Informations Rapides ·
30 October 2024 · n° 269GDP accelerated slightly in Q3 2024 (+0.4% after +0.2%) Quarterly national accounts - first estimate - third quarter 2024
Real gross domestic product (GDP)* accelerated moderately in the third quarter, rising by 0.4% after +0.2% in the second quarter, boosted by the Paris Olympic and Paralympic Games.
Final domestic demand (excluding inventories) regained some momentum, driven by a rebound in household consumption (+0.5% after +0.0%). Conversely, gross fixed capital formation continued to decline (-0.8% after -0.1%). Overall, domestic demand (excluding inventories) made a positive contribution to GDP growth this quarter: +0.2 points after +0.1 points in Q2 2024.
The contribution of foreign trade to growth remained slightly positive in the third quarter (+0.1 points after +0.2 points), with imports declining more sharply (-0.7% after +0.1%) than exports (-0.5% after +0.5%).
Finally, changes in inventories made a small contribution to GDP growth this quarter: +0.1 points after a zero contribution in Q2 2024.
- Total production accelerated slightly in Q3 2024 (+0.4% after +0.3%)
- Household consumption increased anew in Q3 2024 (+0.5% after +0.0%)
- GFCF declined further in Q3 2024 (-0.8% after -0.1%)
- Foreign trade made a positive contribution again to GDP growth
- Inventory changes make a small contribution to GDP growth in Q3 2024 (+0.1 points)
- Revisions
- For further information
Real gross domestic product (GDP)* accelerated moderately in the third quarter, rising by 0.4% after +0.2% in the second quarter, boosted by the Paris Olympic and Paralympic Games.
Final domestic demand (excluding inventories) regained some momentum, driven by a rebound in household consumption (+0.5% after +0.0%). Conversely, gross fixed capital formation continued to decline (-0.8% after -0.1%). Overall, domestic demand (excluding inventories) made a positive contribution to GDP growth this quarter: +0.2 points after +0.1 points in Q2 2024.
The contribution of foreign trade to growth remained slightly positive in the third quarter (+0.1 points after +0.2 points), with imports declining more sharply (-0.7% after +0.1%) than exports (-0.5% after +0.5%).
Finally, changes in inventories made a small contribution to GDP growth this quarter: +0.1 points after a zero contribution in Q2 2024.
tableauGDP - SA-WDA
PIB | |
---|---|
2024-Q3 | 650910 |
2024-Q2 | 648561 |
2024-Q1 | 647275 |
2023-Q4 | 645666 |
2023-Q3 | 642761 |
2023-Q2 | 642299 |
2023-Q1 | 637948 |
2022-Q4 | 637577 |
2022-Q3 | 637174 |
2022-Q2 | 634131 |
2022-Q1 | 631339 |
2021-Q4 | 632157 |
2021-Q3 | 628509 |
2021-Q2 | 611213 |
2021-Q1 | 603484 |
2020-Q4 | 601200 |
2020-Q3 | 601849 |
2020-Q2 | 520490 |
2020-Q1 | 593601 |
2019-Q4 | 625475 |
2019-Q3 | 628713 |
2019-Q2 | 628525 |
2019-Q1 | 624831 |
2018-Q4 | 619624 |
2018-Q3 | 614744 |
2018-Q2 | 611723 |
2018-Q1 | 610470 |
2017-Q4 | 610947 |
2017-Q3 | 607183 |
2017-Q2 | 602722 |
2017-Q1 | 597366 |
2016-Q4 | 593293 |
2016-Q3 | 590232 |
2016-Q2 | 589515 |
2016-Q1 | 590970 |
2015-Q4 | 588608 |
2015-Q3 | 587288 |
2015-Q2 | 585723 |
2015-Q1 | 585435 |
2014-Q4 | 582130 |
2014-Q3 | 583294 |
2014-Q2 | 579798 |
