Informations Rapides · 29 February 2024 · n° 48

In Q4 2023, GDP was almost stable (+0.1%) and household purchasing power recovered (+0.6% per consumption unit) Quarterly national accounts - detailed figures - fourth quarter 2023

In Q4 2023, the GDP growth in volume terms* has been slightly revised upwards and reached +0.1% (after rounding).

The purchasing power of household gross disposable income (GDI) per consumption unit recovered (+0.6% in Q4 2023) after three consecutive quarters of decline. The household savings rate bounced back this quarter : it stood at 17.9% of the GDI after 17.3% in Q3 2023.

The margin rate of non-financial companies (NFCs) was stable in Q4 2023, at 32.9% of their value added.

In Q4 2023, GDP was almost stable in volume terms* (+0.1% in quarterly variation), after remaining stable in Q3 2023 (0.0%). Household consumption stagnated this quarter (0.0% after +0.5%), penalized by a fall in consumption of goods (-0.6% after +0.6%), particularly food and energy, while consumption of services remained on an upward trend (+0.6% after +0.3%). The gross fixed capital formation (GFCF) fell sharply in the fourth quarter of 2023 (-0.9% after +0.2%), mainly as a result of declines in construction (-1.1% after -0.4%) and information-communication (-0.9% after +0.7%). Overall, final domestic demand excluding inventories contributed negatively to GDP growth this quarter (-0.1 points after +0.4 points).

Exports were stable in Q4 2023 (0.0% after -0.7%): the contraction in exports of transport equipment and services was offset by the dynamism of exports of energy and petroleum products.Imports were down this quarter (-2.3% after -0.4%), mainly due to a further decline in manufactured goods imports (-2.7% after -1.6%). Overall, the contribution of foreign trade to GDP growth was clearly positive in the fourth quarter of 2023 (+0.9 points after -0.1 points).

Finally, the contribution of inventory changes to GDP growth was again negative this quarter (-0.7 percentage points after -0.3 points in Q3 2023).

* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects (SA-WDA).

Household gross disposable income (GDI) in current euros remained dynamic in Q4 2023, rising by +1.0% as in the previous quarter. Household wage bill accelerated (+1.1%, after +0.7%), mainly due to the payment of a purchasing power bonus to civil servants. Payroll employment rose by 0.1%, as in the previous quarter, while average wages per head accelerated slightly this quarter (+1.0% after +0.6%). Social benefits in cash were dynamic this quarter (+1.2% after +0.7%), reflecting the revaluation of supplementary pensions, while tax levies fell (-0.5% after +0.3%), in particular income tax.

At the same time, the price of household consumption slowed significantly (+0.3% after +1.0%). As a result, the purchasing power of household GDI rebounded this quarter, rising by 0.7% after 0.0% in Q3 2023. Measured per consumption unit, in order to bring it down to an individual level, it increased by 0.6% after -0.1%. Over the full year 2023, it rebounded slightly: +0.3% after -0.3% in 2022.

As household consumption in volume terms was stable, despite the increase in purchasing power, the household savings rate was back on the rise this quarter: it stood at 17.9%, after 17.3% in Q3 2023. On average over 2023, the savings rate stood at 17.6%. It was up 0.1 points compared to 2022, and remained well above its pre-health crisis level (+2.6 points compared to 2019).

Total hours worked rose moderately in Q4 2023 (+0.2%, as in the previous quarter). Total employment continued to rise (+0.1% after +0.2%), while the number of hours worked per job increased slightly (+0.1% after 0.0%).

In Q4 2023, the margin rate for non-financial companies (NFCs) stood at 32.9%, as in the previous quarter. The price of value added was more dynamic than the price of consumption, but this effect was counterbalanced by the rise in real wages and the fall in productivity.

On average over the full year 2023, the NFC margin rate stood at 32.7%, increasing by one point compared with 2022 (31.7%). It was 1.2 points above its 2018 level.

GDP growth in Q4 2023 has been revised upwards by 0.1 points and reached +0.1% (after rounding), instead of 0.0% at the first estimate. Consumption has been revised slightly upwards, while GFCF has been revised downwards: overall, the contribution of final domestic demand to growth remains unchanged (after rounding) from the first estimate, at -0.1 points. Furthermore, imports have been revised upwards more than exports, resulting in a downward revision of the contribution of foreign trade to quarterly GDP growth (+0.9 points, instead of +1.2 points in the first estimate). Lastly, the contribution of inventory variations has been revised upwards: -0.7 points instead of -1.1 points in the first estimate.

Since the previous publication, new information has been included, in particular the December turnover indices. The seasonal adjustment (SA) and working day adjustment (WDA) coefficients have also been updated.