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Informations Rapides · 30 January 2025 · n° 24
Informations rapidesGDP fell back slightly in the fourth quarter of 2024 (-0.1% after +0.4%). On average in 2024, it increased by 1.1%. Quarterly national accounts - first estimate - fourth quarter 2024

Gross domestic product (GDP) in volume* fell back slightly in the fourth quarter of 2024, by -0.1%, after +0.4% in the third quarter, partly as a backlash of the impact of the Paris Olympic and Paralympic Games, which had boosted growth in the third quarter.

Final domestic demand (excluding inventories) slowed slightly, driven by household consumption (+0.4% after +0.6%). Gross fixed capital formation was virtually stable (-0.1% after -0.3%). Overall, domestic demand (excluding inventories) made a positive contribution to GDP growth this quarter: +0.3 points after +0.4 points in the third quarter of 2024.

The contribution of foreign trade to growth was again negative in the fourth quarter (-0.2 points after -0.1 points): exports fell again this quarter (-0.2% after -0.8%) while imports rebounded (+0.4% after -0.4%).

Finally, changes in inventories made a negative contribution to GDP this quarter: -0.1 points after +0.2 points in the third quarter of 2024.

On average over 2024, GDP increased by 1.1% (after +1.1% in 2023 and +2.6% in 2022). Final domestic demand (excluding inventories) slowed slightly (contribution of +0.7 points after +0.9 points), penalised by the decline in investment (contribution of -0.3 points after +0.2 points in 2023). Foreign trade again made a positive contribution (+0.9 points after +0.6 points).

Informations rapides
No 24
Paru le :Paru le30/01/2025
Prochaine parution le : 30/04/2025 at 07:30 - first quarter 2025

Gross domestic product (GDP) in volume* fell back slightly in the fourth quarter of 2024, by -0.1%, after +0.4% in the third quarter, partly as a backlash of the impact of the Paris Olympic and Paralympic Games, which had boosted growth in the third quarter.

Final domestic demand (excluding inventories) slowed slightly, driven by household consumption (+0.4% after +0.6%). Gross fixed capital formation was virtually stable (-0.1% after -0.3%). Overall, domestic demand (excluding inventories) made a positive contribution to GDP growth this quarter: +0.3 points after +0.4 points in the third quarter of 2024.

The contribution of foreign trade to growth was again negative in the fourth quarter (-0.2 points after -0.1 points): exports fell again this quarter (-0.2% after -0.8%) while imports rebounded (+0.4% after -0.4%).

Finally, changes in inventories made a negative contribution to GDP this quarter: -0.1 points after +0.2 points in the third quarter of 2024.

On average over 2024, GDP increased by 1.1% (after +1.1% in 2023 and +2.6% in 2022). Final domestic demand (excluding inventories) slowed slightly (contribution of +0.7 points after +0.9 points), penalised by the decline in investment (contribution of -0.3 points after +0.2 points in 2023). Foreign trade again made a positive contribution (+0.9 points after +0.6 points).

