Quarterly national accounts in Q1 2017 National accounts in base 2010 - Detailed figures

Detailed figures
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In Q1 2017, households' purchasing power and non-financial corporations' profit ratio were almost stable Quarterly national accounts - detailed figures - first quarter 2017

In Q1 2017, GDP in volume terms* kept increasing: +0.5%, as in Q4 2016.

Households' consumption expenditure was at a standstill in Q1 (0.0% after +0.6%) while total gross fixed capital formation accelerated sharply (GFCF; +1.2% after +0.7%). All in all, final domestic demand excluding inventory changes decelerated slightly: it contributed for +0.4 points to GDP growth after +0.6 points in the previous quarter.

Exports fell back (−0.7% after +1.1%) while imports accelerated (+1.2% after +0.6%). All in all, foreign trade balance weighed down on GDP growth: −0.6 points after +0.1 points. Conversely, changes in inventories contributed positively (+0.7 points after −0.2 points).

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In Q1 2017, GDP in volume terms* kept increasing: +0.5%, as in Q4 2016.

Households' consumption expenditure was at a standstill in Q1 (0.0% after +0.6%) while total gross fixed capital formation accelerated sharply (GFCF; +1.2% after +0.7%). All in all, final domestic demand excluding inventory changes decelerated slightly: it contributed for +0.4 points to GDP growth after +0.6 points in the previous quarter.

Exports fell back (−0.7% after +1.1%) while imports accelerated (+1.2% after +0.6%). All in all, foreign trade balance weighed down on GDP growth: −0.6 points after +0.1 points. Conversely, changes in inventories contributed positively (+0.7 points after −0.2 points).

* This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.

Graph – GDP and its main components

  • Source: INSEE

Tab1 – GDP and its main components: chain-linked volumes

percentage change from previous period,working-day and seasonally adjusted data
GDP and its main components: chain-linked volumes (percentage change from previous period,working-day and seasonally adjusted data) -
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2016 2017 (ovhg)
GDP -0.1 0.2 0.5 0.5 1.1 0.9
Imports -0.7 2.8 0.6 1.2 4.2 2.8
Household consumption *expenditure 0.3 0.0 0.6 0.0 2.1 0.6
General government's *consumption expenditure 0.3 0.4 0.3 0.3 1.2 0.8
GFCF 0.1 0.1 0.7 1.2 2.7 1.8
*of which Non-financial corporated and unincorporated enterprises -0.3 -0.1 0.9 1.9 3.4 2.5
Households 0.7 0.9 1.0 1.0 2.4 2.3
General government 0.4 -0.8 -0.5 -0.7 -0.1 -1.4
Exports 0.3 0.7 1.1 -0.7 1.9 0.5
Contributions :        
Internal demand excluding inventory changes 0.2 0.1 0.6 0.4 2.0 0.9
Inventory changes -0.6 0.7 -0.2 0.7 -0.1 0.8
Net foreign trade 0.3 -0.7 0.1 -0.6 -0.8 -0.7
  • Source: INSEE

Tab2 – Production, consumption and GFCF: main components

percentage change from previous period,working-day and seasonally adjusted data
Production, consumption and GFCF: main components (percentage change from previous period,working-day and seasonally adjusted data) -
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2016 2017 (ovhg)
Production of branches -0.3 0.3 0.7 0.5 0.9 1.1
Goods -0.6 0.2 1.0 -0.1 0.2 0.7
Manufactured Industry -0.8 0.7 0.7 -0.1 0.8 0.6
Construction 0.0 0.1 0.9 0.5 0.1 1.2
Market services -0.3 0.3 0.7 0.9 1.4 1.5
Non-market services 0.2 0.3 0.3 0.3 1.0 0.6
Household consumption 0.3 0.0 0.6 0.0 2.1 0.6
Food products -0.3 0.6 -0.2 0.4 0.9 0.5
Energy 1.2 -1.2 3.4 -3.3 2.2 -1.2
Engineered goods 0.4 -1.2 1.0 0.1 2.4 0.4
Services 0.0 0.5 0.3 0.5 1.6 1.0
GFCF 0.1 0.1 0.7 1.2 2.7 1.8
Manufactured goods -1.1 -2.0 0.4 1.6 6.1 0.7
Construction 0.4 -0.1 0.8 0.5 0.2 1.2
Market services 0.5 1.7 0.8 1.8 3.9 3.4
  • Source: INSEE

Purchasing power was virtually steady in Q1 2017

Households' gross disposable income (GDI) accelerated in Q1 2017 (+0.6% after +0.4%).Indeed, wages received by households increased faster than at the end of 2016 (+0.9% after +0.6%): employment remained dynamic and the average wage per capita accelerated in the private sector while the civil service salary index point was reevalued by 0.6% on 1st February 2017. Furthermore, taxes on incomes and wealth slowed down in early 2017 (+0.5% after +1.0%), as abacklash after the significant adjustments made at the end of 2016, and because of the decrease in income tax instalments from the 20% tax reduction for low-income households and of the exceptional increase on 1st January 2017 of the thresholds of exemption or reduced rate of supplementary general sociale contribution (contribution sociale généralisée, CSG) on replacement incomes.

