Insee
Informations Rapides · 30 July 2025 · n° 189
Informations rapidesGDP accelerated moderately in Q2 2025 (+0.3% after +0.1%) Quarterly national accounts - first estimate - second quarter 2025

Gross domestic product (GDP) in volume terms* accelerated moderately in the second quarter of 2025, increasing by 0.3%, after +0.1% in the first quarter.

Final domestic demand (excluding inventories) was sluggish (zero contribution to growth, -0.1 points in Q1 2025). Household consumption rebounded slightly (+0.1% after -0.3%) while gross fixed capital formation continued to fall (-0.3% after -0.1%).

Foreign trade kept contributing negatively to GDP growth in the second quarter (-0.2 points after -0.5 points): exports rebounded slightly this quarter (+0.2% after -1.1%), while imports accelerated (+0.8% after +0.3%).

Finally, changes in inventories made once again a positive contribution to GDP this quarter: +0.5 points after +0.7 points in Q1 2025.

Informations rapides
No 189
Paru le :Paru le30/07/2025
Prochaine parution le : 30/10/2025 at 07:30 - third quarter 2025

Gross domestic product (GDP) in volume terms* accelerated moderately in the second quarter of 2025, increasing by 0.3%, after +0.1% in the first quarter.

Final domestic demand (excluding inventories) was sluggish (zero contribution to growth, -0.1 points in Q1 2025). Household consumption rebounded slightly (+0.1% after -0.3%) while gross fixed capital formation continued to fall (-0.3% after -0.1%).

Foreign trade kept contributing negatively to GDP growth in the second quarter (-0.2 points after -0.5 points): exports rebounded slightly this quarter (+0.2% after -1.1%), while imports accelerated (+0.8% after +0.3%).

Finally, changes in inventories made once again a positive contribution to GDP this quarter: +0.5 points after +0.7 points in Q1 2025.

GDP - SA-WDA

GDP - SA-WDA
PIB
2025-Q2 657370
2025-Q1 655434
2024-Q4 654529
2024-Q3 655122
2024-Q2 652693
2024-Q1 651312
2023-Q4 650577
2023-Q3 647810
2023-Q2 646304
2023-Q1 640475
2022-Q4 640107
2022-Q3 637735
2022-Q2 634465
2022-Q1 631649
2021-Q4 632249
2021-Q3 628743
2021-Q2 610539
2021-Q1 603137
2020-Q4 600705
2020-Q3 601428
2020-Q2 521356
2020-Q1 593744
2019-Q4 625499
2019-Q3 628582
2019-Q2 628646
2019-Q1 625187
2018-Q4 619468
2018-Q3 614851
2018-Q2 611935
2018-Q1 610304
2017-Q4 610538
2017-Q3 606877
2017-Q2 602608
2017-Q1 598014
2016-Q4 594025
2016-Q3 590295
2016-Q2 589533
2016-Q1 590550
2015-Q4 588716
2015-Q3 587287
2015-Q2 585791
2015-Q1 585373
2014-Q4 582012
2014-Q3 583606
2014-Q2 579910
2014-Q1 578455
2013-Q4 578442
2013-Q3 574928
2013-Q2 576302
2013-Q1 571279
2012-Q4 570217
2012-Q3 570279
2012-Q2 568561
2012-Q1 570796
2011-Q4 571074
2011-Q3 569070
2011-Q2 567285
2011-Q1 567201
2010-Q4 559840
2010-Q3 556492
2010-Q2 552875
2010-Q1 550296
2009-Q4 548621
2009-Q3 544743
2009-Q2 543513
2009-Q1 542561
2008-Q4 553091
2008-Q3 560196
2008-Q2 561558
2008-Q1 565775
2007-Q4 560925
2007-Q3 560341
2007-Q2 558571
2007-Q1 554920
2006-Q4 549191
2006-Q3 546212
2006-Q2 545832
2006-Q1 539340
2005-Q4 534647
2005-Q3 530998
2005-Q2 527021
2005-Q1 525832

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 Q3 2024 Q4 2025 Q1 2025 Q2 2024 2025 (ovhg)
GDP 0.4 -0.1 0.1 0.3 1.1 0.5
Imports 0.7 0.7 0.3 0.8 -1.3 2.0
Household consumption expenditure 0.8 0.1 -0.3 0.1 1.0 0.3
General government’s consumption expenditure 0.3 0.4 0.2 0.2 1.4 0.9
GFCF -0.8 0.0 -0.1 -0.3 -1.3 -0.6
Of which non-financial corporations and unincorporated enterprises -1.4 -0.1 0.0 -0.4 -2.4 -1.0
Households -0.5 0.8 0.2 0.4 -5.6 0.6
General government 0.0 -0.6 -0.9 -0.6 4.7 -1.3
Exports -1.1 0.9 -1.1 0.2 2.4 -0.5
Contributions:
Internal demand excluding inventory changes 0.3 0.2 -0.1 0.0 0.6 0.2
Inventory changes 0.7 -0.3 0.7 0.5 -0.8 1.1
Net foreign trade -0.6 0.1 -0.5 -0.2 1.3 -0.8
  • This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
  • Source: INSEE.

