Insee
Informations Rapides · 30 October 2024 · n° 269
Informations rapidesGDP 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.

Informations rapides
No 269
Paru le :Paru le30/10/2024
Prochaine parution le : 30/01/2025 at 07:30 - fourth 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.

GDP - SA-WDA

GDP - 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

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)
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.

GDP and its main components

GDP 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

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)
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).

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)
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

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)
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

Expenditure. receipts and net borrowing of public administrations

level. WDA-SA data
Expenditure. receipts and net borrowing of public administrations (level. WDA-SA data)
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.

Documentation

Methodology (pdf,168 Ko)

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.

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