On their side, social benefits in cash followed an upward trend (+0.4% after +0.3%), as well as social contributions paid by households (+0.6% after +0.7%).

Besides, households' consumption prices accelerated in Q1 2017 (+0.5% after +0.3%), so that households' purchasing power was virtually stable (+0.1% as in Q4 2016). Measured per consumption unit, it held steady for the second consecutive quarter.

In Q1 2017, as households' consumption in volume terms was stable and households' purchasing power remained virtually unchanged, their saving ratio was virtually stable at 14.0% of their income after 13.9% in Q4 2016.

Tab3 – Sectoral accounts

percentage change from previous period,working-day and seasonally adjusted data
Sectoral accounts (percentage change from previous period,working-day and seasonally adjusted data) -
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2016 2017 (ovhg)
Profit ratio of NFCs* (level) 31.7 31.6 31.8 31.7 31.8  
Households' purchasing power 0.3 0.7 0.1 0.1 1.8 0.6
  • *NFCs: non-financial corporations
  • Source: INSEE

Tab4 – Households' disposable income and ratios of households' account

percentage change from previous period,working-day and seasonally adjusted data
Households' disposable income and ratios of households' account (percentage change from previous period,working-day and seasonally adjusted data) -
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2016 2017 (ovhg)
HDI 0.3 0.8 0.4 0.6 1.7 1.4
Household purchasing power 0.3 0.7 0.1 0.1 1.8 0.6
HDI by cu* (purchasing power) 0.2 0.6 0.0 0.0 1.4 0.4
Adjusted HDI (purchasing power) 0.3 0.6 0.1 0.2 1.7 0.7
Saving rate (level) 13.8 14.4 13.9 14.0 14.0  
Financial saving rate (level) 4.5 5.1 4.6 4.5 4.7  
  • *cu: consumption unit
  • Source: INSEE

Non-financial corporations' profit ratio was practically stable at 31.7% in Q1 2017

In Q1 2017, non-financial corporations' profit ratio was almost stable at 31.7% (after 31.8%). Terms of trade weighed due to the increase in energy prices and despite an increase in selling prices. Conversely, non-financial corporations generated productivity gains, while real wages remained broadly stable.

Tab5 – Ratios of non-financial corporations' account

level (in percent), WDA-SA data
Ratios of non-financial corporations' account (level (in percent), WDA-SA data) -
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2016
Profit share 31.7 31.6 31.8 31.7 31.8
Investment ratio 23.4 23.3 23.4 23.7 23.3
Savings ratio 19.4 19.5 19.8 20.0 19.7
Self-financing ratio 83.1 83.4 84.6 84.4 84.2
  • Source: INSEE

In Q1 2017, general government deficit was virtually steady

In Q1 2017, general government net borrowing was virtually steady, at 3.3% of GDP after 3.2% in Q4 2016, as receipts and expenditure increased at around the same pace.

Spending bounced back (+0.7% after 0.0%), mainly as a backslash after the decrease in the French contribution to the European Union budget at the end of 2016. Moreover, general government wage bill accelerated slightly. Social benefits paid followed an upward trend.

At the same time, receipts slowed a little in Q1 (+0.5% after +0.8%). Corporation tax fell back, production taxes increased steadily again and social contributions receipts slowed down slightly.

Tab6 – Expenditure, receipts and net borrowing of public administrations

level, WDA-SA data
Expenditure, receipts and net borrowing of public administrations (level, WDA-SA data) -
2016 Q2 2016 Q3 2016 Q4 2017 Q1 2016
In billions of euros    
Total expenditure 313.5 315.2 315.1 317.3 1257.0
Total receipts 294.9 294.8 297.1 298.7 1181.2
Net lending (+) or borrowing (-) -18.5 -20.4 -18.0 -18.7 -75.8
In % of GDP      
Net lending (+) or borrowing (-) -3.3 -3.7 -3.2 -3.3 -3.4
  • Source: INSEE

Revisions

With the integration of new informations now available, the estimate of GDP growth in Q1 2017 has been revised upward from +0.4% to +0.5%.

Avertissement

Quarterly national accounts

Linked economic outlook

Quarterly debt of the general government

Linked economic outlook

Sources

Quarterly national accounts

Quarterly national accounts's descriptive index card in the section « Definitions, methods and quality »

Quarterly accounts are a consistent set of indicators which provides a global overview of recent economic activity.

Time series of the main aggregates of quarterly national accounts can be accessed through the "Summary". They are classified into eight categories:

  • Gross domestic product (GDP) and main economic aggregates ;
  • Goods and services ;
  • Households' consumption ;
  • Foreign trade ;
  • Activities ;
  • Institutional sectors ;
  • Households' income and purchasing power ;
  • Public finances.

For each category, are available :

  • synthetic files displaying from the accounts the relevant information for economic analysis ,
  • sometimes, one or two files displaying all the data available.

Documentation

Abbreviated methodology (pdf, 140 Ko )

Methodology - First estimate at 30 days (pdf, 112 Ko )

The quarterly accounts have switched to the 2010 base (Extract from "Conjoncture in France", June 2014) (pdf, 558 Ko )