2014-Q1 | 578920 |
2013-Q4 | 579490 |
2013-Q3 | 575324 |
2013-Q2 | 575438 |
2013-Q1 | 570431 |
2012-Q4 | 570005 |
2012-Q3 | 569953 |
2012-Q2 | 568687 |
2012-Q1 | 571156 |
2011-Q4 | 570994 |
2011-Q3 | 569230 |
2011-Q2 | 567251 |
2011-Q1 | 567273 |
2010-Q4 | 559999 |
2010-Q3 | 556551 |
2010-Q2 | 552919 |
2010-Q1 | 550135 |
2009-Q4 | 548857 |
2009-Q3 | 544437 |
2009-Q2 | 543535 |
2009-Q1 | 542601 |
2008-Q4 | 553438 |
2008-Q3 | 560243 |
2008-Q2 | 561555 |
2008-Q1 | 565414 |
2007-Q4 | 560599 |
2007-Q3 | 560311 |
2007-Q2 | 558725 |
2007-Q1 | 555122 |
2006-Q4 | 549265 |
2006-Q3 | 546303 |
2006-Q2 | 545764 |
2006-Q1 | 539217 |
2005-Q4 | 534746 |
2005-Q3 | 531039 |
2005-Q2 | 527030 |
2005-Q1 | 525673 |
graphiqueGDP - SA-WDA
tableauGDP and its main components
2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2023 | 2024 (ovhg) | |
---|---|---|---|---|---|---|
GDP | 0.5 | 0.2 | 0.2 | 0.4 | 1.1 | 1.1 |
Imports | -1.9 | 0.1 | 0.1 | -0.7 | 0.7 | -1.5 |
Household consumption expenditure | 0.3 | 0.1 | 0.0 | 0.5 | 0.9 | 0.8 |
General government’s consumption expenditure | 0.5 | 0.7 | 0.5 | 0.5 | 0.8 | 2.0 |
GFCF | -0.9 | -0.6 | -0.1 | -0.8 | 0.7 | -1.6 |
Of which non-financial corporations and unincorporated enterprises | -0.9 | -0.8 | -0.2 | -1.4 | 3.1 | -1.8 |
Households | -2.0 | -2.0 | -1.0 | -0.9 | -8.2 | -6.1 |
General government | 0.1 | 1.1 | 0.7 | 0.5 | 7.1 | 3.0 |
Exports | 0.8 | 0.6 | 0.5 | -0.5 | 2.5 | 1.6 |
Contributions: | ||||||
Internal demand excluding inventory changes | 0.1 | 0.1 | 0.1 | 0.2 | 0.9 | 0.5 |
Inventory changes | -0.7 | 0.0 | 0.0 | 0.1 | -0.4 | -0.5 |
Net foreign trade | 1.0 | 0.1 | 0.2 | 0.1 | 0.6 | 1.1 |
- This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
- Source: INSEE
Total production accelerated slightly in Q3 2024 (+0.4% after +0.3%)
Total production (goods and services) accelerated slightly in the third quarter, rising by 0.4% after +0.3% in the previous quarter.
It was boosted by the organization of the Olympic and Paralympic Games in Paris during the summer and whose ticket sales and broadcasting rights are recorded, in national accounts, at the time of the sporting event. Production of market services was thus dynamic in the third quarter (+0.5%, as in the previous quarter): it was stimulated by the rebound in household services (+3.5% after -0.2%) with the production of sporting events, and the acceleration of production in information and communication (+2.3% after +1.1%) due to audiovisual broadcasting rights. It slowed down in accommodation and catering services (+0.2% after +0.7%). Conversely, output fell in transport services (-0.6% after +0.2%) and trade (-0.4% after -0.2%).
Meanwhile, production in energy, water and waste remained strong following the rebound recorded in the previous quarter (+2,1% after +1,7%).
Conversely, production in the manufacturing industry fell slightly this quarter (-0.1% after -0.3%), penalized in particular by the downturn in refinery output (-0.8% after +3.4%). Capital goods production recovered a little (+0.5%) after four consecutive quarters of decline.
Construction output stabilized (+0.0%) after declining over the previous four quarters.
