Informations Rapides · 27 February 2026 · n° 51

In Q4 2025, GDP increased slightly (+0.2%) and the household savings rate declined again (17.9% after 18.3%) Quarterly national accounts - detailed figures - fourth quarter 2025

In Q4 2025, GDP growth in volume terms was confirmed at +0.2%.

The purchasing power of household gross disposable income (GDI) per consumption unit declined again (-0.3% after -0.4%). The household savings rate continued to fall this quarter, standing at 17.9% of the GDI, after 18.3% in Q3 2025 and 18.7% in Q2 2025.

The profit margin of non-financial corporations (NFCs) was stable in Q4 2025, at 31.5% of their value added.

In Q4 2025, GDP in volume terms* slowed down: it grew by 0.2%, after +0.5% in the third quarter. Household consumption accelerated in the fourth quarter (+0.4% after +0.1%). Consumption of goods improved (+0.5% after +0.1%), driven by purchases of engineered goods and petroleum products. Consumption of services increased slightly again (+0.2% after +0.1%), supported by transport services, particularly rail transport. Gross fixed capital formation (GFCF) slowed down significantly in Q4 2025 (+0.3% after +0.8%), mainly due to the downturn in GFCF in manufactured products (-1.0% after +0.5%) and the slight slowdown in GFCF in construction (+0.4% after +0.6%). Overall, final domestic demand excluding inventories contributed positively to GDP growth this quarter (+0.3 points after +0.4 points).

Exports slowed down in Q4 2025 (+1.0% after +3.1%), due to the deceleration in aerospace transport equipment exports. Meanwhile, imports fell back sharply (-1.1% after +1.4%), particularly due to the drop in imports of manufactured products. Overall, the contribution of foreign trade to GDP growth was once again very positive in Q4 2025 (+0.7 points after +0.5 points).

Finally, the contribution of inventory changes to GDP growth was negative again this quarter (-0.8 points after -0.4 points in Q3 2025), particularly regardingother transport equipment (following the delivery of a cruise ship in October).

Household gross disposable income (GDI) in current euros was stable in Q4 2025, after +0.1% in the previous quarter. Household wages and salaries continued to increase (+0.2% after +0.2%). Payroll employment was virtually stable (-0.1% after being stable in the previous quarter), while the average wage per capita increased slightly more than in the previous quarter (+0.3% after +0.2%). Cash social benefits received by households accelerated this quarter (+0.8% after +0.6%), particularly due to the rebound in unemployment insurance benefits. Meanwhile, taxes paid by households remained dynamic (+1.2% after +1.4%).

In Q4 2025, the price of household consumption slowed down (+0.2% after +0.5%). Thus, the purchasing power of household GDI declined again this quarter: it decreased by 0.2%, after -0.3% in Q3. Measured per consumption unit, it continued to fall (-0.3% after -0.4%). Over 2025 as a whole, it stagnated: +0.1% after +2.1% in 2024.

With household consumption increasing in volume terms and purchasing power decreasing, the household savings rate declined again this quarter, standing at 17.9%, after 18.3% in Q3 2025 and 18.7% in Q2 2025. On average over 2025, the savings rate stood at 18.3%. It increased by 0.1 points compared to 2024 and remained well above its level before the health crisis (+3.8 points compared to 2019).

Total hours worked declined slightly (-0.1% after +0.1%). Total employment remained stable (after +0.1%), while the number of hours worked per job decreased slightly (-0.1% after a stability).

In Q4 2025, the profit margin of non-financial corporations (NFCs) was stable at 31.5%, mainly due to two opposing effects : productivity gains offset the increase in employer contributions.

On average over 2025, the profit margin of NFCs continued to decline, standing at 31.4% after 32.2% in 2024.

In Q4, the savings rate of NFCs fell sharply to 17.3% of their value added due to the payment of the exceptional contribution on the profits of large companies. Over 2025 as a whole, it stood at 18.7%, the lowest level since 2012.

GDP growth for Q4 2025 was confirmed at +0.2% (after rounding). The contribution of foreign trade to quarterly GDP growth was revised downward (to +0.7 points, compared to +0.9 points in the first estimate). Mirroring, the contribution of inventory changes to growth was revised upward (to -0.8 points, compared to -1.0 point in the first estimate).

Since the previous publication (Q4 first estimate), new information have been included, particularly regarding gross fixed capital formation (GFCF) of general government, increasing the contribution of domestic demand to GDP growth over the entire year. The seasonal adjustment (SA) and working day adjustment (WDA) coefficients have also been updated.