Informations Rapides ·
30 January 2025 · n° 24
GDP 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).
- Total production slowed in the fourth quarter of 2024 (+0.1% after +0.5%)
- Household consumption slowed a little in the fourth quarter of 2024 (+0.4% after +0.6%)
- GFCF was virtually stable in the fourth quarter of 2024 (-0.1% after -0.3%)
- Foreign trade again made a negative contribution to GDP growth
- Changes in inventories made a negative contribution to GDP growth in the fourth quarter of 2024 (-0.1 points)
- Revisions
- For further information
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).
tableauGDP - 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 |
graphiqueGDP - SA-WDA

- Source: INSEE.
tableauGDP and its main components
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%).
tableauGDP 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 |
graphiqueGDP and its main components

- Source: INSEE.
tableauProduction, consumption and GFCF: main components
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).
tableauHouseholds’ disposable income and ratios of households’ account
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.
tableauRatios of non-financial corporations’s account
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.
tableauExpenditure. receipts and net borrowing of public administrations
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.
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.