tableauGDP and its main components
Inventory changes | Net foreign trade | Consumption | GDP | GFCF | |
---|---|---|---|---|---|
2024-Q3 | 0.07 | 0.08 | 0.4 | 0.4 | -0.19 |
2024-Q2 | -0.04 | 0.16 | 0.12 | 0.2 | -0.03 |
2024-Q1 | 0.05 | 0.11 | 0.22 | 0.2 | -0.13 |
2023-Q4 | -0.68 | 1.04 | 0.3 | 0.5 | -0.21 |
2023-Q3 | -0.1 | -0.18 | 0.37 | 0.1 | -0.02 |
2023-Q2 | 0.03 | 0.47 | 0.06 | 0.7 | 0.12 |
2023-Q1 | -0.1 | 0.23 | -0.02 | 0.1 | -0.05 |
2022-Q4 | -0.46 | 0.35 | 0.08 | 0.1 | 0.1 |
2022-Q3 | 0.41 | -0.59 | 0.38 | 0.5 | 0.28 |
2022-Q2 | 0.31 | -0.4 | 0.62 | 0.4 | -0.09 |
2022-Q1 | 0.28 | -0.01 | -0.43 | -0.1 | 0.03 |
2021-Q4 | 0.66 | -0.07 | 0.2 | 0.6 | -0.2 |
2021-Q3 | -0.85 | 0.69 | 3.15 | 2.8 | -0.16 |
2021-Q2 | -0.45 | -0.28 | 1.52 | 1.3 | 0.48 |
2021-Q1 | 0.41 | -0.3 | 0.16 | 0.4 | 0.11 |
graphiqueGDP and its main components
tableauProduction, consumption and GFCF: main components
2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2023 | 2024 (ovhg) | |
---|---|---|---|---|---|---|
Production of branches | 0.6 | -0.1 | 0.3 | 0.4 | 1.7 | 1.1 |
Goods | 0.9 | -1.8 | 0.0 | 0.3 | 0.9 | -0.8 |
Manufactured industry | 0.1 | -0.7 | -0.3 | -0.1 | 1.1 | -0.7 |
Construction | -1.0 | -1.0 | -0.6 | 0.0 | 0.2 | -2.4 |
Market services | 0.6 | 0.7 | 0.5 | 0.5 | 2.6 | 2.2 |
Non-market services | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 2.4 |
Household consumption | 0.3 | 0.1 | 0.0 | 0.5 | 0.9 | 0.8 |
Food products | -0.9 | -0.1 | -1.5 | 0.3 | -3.5 | -2.0 |
Energy | -2.0 | 1.1 | 0.9 | 0.9 | -2.3 | 0.5 |
Engineered goods | 0.5 | -0.6 | 0.6 | 0.0 | 0.4 | 0.6 |
Services | 0.7 | 0.4 | 0.5 | 1.0 | 3.1 | 2.2 |
GFCF | -0.9 | -0.6 | -0.1 | -0.8 | 0.7 | -1.6 |
Manufactured goods | -1.4 | -1.1 | -1.3 | -4.4 | 3.8 | -4.6 |
Construction | -1.1 | -1.0 | -0.6 | 0.0 | -0.9 | -2.4 |
Market services | -0.2 | 0.4 | 1.3 | 0.4 | 1.1 | 1.5 |
- Source: INSEE
Household consumption increased anew in Q3 2024 (+0.5% after +0.0%)
Household consumption was back on the rise in the third quarter of 2024 (+0.5% after +0.0%). A large part of this increase (around half) is linked to the consumption of recreational services in connection with the Paris Olympic and Paralympic Games. In addition to this effect, household consumption of services (+1.0% in the third quarter after +0.5%) was also boosted by the acceleration in consumption of information and communication services (+2.4% after +0.8%). By contrast, household consumption of accommodation and catering services slowed in the third quarter (+0.2% after +0.9%), and consumption of transport services declined (-0.4% after +0.3%).
Purchases of goods bounced back (+0.3% after -0.2%) after three quarters of decline, driven in particular by consumption of “other manufactured goods” (+0.9% after +0.2%), especially clothing and textiles. Food consumption stood up slightly (+0.3% after -1.5%), while household spending on energy increased by 0.9%, as in the previous quarter. Conversely, their spending on transport equipment declined this quarter (-2.3% after +1.3%).
GFCF declined further in Q3 2024 (-0.8% after -0.1%)
Total GFCF fell again in the third quarter of 2024 (-0.8% after -0.1%), as a result of the sharp decline in GFCF for manufactured goods (-4.4% after -1.3%) and a slowdown in GFCF for market services (+0.4% after +1.3%).
Investment in manufactured goods was pulled down in particular by the fall in GFCF for transport equipment (-9.2% after -0.6%), linked to the entry into force, at the beginning of July, of the new European “GSR2” (General safety regulation) standard for heavy and light vehicles.
