Moderate consolidation and renewed growth Economic Outlook - december 2025
Household income
In Q3 2025, gross disposable income (GDI), adjusted for the effect of financial intermediation services indirectly measured (FISIM), remained flat (after +0.3% in Q2 2025). Earned income slowed slightly (+0.4% after +0.5%), in the wake of market sector wages, while employment remained stable as in the previous quarter. Social benefits also slowed slightly (from +0.7% to +0.6%), and the decline in wealth income increased (from -0.1% to -0.5% adjusted for FISIM), due to the reduction in the Livret A savings account rate. Lastly, social security contributions and taxes payable by households accelerated slightly (+1.3% after +1.0%) with the start of income tax balance adjustments and the updating of withholding tax rates in September. At the same time, household consumer prices accelerated in Q3 excluding the effect of FISIM (+0.3% after +0.1% in the spring), leading to a decline in household GDI purchasing power (-0.3% after +0.3% in Q2)...
Conjoncture in France
Paru le :19/12/2025