GDP - SA-WDA

GDP - SA-WDA
PIB
2024-Q4 650382
2024-Q3 650903
2024-Q2 648162
2024-Q1 646544
2023-Q4 646126
2023-Q3 643026
2023-Q2 642036
2023-Q1 637429
2022-Q4 637918
2022-Q3 637234
2022-Q2 633959
2022-Q1 631179
2021-Q4 632245
2021-Q3 628525
2021-Q2 611156
2021-Q1 603401
2020-Q4 601186
2020-Q3 601940
2020-Q2 520465
2020-Q1 593537
2019-Q4 625486
2019-Q3 628763
2019-Q2 628461
2019-Q1 624805
2018-Q4 619644
2018-Q3 614768
2018-Q2 611669
2018-Q1 610447
2017-Q4 610898
2017-Q3 607169
2017-Q2 602703
2017-Q1 597380
2016-Q4 593330
2016-Q3 590262
2016-Q2 589529
2016-Q1 590998
2015-Q4 588619
2015-Q3 587265
2015-Q2 585709
2015-Q1 585440
2014-Q4 582123
2014-Q3 583288
2014-Q2 579794
2014-Q1 578904
2013-Q4 579459
2013-Q3 575297
2013-Q2 575437
2013-Q1 570455
2012-Q4 570001
2012-Q3 569962
2012-Q2 568676
2012-Q1 571147
2011-Q4 570990
2011-Q3 569250
2011-Q2 567223
2011-Q1 567289
2010-Q4 560014
2010-Q3 556557
2010-Q2 552881
2010-Q1 550153
2009-Q4 548871
2009-Q3 544450
2009-Q2 543511
2009-Q1 542605
2008-Q4 553451
2008-Q3 560260
2008-Q2 561522
2008-Q1 565427
2007-Q4 560597
2007-Q3 560325
2007-Q2 558680
2007-Q1 555142
2006-Q4 549267
2006-Q3 546310
2006-Q2 545740
2006-Q1 539223
2005-Q4 534742
2005-Q3 531049
2005-Q2 527027
2005-Q1 525676

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)
2024 Q1 2024 Q2 2024 Q3 2024 Q4 2023 2024
GDP 0.1 0.3 0.4 -0.1 1.1 1.1
Imports 0.2 0.2 -0.4 0.4 0.7 -1.1
Household consumption expenditure 0.1 0.0 0.6 0.4 0.9 0.9
General government’s consumption expenditure 0.7 0.4 0.5 0.4 0.8 2.1
GFCF -0.9 -0.1 -0.3 -0.1 0.7 -1.5
Of which non-financial corporations and unincorporated enterprises -1.3 -0.3 -0.3 0.0 3.1 -1.6
Households -2.2 -0.9 -0.7 -0.3 -8.2 -6.0
General government 1.3 1.2 -0.1 -0.1 7.1 3.3
Exports 0.7 0.8 -0.8 -0.2 2.5 1.6
Contributions:
Internal demand excluding inventory changes 0.0 0.1 0.4 0.3 0.9 0.7
Inventory changes -0.1 0.0 0.2 -0.1 -0.4 -0.5
Net foreign trade 0.1 0.2 -0.1 -0.2 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 slowed in the fourth quarter of 2024 (+0.1% after +0.5%)

Total output (goods and services) slowed in the fourth quarter of 2024, rising by +0.1% after +0.5% in the previous quarter.

The output of market services slowed in the fourth quarter (+0.1% after +0.7% in the previous quarter). It fell back in household services (-2.5% after +3.3%), as a result of the backlash after the sharp rise in the previous quarter linked to the Paris Olympic and Paralympic Games. Output slowed in business services (+0.4% after +0.9%).

In addition, the fall in construction output worsened (-0.9% after -0.2%).

Output in energy, water and waste was virtually stable after the sharp rise recorded in the previous quarter (-0.1% after +2.2%).

Conversely, production in manufacturing picked up slightly this quarter (+0.2% after -0.3%). This slight increase is driven by the rebound in production in the food industry, after two quarters of decline (+1.2% after -0.5% in the third quarter and -1.4% in the second quarter), and by the rise in refineries (+6.7% after -0.2%), but is held back by the decline in other manufactured goods (-1.2% after -0.2%).

Overall in 2024, output slowed slightly (+1.4% after +1.7% in 2023), due to the fall in manufactured goods (-0.6% after +1.1%), particularly in transport equipment. Output of services as a wholecontinued to grow at a similar rate to the previous year (+2.0% after +2.0%).