Investment in market services was penalized by the slowdown of investment in information and communications (+1.0% after +1.5%), as well as by the decline in GFCF for real estate services (-2.3% after +0.5%) and business services (-0.1% after +1.2%).
Meanwhile, investment in construction stabilized (+0.0%) after four consecutive quarters of decline, with dynamic civil engineering activity offsetting a further decline in building investment.
Foreign trade made a positive contribution again to GDP growth
The contribution of foreign trade to GDP growth remained slightly positive in the third quarter of 2024 (+0.1 points, after +0.2 points in the previous quarter).
Imports contracted this quarter (-0.7% after +0.1%), with declines in transport equipment (-1.7% after -2.1%), capital goods (-1.2% after -0.1%) and “other manufactured goods” (-1.3% after -0.6%). Conversely, imports of services recovered (+0.4%) after four consecutive quarters of decline, mainly due to an acceleration in business services (+1.3% after +0.3%).
Exports also fell in the third quarter of 2024 (-0.5% after +0.5%), driven by exports of manufactured goods (-1.7% after +0.8%) and agricultural products (-11.6% after -6.5%), reflecting this year's poor harvests. Conversely, exports of services accelerated this quarter (+1.8% after +0.6%), driven by information-communication services (+9.5% after -1.1%) boosted by broadcasting rights for the Olympic and Paralympic Games, and transportation services (+4.4% after +0.3%).
Inventory changes make a small contribution to GDP growth in Q3 2024 (+0.1 points)
Changes in inventories made a slightly positive contribution to GDP growth this quarter (+0.1 points after +0.0 points).
tableauHouseholds’ disposable income and ratios of households’ account
2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2023 | 2024 (ovhg) | |
---|---|---|---|---|---|---|
HDI | 1.5 | 1.6 | 0.7 | na | 8.0 | 4.4 |
HDI (purchasing power) | 1.0 | 0.6 | 0.5 | na | 0.9 | 1.7 |
HDI by cu* (purchasing power) | 0.8 | 0.4 | 0.3 | na | 0.3 | 1.3 |
Adjusted HDI (purchasing power) | 0.8 | 0.6 | 0.4 | na | 0.9 | 1.6 |
Saving rate (level) | 17.1 | 17.6 | 18.0 | na | 16.9 | na |
Financial saving rate (level) | 7.2 | 8.1 | 8.6 | na | 6.5 | na |
- * cu: consumption unit
- na: not available at first estimate
- Source: INSEE
tableauRatios of non-financial corporations’s account
2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2023 | |
---|---|---|---|---|---|
Profit share | 33.0 | 32.1 | 31.2 | na | 32.9 |
Investment ratio | 22.5 | 22.6 | 22.8 | na | 22.8 |
Savings ratio | 21.8 | 19.8 | 18.6 | na | 21.8 |
Self-financing ratio | 96.8 | 87.6 | 81.8 | na | 95.8 |
- na: not available at first estimate
- Source: INSEE
tableauExpenditure. receipts and net borrowing of public administrations
2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2023 | |
---|---|---|---|---|---|
In billions of euros | |||||
Total expenditure | 409.1 | 412.8 | 415.9 | na | 1,610.4 |
Total receipts | 367.0 | 371.2 | 374.5 | na | 1,455.4 |
Net lending (+) or borrowing (–) | -42.0 | -41.6 | -41.4 | na | -154.9 |
In % of GDP | |||||
Net lending (+) or borrowing (–) | -5.8 | -5.7 | -5.7 | na | -5.5 |
- na: not available at first estimate
- Source: INSEE
Revisions
The second-quarter GDP growth estimate is not revised (after rounding). In the first quarter of 2024, growth is revised to +0.2% (from +0.3% previously), but this is essentially a rounding effect, the revision before rounding being in the range of -0.01 points.
Since the previous publication, new information has been incorporated and the seasonal adjustment (SA) and working day adjustment (WDA) coefficients have been updated.
For further information
* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects (SA-WDA).
Next publication, detailed figures of third quarter: 29 November 2024, at 8:45 am.
Next publication, first estimate of fourth quarter: 30 January 2024, at 7:30 am.
Pour en savoir plus
* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects (SA-WDA).
Next publication, detailed figures of third quarter: 29 November 2024, at 8:45 am.
Next publication, first estimate of fourth quarter: 30 January 2024, at 7:30 am.