Quarterly national accounts in Q2 2017 National accounts in base 2010 - Detailed figures

Detailed figures
Insee Résultats
Paru le :Paru le22/09/2017
Insee Résultats- September 2017

French GDP increased by 0.5% in Q2 2017 Quarterly national accounts - second estimate - second quarter 2017

In Q2 2017, GDP in volume terms* kept on increasing: +0.5%, for the third quarter in a row. Households' consumption accelerated slightly (+0.3% after +0.1%) whereas total gross fixed capital formation (GFCF) decelerated markedly (+0.7% after +1.3%). All in all, final domestic demand excluding inventory changes contributed +0.4 points to GDP growth, as in the previous quarter.

Exports bounced back (+2.5% after −0.9%) while imports significantly slowed down (+0.4% after +1.1%). All in all, foreign trade balance contributed positively to GDP growth: +0.6 points after −0.6 points in the previous quarter. Conversely, changes in inventories contributed negatively (−0.5 points after +0.7 points).

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No 225

Paru le :29/08/2017

In Q2 2017, GDP in volume terms* kept on increasing: +0.5%, for the third quarter in a row. Households' consumption accelerated slightly (+0.3% after +0.1%) whereas total gross fixed capital formation (GFCF) decelerated markedly (+0.7% after +1.3%). All in all, final domestic demand excluding inventory changes contributed +0.4 points to GDP growth, as in the previous quarter.

Exports bounced back (+2.5% after −0.9%) while imports significantly slowed down (+0.4% after +1.1%). All in all, foreign trade balance contributed positively to GDP growth: +0.6 points after −0.6 points in the previous quarter. Conversely, changes in inventories contributed negatively (−0.5 points after +0.7 points).

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

Tab1GDP 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 Q3 2016 Q4 2017 Q1 2017 Q2 2016 2017 (ovhg)
GDP 0.2 0.5 0.5 0.5 1.1 1.3
Imports 2.6 0.9 1.1 0.4 4.2 3.1
Household consumption *expenditure -0.1 0.7 0.1 0.3 2.1 0.9
General government's *consumption expenditure 0.3 0.3 0.3 0.4 1.2 1.0
GFCF 0.3 0.6 1.3 0.7 2.7 2.5
*of which Non-financial corporated and unincorporated enterprises 0.1 0.8 2.0 0.7 3.4 3.0
Households 1.0 1.1 1.3 1.0 2.4 3.6
General government -0.6 -0.6 -0.8 0.1 -0.1 -1.4
Exports 0.8 1.1 -0.9 2.5 1.9 2.2
Contributions :        
Internal demand excluding inventory changes 0.1 0.6 0.4 0.4 2.0 1.2
Inventory changes 0.7 -0.1 0.7 -0.5 -0.1 0.4
Net foreign trade -0.6 0.1 -0.6 0.6 -0.8 -0.3
  • Source: INSEE

GraphGDP and its main components

  • Source: INSEE

Total production increased slightly faster

Total production of goods and services accelerated slightly in Q2 2017 (+0.7% after +0.5%). It increased anew in goods (+0.8% after −0.1%) while it was a bit less dynamic than in the previous quarter in services (+0.6% after +0.7%).

Manufacturing output recovered (+0.8% after 0.0%), mainly due to the rebound in the coke and refined petroleum branch. Electricity and gas production increased anew. In the construction branch, production accelerated (+1.1% after +0.6%). Conversely, it slowed down slightly in market services (+0.6% after +0.9%).

Tab2Production, 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 Q3 2016 Q4 2017 Q1 2017 Q2 2016 2017 (ovhg)
Production of branches 0.3 0.7 0.5 0.7 0.9 1.6
Goods 0.2 1.0 -0.1 0.8 0.2 1.2
Manufactured Industry 0.8 0.7 0.0 0.8 0.8 1.2
Construction 0.2 0.9 0.6 1.1 0.1 2.2
Market services 0.3 0.7 0.9 0.6 1.4 2.0
Non-market services 0.2 0.2 0.2 0.3 1.0 0.8
Household consumption -0.1 0.7 0.1 0.3 2.1 0.9
Food products 0.6 -0.1 0.4 0.6 0.9 0.9
Energy -1.2 3.3 -3.3 0.5 2.2 -0.8
Engineered goods -1.5 1.2 0.2 0.4 2.4 0.7
Services 0.4 0.4 0.6 0.2 1.6 1.3
GFCF 0.3 0.6 1.3 0.7 2.7 2.5
Manufactured goods -2.1 -0.1 1.7 0.0 6.1 0.3
Construction 0.0 0.8 0.6 1.1 0.2 2.1
Market services 2.2 0.9 2.0 0.6 3.9 4.4
  • Source: INSEE

Household consumption accelerated slightly

Household consumption expenditure accelerated slightly in Q2 2017 (+0.3% after +0.1%). Expenditure on goods bounced back (+0.5% after −0.3%) while it decelerated in services (+0.2% after +0.6%).