Total production increased again in the second quarter of 2025 (+0.2% after +0.2%)

Total production (goods and services) increased again in the second quarter of 2025, rising by 0.2%, as in the previous quarter.

Production in the manufacturing industry slowed this quarter (+0.1% after +0.5%). It continued to fall sharply in refineries (-10.6% after -3.5%) as a result of maintenance shutdowns at several sites in April and May. It also fell back in the food and beverage industries (-2.0% after +1.4%). Production in other manufactured goods slowed (+0.1% after +0.3%), particularly pharmaceuticals, after a buoyant first quarter. By contrast, production of transport equipment accelerated sharply this quarter (+4.8% after +1.6%), particularly in the aerospace sector. Automobile production rose again, but remained well below its level at the end of 2023. Elsewhere, electricity production fell this quarter, in line with the fall in consumption due to mild temperatures.

Production of market services accelerated in the second quarter (+0.6% after +0.3% in the previous quarter). In particular, it rose sharply anew in the accommodation and catering services (+1.9% after -0.4%), as well as in wholesale and retail trade (+0.8% after -0.2%). It rebounded more moderately in transport services (+0.1% after -0.2%) and accelerated slightly in business services (+0.7% after +0.5%).

Production stabilised in construction (0.0% after -0.4%).

GDP and its main components

GDP and its main components
Inventory changes Net foreign trade Consumption GDP GFCF
2025-Q2 0.46 -0.21 0.1 0.3 -0.06
2025-Q1 0.73 -0.49 -0.08 0.1 -0.02
2024-Q4 -0.33 0.08 0.15 -0.1 0.01
2024-Q3 0.68 -0.62 0.5 0.4 -0.18
2024-Q2 -0.21 0.27 0.08 0.2 0.09
2024-Q1 -0.29 0.37 0.19 0.1 -0.15
2023-Q4 -0.51 1.01 0.12 0.4 -0.19
2023-Q3 -0.3 0.13 0.44 0.2 -0.04
2023-Q2 -0.22 0.81 0.09 0.9 0.22
2023-Q1 -0.31 0.42 0.04 0.1 -0.09
2022-Q4 -0.03 0.3 -0.01 0.4 0.1
2022-Q3 0.54 -0.77 0.53 0.5 0.21
2022-Q2 0.59 -0.69 0.65 0.4 -0.11
2022-Q1 -0.2 0.61 -0.44 -0.1 -0.06
2021-Q4 0.58 0.03 0.11 0.6 -0.17
2021-Q3 -0.76 0.44 3.32 3.0 -0.03
2021-Q2 -0.23 -0.47 1.57 1.2 0.35
2021-Q1 0.23 -0.1 0.11 0.4 0.15

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 Q3 2024 Q4 2025 Q1 2025 Q2 2024 2025 (ovhg)
Production of branches 0.3 0.0 0.2 0.2 1.1 0.6
Goods 0.2 -0.3 0.0 -0.5 0.0 -0.5
Manufactured industry -0.4 -0.3 0.5 0.1 -1.0 0.1
Construction -0.1 -0.3 -0.4 0.0 -2.0 -0.8
Market services 0.5 0.1 0.3 0.6 2.0 1.2
Non-market services 0.3 0.3 0.3 0.2 1.4 0.9
Household consumption 0.8 0.1 -0.3 0.1 1.0 0.3
Food products 0.6 0.2 -1.0 1.7 -1.3 0.2
Energy 1.4 -0.7 0.8 -2.4 1.2 -0.5
Engineered goods -0.3 0.6 -0.9 0.0 -0.1 -0.5
Services 1.0 -0.2 0.3 0.6 2.2 1.2
GFCF -0.8 0.0 -0.1 -0.3 -1.3 -0.6
Manufactured goods -3.8 -0.9 -0.5 -0.9 -3.1 -3.8
Construction -0.1 -0.5 -1.0 -0.4 -1.7 -1.9
Market services 0.3 1.4 1.3 0.4 0.7 3.3
  • Source: INSEE.

Household consumption rebounded slightly in Q2 2025 (+0.1% after -0.3%)

Household consumption rebounded slightly in the second quarter of 2025 (+0.1% after -0.3% in the previous quarter).

Purchases of goods rebounded in the second quarter (+0.1% after -0.6%), driven by a strong rebound in food consumption (including tobacco) (+1.7% after -1.0%). This recovery could be explained in particular by the positioning of the Easter holidays at the end of April and by favourable weather in April and May. Tobacco consumption also rebounded partially, after falling sharply in the previous quarter, following the price rise in January.