GDP and its main components

GDP and its main components
Inventory changes Net foreign trade Consumption GDP GFCF
2024-Q4 -0.14 -0.22 0.31 -0.1 -0.02
2024-Q3 0.18 -0.15 0.46 0.4 -0.08
2024-Q2 -0.03 0.2 0.1 0.3 -0.02
2024-Q1 -0.1 0.11 0.24 0.1 -0.19
2023-Q4 -0.49 0.91 0.24 0.5 -0.18
2023-Q3 -0.33 0.0 0.42 0.2 0.07
2023-Q2 0.08 0.5 0.06 0.7 0.09
2023-Q1 -0.16 0.19 0.01 -0.1 -0.11
2022-Q4 -0.27 0.25 0.02 0.1 0.11
2022-Q3 0.25 -0.5 0.43 0.5 0.34
2022-Q2 0.42 -0.46 0.59 0.4 -0.12
2022-Q1 0.21 0.03 -0.4 -0.2 -0.01
2021-Q4 0.74 -0.12 0.16 0.6 -0.19
2021-Q3 -0.95 0.73 3.18 2.8 -0.12
2021-Q2 -0.39 -0.29 1.51 1.3 0.45
2021-Q1 0.4 -0.31 0.19 0.4 0.09

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)
2024 Q1 2024 Q2 2024 Q3 2024 Q4 2023 2024
Production of branches 0.1 0.4 0.5 0.1 1.7 1.4
Goods -1.0 0.0 0.2 0.1 0.9 -0.1
Manufactured industry -0.7 -0.3 -0.3 0.2 1.1 -0.6
Construction -1.0 -0.4 -0.2 -0.9 0.2 -2.3
Market services 0.7 0.6 0.7 0.1 2.6 2.5
Non-market services 0.6 0.6 0.5 0.4 0.7 2.3
Household consumption 0.1 0.0 0.6 0.4 0.9 0.9
Food products 0.2 -1.7 0.4 0.5 -3.5 -1.7
Energy 0.9 0.7 0.9 -0.9 -2.3 0.0
Engineered goods -0.6 0.6 0.1 0.9 0.4 1.0
Services 0.4 0.5 0.8 0.0 3.1 2.0
GFCF -0.9 -0.1 -0.3 -0.1 0.7 -1.5
Manufactured goods -2.1 -1.9 -2.5 0.2 3.8 -4.5
Construction -1.0 -0.3 -0.2 -1.2 -0.9 -2.5
Market services 0.2 1.4 0.9 1.1 1.1 2.0
  • Source: INSEE.

Household consumption slowed a little in the fourth quarter of 2024 (+0.4% after +0.6%)

Household consumption slowed slightly in the fourth quarter of 2024 (+0.4% after +0.6%). Household consumption of services was stable (0.0% after +0.8 %), with a decline in household services (-5.7% after +7.2%), reflecting the backlash of the impact of the Paris Olympic and Paralympic Games in the third quarter (ticket sales). On the other hand, household consumption of transport services rebounded (+1.0% after -0.4%), as did consumption of accommodation and food services (+0.7% after being stable).

Purchases of goods continued to rise in the fourth quarter (+0.4% after +0.4%), driven by a rebound in consumption of transport equipment (+3.3% after -1.9%), particularly cars. Food consumption was up again (+0.5% after +0.4%). Household spending on energy, water and waste fell by 0.9% (after +1.9% in the previous quarter), due to rather mild temperatures. Similarly, consumption of refined petroleum products was down (-0.9% after -0.3%).

Overall in 2024, household consumption grew at the same rate as in 2023 (+0.9% after + 0.9%). Household consumption of services slowed (+2.0% after +3.1%), due to accommodation and catering (+1.6% after +5.5%). Consumption of goods struggled to stabilise (-0.2% after -1.6%), driven by the further decline in food (-1.7% after -3.5%) and despite the rebound in capital goods (+3.6% after -2.1%).

GFCF was virtually stable in the fourth quarter of 2024 (-0.1% after -0.3%)

Total GFCF was virtually stable in the fourth quarter of 2024 (-0.1% after -0.3%). GFCF in manufactured goods picked up slightly (+0.2% after -2.5%), while GFCF in market services remained strong (+1.1% after +0.9%). As for construction investment, the drop worsened this quarter (-1.2% after -0.2%).

Investment in manufactured goods was driven in particular by the rebound in GFCF in capital goods (+1.1% after -2.4%) and in transport equipment (+0.2% after -3.1%).