Expenditure on energy picked up (+0.5% after −3.3%). Consumption of engineered goods accelerated slightly (+0.4% after +0.2%), as well as consumption of food products (+0.6% after +0.4%).

Expenditure on services decelerated, notably on accommodation and catering.

Corporate investment decelerated significantly

In Q2 2017, total GFCF decelerated sharply (+0.7% after +1.3%), especially that of enterprises (+0.7% after +2.0%). Investment of households remained sustained (+1.0% after +1.3%).

Investment in construction accelerated (+1.1% after +0.6%) thanks to a renewed vigour in civil engineering. Conversely, investment in manufactured goods came to a standstill (0.0% after +1.7%), mostly due to a marked slowdown in equipment goods and, to a lesser extent, to a stronger decrease in transport equipment. GFCF in market services was substantially less dynamic (+0.6% after +2.0%), mainly owing to a downturn in corporate services.

Foreign trade balance contributed positively to GDP growth

Exports bounced back in Q2 2017 (+2.5% after −0.9%), especially in transport equipment and other manufactured goods. At the same time, imports significantly decelerated (+0.4% after +1.1%). In particular, purchases of refined petroleum products fell back, so did those in transport equipment. All in all, foreign trade balance contributed positively to GDP growth this quarter: +0.6 points (after −0.6 points).

Changes in inventories slowed down

In Q2 2017, the contribution of changes in inventories to GDP growth amounted to −0.5 points (after +0.7 points in the beginning of 2017). In particular, they decreased sharply in transport equipment (automobiles and aeronautics).

Revisions

The estimate of GDP growth in Q2 2017 is confirmed at +0.5%. Slight revisions in different aggregates offset each other; they are mainly due to the integration of new indicators and to the update of seasonal adjustment coefficients.

Tab3Sectoral 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 Q3 2016 Q4 2017 Q1 2017 Q2 2016 2017 (ovhg)
Profit ratio of NFCs* (level) 31.6 31.7 31.6   31.8
Households' purchasing power 0.7 0.1 0.1   1.8 0.6
  • *NFCs: non-financial corporations
  • Source: INSEE

Tab4Households' 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 Q3 2016 Q4 2017 Q1 2017 Q2 2016 2017 (ovhg)
HDI 0.8 0.4 0.7   1.7 1.5
Household purchasing power 0.7 0.1 0.1 1.8 0.6
HDI by cu* (purchasing power) 0.6 0.0 0.0 1.4 0.4
Adjusted HDI (purchasing power) 0.7 0.2 0.2 1.7 0.7
Saving rate (level) 14.4 13.9 13.9 14.0
Financial saving rate (level) 5.1 4.6 4.4   4.7
  • *cu: consumption unit
  • Source: INSEE

Tab5Ratios of non-financial corporations' account

level (in percent), WDA-SA data
Ratios of non-financial corporations' account (level (in percent), WDA-SA data) -
2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016
Profit share 31.6 31.7 31.6   31.8
Investment ratio 23.3 23.4 23.7   23.3
Savings ratio 19.4 19.6 19.9   19.7
Self-financing ratio 83.3 83.6 83.8   84.2
  • Source: INSEE

Tab6Expenditure, receipts and net borrowing of public administrations

level, WDA-SA data
Expenditure, receipts and net borrowing of public administrations (level, WDA-SA data) -
2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016
In billions of euros    
Total expenditure 315.2 315.0 316.9   1257.0
Total receipts 294.8 297.4 299.2   1181.2
Net lending (+) or borrowing (-) -20.4 -17.6 -17.7   -75.8
In % of GDP      
Net lending (+) or borrowing (-) -3.7 -3.1 -3.1   -3.4
  • Source: INSEE

Avertissement

Quarterly national accounts

Quarterly debt of the general government

Sources

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.