Informations Rapides · 29 August 2025 · n° 217

In Q2 2025, GDP accelerated moderately (+0.3%) and household purchasing power rebounded slightly (+0.2% per consumption unit) Quarterly national accounts - detailed figures - second quarter 2025

Real gross domestic product (GDP) accelerated moderately in the second quarter of 2025, rising by 0.3% after +0.1% in the previous quarter.

The purchasing power of household gross disposable income (GDI) per consumption unit rebounded slightly (+0.2% after -0.1%). The household savings rate rose again this quarter, to 18.9% of GDI, after 18.6% in the previous quarter.

The profit margin of non-financial corporations (NFCs) fell for the third consecutive quarter, to 30.7% of their value added, after 31.4% in Q1 2025.

In Q2 2025, real GDP* accelerated moderately (+0.3% quarter on quarter after +0.1%). Household consumption remained stable (0.0% after -0.3%): the sharp downturn in energy spending (-2.4% after +0.8%) was offset by a rebound in spending on food products (+1.6% after -1.1%) and accommodation services (+2.3% after -0.4%). Gross fixed capital formation (GFCF) fell slightly again this quarter (-0.1% after -0.1%), penalised by the continuing decline in construction GFCF (-0.4% after -1.0%) and by the fall back in transport equipment GFCF (-2.0% after +0.8%). Conversely, the further rise in GFCF for business services (+1.2% after +1.4%) moderated the decline in total GFCF. General government consumption expenditure grew slightly faster than in the previous quarter (+0.4% after +0.2%). Overall, final domestic demand excluding inventories made a slight contribution to GDP growth this quarter (+0.1 points after -0.1 points).

Exports rebounded moderately this quarter (+0.5% after -1.2%), boosted in particular by a sharp rise in pharmaceutical exports. Imports accelerated sharply in the second quarter (+1.3% after +0.4%). They were buoyed by a sharp rise in imports of pharmaceutical products, and by a rebound in imports of transport equipment (+7.0% after -5.1%) and refinery products. Overall, the contribution of foreign trade to GDP growth remained negative in Q2 2025 (-0.3 points after -0.5 points).

Finally, the contribution of changes in inventories to GDP growth was once again clearly positive this quarter (+0.5 points after +0.7 points in the previous quarter). This contribution came from transport equipment, in particular aeronautics and, to a lesser extent, automobiles.

In the second quarter of 2025, household gross disposable income (GDI) in current euros rose again, but less than in the previous quarter (+0.3% after +0.6%). Social benefits slowed this quarter (+0.7% after +1.1%) following the 2.2% revaluation of basic pensions on 1st January. Household wages and salaries rose at a similar pace to the previous quarter (+0.4%, after +0.3%). Taxes paid by households slowed after a dynamic first quarter (+0.8% after +3.5% - revised data). Social security contributions paid by households slowed slightly.

At the same time, household consumption prices fell slightly back (-0.1% after +0.5%, in SA-WDA). As a result, the purchasing power of household GDI accelerated this quarter (+0.4% after +0.1%). Measured per consumption unit, in order to bring it down to an individual level, it rebounded slightly (+0.2% after -0.1%).

The household savings rate rosesharply, as a result of the stabilisation of consumption in volume terms and of the increase in purchasing power; it stood at 18.9%, after 18.6% in the first quarter of 2025.

In the second quarter of 2025, the total number of hours worked fell for the third consecutive quarter (-0.2%, after -0.4%). Total employment stabilised after declining in the previous two quarters (0.0% after -0.3%). Hourly productivity continued to recover.

The profit margin of non-financial companies (NFCs) continued to fall in the second quarter of 2025 (30.7%, after 31.4%), driven by rising wages and employer contributions. The decline in electricity sales prices also weighed down on the profit margin of the energy branches. Conversely, productivity remained buoyant, helping to moderate the decline in the margin rate.

In the second quarter of 2025, the general government borrowing requirement remained virtually unchanged from the previous quarter. It stood at 5.4% of GDP, as in the first quarter of 2025. Government revenues increased by €2.2 bn, mainly due to higher social security contributions (€1.4 bn) and revenues from other taxes on products (€1.4 bn). Public spending was also up this quarter (+1.9 bn€), but slightly less than revenues: they were driven by operating expenses (+1.0 bn€), and to a lesser extent by social benefits (+0.7 bn€).

GDP growth for the second quarter of 2025 has not been revised. The contribution of foreign trade to quarterly GDP growth has been revised down slightly to -0.3 points from -0.2 points in the first estimate. The contribution of final domestic demand to growth has been raised slightly (to +0.1 points from zero).Since the previous publication, new information has been incorporated and the seasonal adjustment (SA) and working day adjustment (WDA) coefficients have been updated.

As part of the process of notifying the European Union of the general government deficit and debt, the annual accounts are updated at the end of August each year, to take into account the latest data from the social security accounts and any revisions that may affect the general government accounts. The annual public finance tables for 2024 have thus been updated. This publication of detailed results incorporates the revision of the 2024 deficit which deteriorated by €1.1 bn. In ratio terms, the deficit has not been revised in GDP points, and remains at 5.8% of GDP.