In Q4 2024, activity declined slightly in France (-0.1% after +0.4%), the result of a backlash effect after the one-off boost from the Paris Olympic and Paralympic Games in the summer. Domestic demand increased once again, still driven by household consumption (+0.3% after +0.6% in Q3) and government consumption (+0.4% after +0.5%), while investment was virtually stable (-0.1% after -0.7%). However, companies met this additional demand, in particular the one-off upturn in vehicle registrations, by drawing on their inventories: the contribution of changes in inventories (-0.3 points) thus cancels out that of domestic demand (+0.2 points). Foreign trade made zero contribution this quarter: exports rebounded (+0.4% after -0.8%), as did imports (+0.4% after -0.3%), but this apparent overall equality masks some significant divergences by product: exports of services declined after exceptional sales of Olympic Games tickets and broadcasting rights, while exports of manufactured goods increased sharply...