Quarterly national accounts in Q3 2018 National accounts in base 2014 - Detailed figures
French GDP rose by 0.4% in Q3 2018 Quarterly national accounts - first estimate - third quarter 2018
In Q3 2018, GDP in volume terms* accelerated slightly: +0.4% after +0.2%. Household consumption expenditures recovered (+0.5% after −0.1%). Total gross fixed capital formation grew almost as quickly as in the previous quarter (GFCF: +0.8% after +0.9%). Overall, final domestic demand excluding inventory changes accelerated: it contributed 0.5 points to GDP growth, after 0.2 points in the previous quarter.
Imports slowed down in Q3 (+0.3% after +0.7%), whereas exports accelerated (+0.7% after +0.1%). All in all, foreign trade balance contributed positively to GDP growth, +0.1 points, after −0.2 points in Q2. Conversely, changes in inventories contributed negatively to GDP growth (−0.2 points after +0.2 points).
In Q3 2018, GDP in volume terms* accelerated slightly: +0.4% after +0.2%. Household consumption expenditures recovered (+0.5% after −0.1%). Total gross fixed capital formation grew almost as quickly as in the previous quarter (GFCF: +0.8% after +0.9%). Overall, final domestic demand excluding inventory changes accelerated: it contributed 0.5 points to GDP growth, after 0.2 points in the previous quarter.
Imports slowed down in Q3 (+0.3% after +0.7%), whereas exports accelerated (+0.7% after +0.1%). All in all, foreign trade balance contributed positively to GDP growth, +0.1 points, after −0.2 points in Q2. Conversely, changes in inventories contributed negatively to GDP growth (−0.2 points after +0.2 points).
graphiqueGraph – GDP and its main components
- Source: INSEE
* This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
tableauTab1 – GDP and its main components: chain-linked volumes
| 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | 2018 (ovhg) | |
|---|---|---|---|---|---|---|
| GDP | 0.7 | 0.2 | 0.2 | 0.4 | 2.3 | 1.5 |
| Imports | 0.3 | -0.4 | 0.7 | 0.3 | 4.1 | 1.3 |
| Household consumption *expenditure | 0.2 | 0.2 | -0.1 | 0.5 | 1.1 | 0.9 |
| General government's *consumption expenditure | 0.2 | 0.1 | 0.2 | 0.2 | 1.4 | 0.9 |
| GFCF | 1.0 | 0.1 | 0.9 | 0.8 | 4.7 | 2.8 |
| *of which Non-financial corporated and unincorporated enterprises | 1.3 | 0.1 | 1.3 | 1.4 | 4.4 | 3.7 |
| Households | 0.8 | 0.2 | 0.0 | -0.2 | 5.6 | 1.6 |
| General government | 0.2 | 0.1 | 0.6 | 0.2 | 1.6 | 1.1 |
| Exports | 2.3 | -0.4 | 0.1 | 0.7 | 4.7 | 2.9 |
| Contributions: | ||||||
| Internal demand excluding inventory changes | 0.4 | 0.2 | 0.2 | 0.5 | 2.0 | 1.3 |
| Inventory changes | -0.3 | 0.0 | 0.2 | -0.2 | 0.2 | -0.3 |
| Net foreign trade | 0.6 | 0.0 | -0.2 | 0.1 | 0.1 | 0.5 |
- Source: INSEE
Total production accelerated
Production in goods and services accelerated in Q3 2018 (+0.7% after +0.3%). It bounced back in goods (+0.8% after −0.2%), and it grew at a slightly faster pace than in the previous quarter in services (+0.6% after +0.4%).
Output in manufactured recovered (+0.8% after −0.1%). Production in refineries bounced back (+11.3% after −9.7%) ; it had been notably low in Q2 due to maintenance work. Conversely, construction was at a standstill (+0.0% after +0.6%).
tableauTab2 – Production, consumption and GFCF: main components
| 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | 2018 (ovhg) | |
|---|---|---|---|---|---|---|
| Production of branches | 1.0 | 0.1 | 0.3 | 0.7 | 2.6 | 1.9 |
| Goods | 1.2 | -0.6 | -0.2 | 0.8 | 2.2 | 1.0 |
| Manufactured Industry | 1.5 | -1.0 | -0.1 | 0.8 | 2.4 | 1.0 |
| Construction | 0.5 | -0.3 | 0.6 | 0.0 | 3.5 | 1.0 |
| Market services | 1.1 | 0.5 | 0.5 | 0.8 | 3.2 | 2.7 |
| Non-market services | 0.3 | 0.2 | 0.3 | 0.2 | 1.1 | 1.0 |
| Household consumption | 0.2 | 0.2 | -0.1 | 0.5 | 1.1 | 0.9 |
| Food products | 0.2 | -0.3 | -1.3 | 0.1 | 0.3 | -1.2 |
| Energy | -1.4 | 0.9 | -2.2 | 0.4 | 0.1 | -0.4 |
| Engineered goods | 0.0 | -0.3 | 1.0 | 1.1 | 2.6 | 1.7 |
| Services | 0.5 | 0.5 | 0.1 | 0.3 | 1.6 | 1.4 |
| GFCF | 1.0 | 0.1 | 0.9 | 0.8 | 4.7 | 2.8 |
| Manufactured goods | 1.7 | -1.2 | 1.3 | 1.6 | 3.7 | 2.9 |
| Construction | 0.2 | 0.1 | 0.6 | -0.2 | 3.5 | 1.2 |
| Market services | 1.5 | 1.0 | 0.8 | 1.7 | 7.0 | 4.6 |
- Source: INSEE
Household consumption recovered
Household consumption expenditure recovered in Q3 2018 (+0.5% after +0.1%): consumption of goods bounced back significantly (+0.6% after −0.4%) and that of services accelerated slightly (+0.3% after +0.1%).
