Informations Rapides · 28 August 2026 · n° 212

In Q2 2026, GDP remained stable (+0.0% after -0.2%), and household purchasing power declined sharply (-0.6% per consumption unit) Quarterly national accounts - detailed figures - second quarter 2026

Gross domestic product (GDP) in volume terms remained stable in the second quarter of 2026, following a decline of 0.2% in the previous quarter. The overhang growth rate for 2026 is +0.3%.

The purchasing power of households’ gross disposable income (GDI) per consumption unit fell sharply (-0.6% after -0.2%). The household savings rate fell back strongly this quarter: it stood at 17.2% of their GDI, down from 17.9% in the previous quarter.

The profit margin of non-financial corporations (NFCs) stabilised in the second quarter of 2026: it remained at 31.5% of their value added, the same as in Q1 2026.

In Q2 2026, real GDP* remained stable (after -0.2% in Q1 2026). Household consumption rebounded (+0.3% after -0.3%). Gross fixed capital formation (GFCF) declined slightly this quarter (-0.3% after -0.8%), weighed down by the further decline in GFCF in market services (-0.6% after +0.3%), and by the downturn in GFCF in construction (-0.2% after -2.1%). General government consumption expenditure increased a little faster than in the previous quarter (+0.4% after +0.3%). Overall, final domestic demand excluding inventories contributed slightly to GDP growth this quarter (+0.2 points after -0.3 points).

Exports rebounded sharply this quarter (+2.9% after -3.0%), particularly in aeronautics. Imports, meanwhile, rebounded more moderately in Q2 (+1.1% after -0.6%). Overall, the contribution of foreign trade to GDP growth was positive in Q2 2026 (+0.6 points after -0.9 points).

Finally, the contribution of inventory changes to GDP growth was negative this quarter (-0.7 points after +0.9 points in the previous quarter).

In Q2 2026, households’ gross disposable income (GDI) in current euros rose again (+0.5% following +0.5%). Social benefits slowed slightly this quarter (+0.4% following +0.6%). Total wages and salaries received by households increased at a rate similar to that of the previous quarter (+0.3% following +0.4%). Taxes and contributions accelerated (+0.9% after +0.5%).

At the same time, household consumer prices accelerated (+1.0% after +0.6%, SA-WDA). As a result, the purchasing power of households’ disposable income declined sharply this quarter (-0.5% after -0.1%). Measured per unit of consumption to reflect an individual’s purchasing power, it declined again this quarter (-0.6% after -0.2%).

The household savings rate fell sharply, driven by the combined effect of accelerating consumption and declining purchasing power: it stood at 17.2%, down from 17.9% in Q1 2026.

In Q2 2026, the total number of hours worked fell slightly (-0.1% following -0.1%). Total employment remained stable, following near-stability in the previous quarter. As in the previous quarter, the slight decline in salaried employment was offset by a further increase in self-employment.

Profit margin of non-financial corporations (NFCs) stood at 31.5%, the same as in the previous quarter. It was once again heavily impacted by the terms of trade, due to rising energy prices on the global market, but this effect was offset by a decline in real wages.

In Q2 2026, the public administration borrowing requirement was virtually stable, standing at 5.1% of GDP, the same as in the first quarter of 2026. Public revenues increased by €2.1 billion, driven in particular by higher social security contributions and VAT. Public spending also rose this quarter (+€2.5 billion), supported by a further increase in interest payments and social benefits.

GDP growth for Q2 2026 has been revised downward by 0.2 percentage points after rounding (-0.13 points before rounding), and growth for Q1 has been revised downward by 0.1 percentage points after rounding (-0.03 points before rounding). These revisions reflect the even more deteriorated state of agricultural production compared with the information available at the end of July, as well as prices for market-based services which were not fully known at the end of July and turned out to be more dynamic than anticipated, particularly in transportation services.

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

As part of the reporting of general government debt and balance to the European Union, the annual accounts are updated each year at the end of August to reflect the latest data from the social security accounts and any revisions that may affect the general government account. The annual public finance tables for 2025 have thus been updated. This publication of detailed results includes the €0.9 billion upward revision to the 2025 balance. As a ratio, the balance has not been revised in terms of percentage points of GDP and remains at -5.1% of GDP.

This publication also reflects the correction of annual data on employment by individuals. This correction has no impact on the most recent years but revises the breakdown employment levels by industry for earlier year, back to 2018.