Informations Rapides · 28 November 2025 · n° 300

In Q3 2025, GDP accelerated (+0.5%) and the household savings rate declined (18.4% after 18.7%) Quarterly national accounts - detailed figures - third quarter 2025

Real gross domestic product (GDP) accelerated in the second quarter of 2025: it increased by 0.5% after +0.3% in the previous quarter.

The purchasing power of household gross disposable income (GDI) per consumption unit fell back sharply (-0.4% after +0.1%). The household savings rate declined this quarter: it settled at 18.4% of GDI, after 18.7% in the previous quarter.

The profit margin of non-financial corporations (NFCs) recovered: it settled at 31.5% of their value added, after 31.1% in Q2 2025.

In Q3 2025, real GDP* accelerated (+0.5% quarter on quarter after +0.3%). Household consumption continued to increase slightly (+0.1% after +0.1%): the decline in spending on food products (-1.0% after +1.5%) was more than offset by the rebound in energy spending (+1.3% after -2.3%) and by the increase in services (+0.1% after +0.5%). Gross fixed capital formation (GFCF) increased anew this quarter (+0.5% after +0.0%), buoyed up by the acceleration in GFCF in information and communication (+1.7% after +0.4%) and by the sustained pace of GFCF in capital goods (+1.7 % after +1.3 %). General government’s consumption expenditure remained dynamic (+0.5% after +0.5%). Overall, final domestic demand excluding inventories contributed positively to GDP growth (+0.3 points after +0.2 points).

Exports accelerated significantly this quarter (+3.2% after +0.3%), boosted by a sharp rise in exports of transport equipment (+13.4% after -2.3%). Imports rose again in the third quarter (+1.3% after +1.5%). They were driven by rising imports of manufactured goods (+1.9% after +2.6%). Overall, the contribution of foreign trade to GDP growth was positive in Q3 2025 (+0.6 points after -0.4 points).

Finally, the contribution of changes in inventories to GDP growth was negative this quarter (-0.4 points after +0.6 points) buoyed up by transport equipment, in particular aeronautics.

In Q3 2025, household gross disposable income (GDI) in current euros rose again, at the same pace as in the previous quarter (+0.2% after +0.2%). Social benefits slowed slightly this quarter (+0.6% after +0.7%), due to the slowdown in health benefits and the effect of unemployment insurance reforms. Household wages and salaries rose at a similar pace to the previous quarter (+0.3%, after +0.4%). Taxes paid by households accelerated slightly (+1.4% after +1.1%). Social security contributions paid by households rose again.

At the same time, household consumption prices recovered (+0.5% after -0.1%, in SA-WDA). As a result, the purchasing power of household GDI fell back this quarter (-0.3% after +0.3%). Measured per consumption unit, in order to bring it down to an individual level, it fell anew sharply (-0.4% after +0.1%).

The household savings rate declined, under the combined effect of a slight increase in consumption volume and a decline in purchasing power: it settled at 18.4%, after 18.7% in the second quarter of 2025.

In Q3 2025, the total number of hours worked renewed with growth after three consecutive quarters of decline (+0.1% after -0.1%), driven by total employment which increased slightly (+0.1% after +0.1%). Hourly productivity continued to recover.

The profit margin of non-financial companies (NFCs) recovered in Q3 2025 after three consecutive quarters of decline (31.5% after 31.1%). It was stimulated by productivity gains and was no longer penalised by wages and employer contributions, which slowed down this quarter.

In Q3 2025, public revenues increased by €2.7 bn, driven by a rebound in income and wealth taxes (+€0.6 bn) and in revenues from taxes on products (+€0.6 bn). Social security contributions slowed down (+€0.5 bn). Public spending also rose this quarter (+€2.6 bn), but slightly less than revenues: it was driven by operating expenses (+€0.9 bn), social transfers (+€0.9 billion) and, to a lesser extent, social benefits (+€0.5 bn). Thus, the general government borrowing requirement remained virtually unchanged in the third quarter of 2025 compared with the previous quarter, standing at 5.4% of GDP, as in the second quarter of 2025.

The GDP growth rate for the third quarter of 2025 has not been revised. The contribution of foreign trade to quarterly GDP growth has been revised downwards, to +0.6 points from +0.9 points in the first estimate due to a revision of oil and gas imports. The contribution of final domestic demand to growth has not been revised this quarter.

Since the previous publication, new information has been incorporated and the seasonal adjustment coefficients (SA) and working day adjustment coefficients (WDA) have been updated.