GFCF in services was up, particularly in specialised, technical and administrative services (+1.9% after +0.4%) and real estate services (+3.1% after +2.3%). Investment in information and communication slowed sharply this quarter (+0.2% after +1.3%).

Overall in 2024, investment fell back sharply (-1.5% after +0.7% in 2023), with a further, more pronounced, decline in investment in construction (-2.5% after -0.9%), and a sharp downturn in investment in manufactured goods (-4.5% after +3.8%). On the other hand, investment in information and communication remained buoyant (+5.0% after +8.4%).

Foreign trade again made a negative contribution to GDP growth

The contribution of foreign trade to GDP growth remained negative in the fourth quarter of 2024 (-0.2 points, after -0.1 points in the previous quarter).

Exports were down again in the fourth quarter of 2024 (-0.2% after -0.8%): they were dragged down by exports of services (-2.0% after +1.6%), particularly information and communication services (-8.0% after +9.9%) following the sharp rise in the third quarter linked to the sale of broadcasting rights for the Olympic and Paralympic Games. Conversely, exports of manufactured goods rebounded (+1.0% after -2.1%), boosted by “other manufactured goods” (+3.0% after -3.4%), particularly chemicals, which have not been fully offset by the fall in exports of transport equipment (-3.0% after -2.2%).

Imports rebounded this quarter (+0.4% after -0.4%), driven by imports of energy, water and waste (+6.7% after -3.4%) and agricultural products (+6.2% after +2.4%). Conversely, the fall in imports of capital goods worsened (-1.6% after -0.4%), and imports of services declined (-0.7% after +0,1%).

Overall in 2024, imports fell (-1.1% after +0.7% in 2023), while exports slowed (+1.6% after +2.5%). As a result, the annual contribution of foreign trade to GDP growth stayed positive, rising to +0.9 points in 2024 (after +0.6 points).

Changes in inventories made a negative contribution to GDP growth in the fourth quarter of 2024 (-0.1 points)

Changes in inventories made a negative contribution to GDP growth this quarter (-0.1 points after +0.2 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)
2024 Q1 2024 Q2 2024 Q3 2024 Q4 2023 2024
HDI 1.1 0.5 0.9 na. 8.0 4.3
HDI (purchasing power) 0.4 0.6 0.9 na. 0.8 2.3
HDI by cu* (purchasing power) 0.3 0.5 0.8 na. 0.3 1.8
Adjusted HDI (purchasing power) 0.4 0.5 0.8 na. 0.9 2.1
Saving rate (level) 17.6 18.1 18.3 na. 16.9 na.
Financial saving rate (level) 8.0 8.7 9.0 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)
2024 Q1 2024 Q2 2024 Q3 2024 Q4 2023
Profit share 32.1 31.2 32.2 na. 32.9
Investment ratio 22.6 22.7 22.3 na. 22.8
Savings ratio 19.5 18.3 19.5 na. 21.8
Self-financing ratio 86.2 80.7 87.8 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)
2024 Q1 2024 Q2 2024 Q3 2024 Q4 2023
In billions of euros
Total expenditure 413.5 417.0 421.5 na. 1,610,4
Total receipts 371.5 374.8 374.9 na. 1,455,4
Net lending (+) or borrowing (–) -41.9 -42.2 -46.6 na. -154.9
In % of GDP
Net lending (+) or borrowing (–) -5.8 -5.8 -6.3 na. -5.5
  • na: not available at first estimate
  • Source: INSEE.

Revisions

The GDP growth estimate for the third quarter of 2024 is not revised (after rounding). In the second quarter of 2024, growth is revised to +0.3% after rounding (from +0.2% previously). In the first quarter of 2024, growth is revised downwards by 0.1 points to +0.1% after rounding (compared with +0.2% previously).

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 publications:

Detailed figures of fourth quarter of 2024: 28 February 2025, at 8:45 am.

First estimate of first quarter of 2025: 30 April 2025, 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 publications:

Detailed figures of fourth quarter of 2024: 28 February 2025, at 8:45 am.

First estimate of first quarter of 2025: 30 April 2025, at 7:30 am.

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