
2021-Q4 0.74 -0.48 0.32 0.5 -0.05
2021-Q3 -0.94 0.46 3.39 2.9 0.0
2021-Q2 -0.32 0.04 0.84 1.0 0.42
2021-Q1 0.35 -0.53 0.16 0.1 0.08

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)
2022 Q3 2022 Q4 2023 Q1 2023 Q2 2022 2023 (ovhg)
Production of branches 0.4 0.2 0.4 0.8 3.7 1.6
Goods 0.2 0.1 1.5 1.8 0.5 3.0
Manufactured industry 0.9 -0.8 0.8 1.1 1.7 1.6
Construction -0.2 0.1 -0.3 -0.8 -0.7 -1.0
Market services 0.7 0.2 0.0 0.7 6.5 1.4
Non-market services 0.2 0.2 0.5 0.2 1.1 0.7
Household consumption 0.5 -0.8 0.0 -0.4 2.1 -0.4
Food products -1.1 -3.0 -2.6 -2.7 -3.7 -7.6
Energy 0.4 -7.9 6.2 1.7 -4.1 0.8
Engineered goods -0.2 0.2 -0.1 -0.1 -1.1 -0.1
Services 0.0 0.6 0.4 0.7 8.5 2.1
GFCF 2.3 0.3 -0.4 0.1 2.3 1.2
Manufactured goods 6.9 1.3 -0.9 0.4 3.4 3.9
Construction -0.1 0.2 -0.4 -0.9 -0.9 -1.1
Market services 2.4 -0.1 -0.2 1.2 5.4 2.3
  • Source: INSEE

Household consumption declined in Q2 2023 (-0.4% after 0.0%)

Household consumption declined in the second quarter of 2023 (-0,4% after 0.0%). The decline in household purchases of goods this quarter (-0.7% after +0.1%) was due to a further decrease of food consumption, which fell for the sixth consecutive quarter (-2.7% after -2.6%).

Energy consumption slowed down (+1.7% after +6.2%). Half of the increase in the second quarter was explained by the rise in actual energy consumption, and half by a further reduction this quarter in the share of energy expenditure borne by the public sector, due to the timing of payment of the energy voucher.

Household consumption of services rose by 0.7% (after +0.4% in the previous quarter). This acceleration was driven by accommodation and food services (+1.6% after -0.3%) and transport services (+3.0% after +1.6%).

GFCF bounced back slightly in Q2 2023 (+0.1% after -0.4%)

Total GFCF was slightly back on the rise in Q2 2023 (+0.1% after -0.4%). This rebound was driven by the GFCF in manufactured goods (+0.4% after -0.9%), thanks in particular to increased investment in transport equipment (+1.9% after ‑0.8%). GFCF in market services rebounded this quarter (+1.2% after -0.2%), driven by the dynamism of investment in information-communication (+2.1% after +1.7%), and despite the continuing decline of investment in real estate transaction services (‑1.3% after ‑8.0%). Investment in construction declined also again (‑0.9% after ‑0.4%).

In particular, household GFCF kept falling for the fourth consecutive quarter (-1.6% after -1.4%) due to a decline in new housing construction and a drop in real estate transactions in both new and existing buildings.

Foreign trade contributed positively to GDP growth (+0.7 points)

The contribution of foreign trade to GDP growth was positive again in Q2 2023 (+0.7 points, after +0.5 points in the previous quarter), due to a greater increase in exports than in imports.

Exports recovered clearly in the second quarter of 2023 (+2.6% after -0.8%). In particular, exports of transport equipment increased sharply (+11.2% after +1.8%), with notably the delivery of a cruise ship. Moreover, exports rebounded in coking and refining (+10.3% after -5.9%) and in the “other manufactured products” (+1.4% after -1.3%). Exports of services were for their part almost stable (+0.1% after -1.0%).

Imports partially rebounded in the second quarter of 2023 (+0.4% after -2.0%) driven by a rebound in manufactured product imports (+1.2% after -2.3%). In particular, imports in coking and refining grew significantly this quarter (+12.1%), after a sharp decline (-17.8%) in Q1 2023. Imports of the “others manufactured goods” increased this quarter (+1.5% after -3.0%) while those of capital goods continued to decline (-1.2% after -1.0%). At last, imports of services fell back this quarter (-2.0% after +2.5%), due to a decline in transport services (-7.0% after +7.7%).

The contribution of inventory changes to GDP growth was slightly negative in Q2 2023 (-0.1 points)

The contribution of inventory changes to GDP growth was slightly negative this quarter: -0.1 points, after -0.3 points in Q1 2023. This near-stability was due to a fall in transport equipment inventories, due in particular to the delivery of a cruise ship, offset by a rebound in coking and refining inventories, following the strikes in the first quarter of 2023.

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)
2022 Q3 2022 Q4 2023 Q1 2023 Q2 2022 2023
HDI 2.5 3.3 1.6 na 5.0 5.7
HDI (purchasing power) 0.9 1.3 -0.4 na 0.2 0.8
HDI by cu* (purchasing power) 0.7 1.2 -0.5 na -0.4 0.5
Adjusted HDI (purchasing power) 0.7 1.2 -0.3 na 1.1 0.8
Saving rate (level) 16.9 18.6 18.3 na 17.5 18.3
Financial saving rate (level) 5.5 7.6 7.3 na 6.2 7.3
  • * cu: consumption unit
  • na: not available at first estimate
  • 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)
2022 Q3 2022 Q4 2023 Q1 2023 Q2 2022
Profit share 32.0 31.8 31.7 na 31.7
Investment ratio 26.3 26.3 26.1 na 25.9
Savings ratio 22.6 22.5 21.1 na 22.2
Self-financing ratio 85.8 85.6 80.9 na 85.7
  • na: not available at first estimate
  • 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)
2022 Q3 2022 Q4 2023 Q1 2023 Q2 2022
In billions of euros
Total expenditure 388.3 394.2 393.6 na 1,536.0
Total receipts 356.3 352.2 360.6 na 1,411.5
Net lending (+) or borrowing (–) -32.0 -42.1 -33.0 na -124.5
In % of GDP
Net lending (+) or borrowing (–) -4.8 -6.2 -4.8 na -4.7
  • na: not available at first estimate
  • Source: INSEE

Revisions

The estimate of GDP growth has been revised downwards by 0.1 points in the first quarter of 2023 and upwards by 0.1 points in the fourth quarter of 2022. GDP thus increased by +0.1% in the fourth quarter of 2022 as in the first quarter of 2023. Since the previous publication, new information has been incorporated and the seasonal adjustment (SVA) and working day adjustment (WDA) coefficients have been updated.

To go further

Next publication: 31 August 2023, at 8:45 am.

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