In contrast, energy consumption fell sharply (-2.4% after +0.8%), particularly gas and electricity, due to mild temperatures for the season. Consumption of transport equipment remained stable (0.0% after -3.9%), penalised by the tightening of the ecological penalty in March, and the end, in May, of the exemption from registration tax for electric vehicles.

Household consumption of services accelerated (+0.6% after +0.3%), driven by a strong recovery in the accommodation and catering services following a deterioration in the first quarter (+2.4% after -0.5%). It also accelerated in transport services (+0.9% after +0.4%). It rebounded moderately in household services (+0.2% after -0.1%).

GFCF fell again in Q2 2025 (-0.3% after -0.1%)

Total GFCF fell again in the second quarter of 2025 (-0.3% after -0.1%). Investment in construction continued to fall (-0.4% after -1.0%), as well as GFCF in manufactured goods (-0.9% after 6 quarters of decline), while investment in services excluding construction slowed sharply (+0.4% after +1.3%).

Investment in manufactured goods was penalised by sharp fall in GFCF in transport equipment (-2.3% after +0.8%) and other manufactured goods (-0.8% after -2.1%). Conversely, GFCF in capital goods rebounded (+0.6% after -0.2%). Investment in services excluding construction was held back by investment in information and communication, which fell back (-0.3% after +1.4%) for the first time since 2020. GFCF was, however, buoyed by investment in real estate services (+1.4% after -0.4%), following the upturn in real estate transactions.

Foreign trade made once again a negative contribution to GDP growth

The contribution of foreign trade to GDP growth remained negative in Q2 2025 (-0.2 points, after -0.5 points in the previous quarter).

Exports rebounded slightly in the second quarter of 2025 (+0.2% after -1.1%). They were driven up by exports of other manufactured goods (+1.1% after -3.1%): they were back slightly on the rise in the chemicals industry, and those of pharmaceutical products were buoyant. Conversely, exports of transport equipment fell significantly again this quarter (-4.0% after -4.2%), particularly in the aeronautical industry. Exports of electricity were virtually stable this quarter. Exports of services rose slightly (+0.1% after +0.3%).

Imports accelerated this quarter (+0.8% after +0.3%). They were buoyed by a very strong rebound in refining (+11.8% after -2.1%), as a result of lower production due to refinery closures in April and May. Imports of transport equipment also rebounded (+5.6% after -5.3%). Imports of automobiles recovered after 6 consecutive quarters of decline, while imports of aeronautical products rose again. Imports of services were down (+0.6% after +0.1%).

Changes in inventories contributed positively to GDP growth in Q2 2025 (+0.5 points)

Inventory changes contributed positively to GDP growth this quarter (+0.5 points, after ‑0.7 points in Q1 2025). This contribution came from transport equipment, in particular aeronautics and, to a lesser extent, automobile industry.

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 Q3 2024 Q4 2025 Q1 2025 Q2 2024 2025 (ovhg)
HDI 1.2 -0.3 0.7 na 4.8 1.3
HDI (purchasing power) 0.9 0.2 0.2 na 2.5 0.9
HDI by cu* (purchasing power) 0.7 0.0 0.1 na 2.0 0.6
Adjusted HDI (purchasing power) 0.8 0.2 0.2 na 2.3 0.8
Saving rate (level) 18.4 18.4 18.8 na 18.2 na
Financial saving rate (level) 9.3 9.3 9.7 na 9.0 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 Q3 2024 Q4 2025 Q1 2025 Q2 2024
Profit share 32.8 31.8 31.4 na 32.2
Investment ratio 21.4 21.5 21.7 na 21.7
Savings ratio 20.7 20.0 18.9 na 20.3
Self-financing ratio 96.9 92.8 87.3 na 93.4
  • 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 Q3 2024 Q4 2025 Q1 2025 Q2 2024
In billions of euros
Total expenditure 419.7 421.9 422.6 na 1,670.3
Total receipts 375.1 379.8 382.1 na 1,500.7
Net lending (+) or borrowing (–) -44.3 -41.9 -40.4 na -168.6
In % of GDP
Net lending (+) or borrowing (–) -6.0 -5.7 -5.5 na -5.8
  • na: not available at first estimate.
  • Source: INSEE.

Revisions

The estimate of GDP growth in the first quarter of 2025 was not revised (after rounding). However, the contribution of foreign trade was revised upwards (to -0.5 points instead of -0.8 points), mirrored by a downward revision of inventory changes (to +0.7 points instead of +1.0 point).

Since the previous publication, new information has been incorporated, and the coefficients for seasonal adjustment (SA) and working-day adjustment (WDA) 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 of detailed figures for Q2 2025: 29 August 2025, at 8:45 am.

Next publication of first estimate for Q3 2025: 30 October 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 publication of detailed figures for Q2 2025: 29 August 2025, at 8:45 am.

Next publication of first estimate for Q3 2025: 30 October 2025, at 7:30 am.

: bureau-de-presse@insee.fr