In particular, expenditures on energy recovered slightly (+0.4% after −2.2%), after temperatures higher than seasonal norms in Q2. Consumption of food products stablised after two quarters of decline (+0.1% after −1.3% in Q2).
In services, transport expenses bounced back markedly (+3.7% after −2.9%) after a significant decline in Q2, following strikes in rail transport.
* This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
tableauTab3 – Sectoral accounts
| 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | 2018 (ovhg) | |
|---|---|---|---|---|---|---|
| Profit ratio of NFCs* (level) | 32.0 | 32.0 | 31.5 | 32.0 | ||
| Households' purchasing power | 0.2 | -0.5 | 0.6 | 1.4 | 0.5 |
- *NFCs: non-financial corporations
- Source: INSEE
tableauTab4 – Households' disposable income and ratios of households' account
| 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | 2018 (ovhg) | |
|---|---|---|---|---|---|---|
| HDI | 0.7 | 0.1 | 1.1 | 2.7 | 1.9 | |
| Household purchasing power | 0.2 | -0.5 | 0.6 | 1.4 | 0.5 | |
| HDI by cu* (purchasing power) | 0.1 | -0.6 | 0.5 | 0.9 | 0.2 | |
| Adjusted HDI (purchasing power) | 0.3 | -0.3 | 0.6 | 1.5 | 0.7 | |
| Saving rate (level) | 14.3 | 13.6 | 14.3 | 14.2 | ||
| Financial saving rate (level) | 4.4 | 3.6 | 4.2 | 4.4 |
- *cu: consumption unit
- Source: INSEE
Corporate investment remained dynamic, household investment faltered slightly
In Q3 2018, total GFCF grew at almost the same pace as in the previous quarter (+0.8% after +0.9%). It was sustained by corporate investment (+1.4% after +1.3%), notably investment in IT activities and information services, as well as in automotive. Conversely, household investment faltered sligthly (−0.2% after +0.0%), in connection with the decline in housing starts since late 2017.
tableauTab5 – Ratios of non-financial corporations' account
| 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | |
|---|---|---|---|---|---|
| Profit share | 32.0 | 32.0 | 31.5 | 32.0 | |
| Investment ratio | 23.6 | 23.6 | 23.9 | 23.5 | |
| Savings ratio | 22.4 | 23.0 | 22.7 | 22.7 | |
| Self-financing ratio | 95.1 | 97.5 | 94.9 | 96.6 |
- Source: INSEE
Foreign trade balance contributed positively to GDP this quarter
In Q3, imports accelerated (+0.7% after +0.1%), while exports slowed down (+0.3% after +0.7%). All in all, foreign trade balance contributed positively to GDP growth: +0.1 points, after −0.2 points in Q2 2018.
tableauTab6 – Expenditure, receipts and net borrowing of public administrations
| 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | |
|---|---|---|---|---|---|
| In billions of euros | |||||
| Total expenditure | 327.1 | 329.2 | 328.5 | 1294.3 | |
| Total receipts | 314.6 | 314.8 | 313.7 | 1232.7 | |
| Net lending (+) or borrowing (–) | -12.5 | -14.5 | -14.9 | -61.6 | |
| In % of GDP | |||||
| Net lending (+) or borrowing (–) | -2.2 | -2.5 | -2.5 | -2.7 |
- Source: INSEE
Stock variations weighed down GDP growth
In Q3 2018, stock variations contributed negatively to GDP growth: −0.2 points (after +0.2 points). In particular, they decreased significantly in transport equipment.
Revisions
The GDP growth estimate for Q2 2018 is confirmed at +0.2%. Slight revisions in different aggregates offset each other; they are mainly due to the revision of indicators and to the update of seasonal adjustment coefficients.
Avertissement
Quarterly national accounts
Quarterly debt of the general government
Sources
Quarterly national accounts
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 )