Informations Rapides · 29 May 2026 · n° 133

In Q1 2026, GDP slightly fell back (-0.1%), and the profit margin of non-financial corporations declined (31.7%, after 32.5% in the previous quarter) Quarterly national accounts - detailed figures - first quarter 2026

In Q1 2026, real gross domestic product (GDP) fell back slightly (-0.1%).

The purchasing power of household gross disposable income (GDI) per consumption unit fell slightly (-0.1% after +0.2%). The household savings rate increased again, reaching 17.9% of their GDI, compared to 17.7% in the previous quarter.

The profit margin of non-financial corporations (NFCs) fell sharply in Q1 2026, standing at 31.7% of their value added, after 32.5% in the previous quarter.

In Q1 2026, real GDP* fell back (-0.1% quarter on quarter after +0.2% in Q4 2025). Household consumption weakened slightly (-0.2% after +0.3%). Consumption of goods fell significantly (-0.7% after +0.5%), driven by the decline in energy consumption. Consumption of services increased at the same pace as in the previous quarter (+0.2%), penalised by accommodation and food services, but supported by real estate services and primarily non-market services. Gross fixed capital formation (GFCF) fell back sharply (-0.6% after +0.2%), mainly due to the steep drop in construction GFCF (-1.7% after +0.4%). Overall, final domestic demand excluding inventories contributed negatively to GDP growth this quarter (-0.2 percentage points after +0.2 percentage points).

Exports fell sharply in Q1 2026 (-3.5% after +0.9%), driven by the decline in aeronautics exports. Imports continued to decrease (-0.9% after -1.0%). Overall, the contribution of foreign trade to GDP growth was strongly negative in the first quarter of 2026 (-0.9 percentage points after +0.7 percentage points).

Finally, the contribution of changes in inventories to GDP growth was strongly positive this quarter (+1.0 percentage points after -0.7 percentage points). This contribution came from aeronautical products, following significant destocking in the two previous quarters.

In the Q1 2026, household gross disposable income (GDI) in current euros increased at the same pace as in the previous quarter (+0.6%). Social benefits rose again this quarter (+0.6% after +0.5%). The total wages and salaries received by households continued to grow (+0.4% after +0.3%). Taxes and contributions paid by households remained dynamic (+0.5% after +0.5%).

At the same time, the price of household consumption accelerated (+0.6% after +0.2%, SA-WDA). As a result, the purchasing power of household GDI stabilised after increasing by 0.3% in the previous quarter. When measured per consumption unit to reflect individual levels, it fell back (-0.1% after +0.2%).

The household savings rate increased again due to the decline in consumption in volume terms and the stabilisation of purchasing power. It stood at 17.9%, compared to 17.7% in Q4 2025.

The total number of hours worked remained nearly stable in the first quarter of 2026 (-0.1% as in the previous quarter). Employment was stable (with the increase in non-salaried employment offsetting the slight decline in salaried employment), and the number of hours worked per job were nearly stable.

In Q1 2026, the profit margin of non-financial corporations (NFCs) declined sharply, standing at 31.7%, after 32.5% in the previous quarter. This decline was heavily impacted by deteriorating terms of trade, driven by rising global energy prices. Despite this drop, the margin remains 0.8 percentage points above the 2019 average level of 30.9%.

In Q1 2026, public revenues decreased by €4.0 billion, reflecting the unwinding of exceptional end-of-year measures implemented in 2025, while public spending rose again (+€2.0 billion). The public administration borrowing requirement increased by 0.8 percentage points of GDP, reaching 5.1% of GDP, up from 4.3% in Q4 2025.

GDP growth in Q1 2026 is revised downward by 0.1 percentage points (after rounding) compared to the first estimate published on 30 April 2026. This revision primarily stems from the contribution from final domestic demand excluding inventories, which has been revised to -0.2 percentage points, compared with a zero contribution in the first estimate, due to downward revisions in household consumption and gross fixed capital formation (GFCF). Moreover, the contribution of foreign trade to quarterly GDP growth has been lowered to -0.9 percentage points (from -0.7 percentage points in the first estimate), as imports were revised upward more significantly than exports. Conversely, the contribution of changes in inventories has been revised upward to +1.0 percentage point (from +0.8 percentage points in the first estimate).

Since the previous publication, new information was integrated and the quarterly accounts have also been recalibrated to the annual accounts (2023 definitive, 2024 semi-definitive and 2025 provisional). In addition, the models used to estimate the quarterly accounts have been reviewed, as they are every year when the detailed results for the first quarter are published.