Quarterly national accounts in Q3 2018 National accounts in base 2014 - Detailed figures
Households' purchasing power increased again in Q3 (+0.4% after +0.8%) Quarterly national accounts - detailed figures - third quarter 2018
In Q3 2018, GDP in volume terms* accelerated slightly: +0.3% after +0.2%. Household consumption expenditures bounced back (+0.4% after −0.1%), whereas total gross fixed capital slightly sped up (GFCF: +0.9% after +0.8%). The final domestic demand excluding inventory rose. Its contribution to GDP growth sharply increased (+0.5 points after +0.2 points).
Imports fell back in Q3 (−0.6% after +0.6%), whereas exports increased (+0.3% after +0.0%). All in all, the foreign trade balance contributed positively to GDP growth: +0.3 points after −0.2 points in Q2. Conversely, inventory changes contributed negatively (−0.4 points after +0.2 points).
In Q3 2018, GDP in volume terms* accelerated slightly: +0.3% after +0.2%. Household consumption expenditures bounced back (+0.4% after −0.1%), whereas total gross fixed capital slightly sped up (GFCF: +0.9% after +0.8%). The final domestic demand excluding inventory rose. Its contribution to GDP growth sharply increased (+0.5 points after +0.2 points).
Imports fell back in Q3 (−0.6% after +0.6%), whereas exports increased (+0.3% after +0.0%). All in all, the foreign trade balance contributed positively to GDP growth: +0.3 points after −0.2 points in Q2. Conversely, inventory changes contributed negatively (−0.4 points after +0.2 points).
* This growth rate is seasonally and working-day adjusted; volumes are chain-linked previous-year-prices volumes.
graphiqueGraph – GDP and its main components
![](/en/statistiques/graphique/3685097/Graph.png)
- Source: INSEE
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 | 0.3 | 2.3 | 1.5 |
Imports | 0.2 | -0.6 | 0.6 | -0.6 | 4.1 | 0.7 |
Household consumption *expenditure | 0.2 | 0.2 | -0.1 | 0.4 | 1.1 | 0.8 |
General government's *consumption expenditure | 0.2 | 0.2 | 0.3 | 0.2 | 1.4 | 1.0 |
GFCF | 1.0 | 0.1 | 0.8 | 0.9 | 4.7 | 2.8 |
*of which Non-financial corporated and unincorporated enterprises | 1.3 | 0.1 | 1.3 | 1.5 | 4.4 | 3.7 |
Households | 0.8 | 0.2 | 0.1 | -0.1 | 5.6 | 1.6 |
General government | 0.2 | 0.0 | 0.6 | 0.0 | 1.6 | 0.8 |
Exports | 2.2 | -0.4 | 0.0 | 0.3 | 4.7 | 2.6 |
Contributions: | ||||||
Internal demand excluding inventory changes | 0.4 | 0.2 | 0.2 | 0.5 | 2.0 | 1.3 |
Inventory changes | -0.3 | -0.1 | 0.2 | -0.4 | 0.2 | -0.4 |
Net foreign trade | 0.6 | 0.1 | -0.2 | 0.3 | 0.1 | 0.6 |
- Source: INSEE
tableauTab2 – Production, consumption and GFCF: main components
2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | 2018 (ovhg) | |
---|---|---|---|---|---|---|
Production of branches | 0.9 | 0.1 | 0.3 | 0.6 | 2.6 | 1.9 |
Goods | 1.1 | -0.6 | -0.3 | 0.6 | 2.2 | 0.9 |
Manufactured Industry | 1.4 | -1.0 | -0.1 | 0.7 | 2.4 | 0.8 |
Construction | 0.5 | -0.4 | 0.7 | 0.1 | 3.5 | 1.0 |
Market services | 1.1 | 0.6 | 0.5 | 0.7 | 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 | 0.4 | 1.1 | 0.8 |
Food products | 0.3 | -0.4 | -1.3 | 0.1 | 0.3 | -1.2 |
Energy | -1.5 | 1.1 | -2.4 | 0.0 | 0.1 | -0.7 |
Engineered goods | -0.1 | -0.3 | 1.0 | 0.7 | 2.6 | 1.5 |
Services | 0.5 | 0.4 | 0.1 | 0.3 | 1.6 | 1.3 |
GFCF | 1.0 | 0.1 | 0.8 | 0.9 | 4.7 | 2.8 |
Manufactured goods | 1.7 | -1.3 | 1.4 | 2.1 | 3.7 | 3.0 |
Construction | 0.3 | 0.0 | 0.7 | -0.3 | 3.5 | 1.3 |
Market services | 1.4 | 1.0 | 0.8 | 1.5 | 7.0 | 4.5 |
- Source: INSEE
Purchasing power decelerated in Q3 2018
Households' gross disposable income (HDI) slowed down in current euros in Q3 2018 (+0.7% after +1.2%) in connection with the gross payroll growth deceleration (+0.5% after +0.7%). Furthermore, taxes on income and wealth decreased less than in the last quarter and social contributions rose slightly.
Households' consumption prices still grew at the same pace than the last quarter (+0.4%). Thus, purchasing power slowed down (+0.4% after +0.8%). Measured per consumption unit to refer to an individual level, it also decelerated (+0.3% after +0.7%).
In Q3 2018, volume of households' consumption increased at the same pace as purchasing power. As a result, the saving rate was virtually stable: it stood at 14.4% after 14.5% in Q2 2018.
tableauTab3 – Sectoral accounts
2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | 2018 (ovhg) | |
---|---|---|---|---|---|---|
Profit ratio of NFCs* (level) | 32.1 | 32.1 | 31.7 | 31.9 | 32.0 | |
Households' purchasing power | 0.3 | -0.5 | 0.8 | 0.4 | 1.4 | 0.9 |
- *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 | 0.8 | 0.1 | 1.2 | 0.7 | 2.7 | 2.5 |
Household purchasing power | 0.3 | -0.5 | 0.8 | 0.4 | 1.4 | 0.9 |
HDI by cu* (purchasing power) | 0.2 | -0.6 | 0.7 | 0.3 | 0.9 | 0.5 |
Adjusted HDI (purchasing power) | 0.3 | -0.3 | 0.7 | 0.4 | 1.5 | 1.0 |
Saving rate (level) | 14.3 | 13.7 | 14.5 | 14.4 | 14.2 | |
Financial saving rate (level) | 4.3 | 3.5 | 4.1 | 4.0 | 4.4 |
- *cu: consumption unit
- Source: INSEE
Non-financial corporations' profit rose slightly
In Q3 2018, non-financial corporations' profit ratio increased slightly to reach 31.9% (after 31.7%), sustained by productivity gains.
tableauTab5 – Ratios of non-financial corporations' account
2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2017 | |
---|---|---|---|---|---|
Profit share | 32.1 | 32.1 | 31.7 | 31.9 | 32.0 |
Investment ratio | 23.6 | 23.6 | 23.9 | 24.2 | 23.5 |
Savings ratio | 22.5 | 23.0 | 22.8 | 23.6 | 22.7 |
Self-financing ratio | 95.4 | 97.7 | 95.7 | 97.7 | 96.6 |
- Source: INSEE
In Q3 2018, the public deficit increased again
In Q3 2018, general government net borrowing increased by 0.4 points: the public deficit stood at 3.1% of the GDP after 2.7%.
General government expenditure rose: +0.3% after −0.2%. They had declined sharply in the last quarter because of the decrease in repayments concerning the 3% tax on dividends, which stabilized this quarter.
Government receipts declined anew in Q3: −0.5% after −0.6%. Corporate tax revenues continued to decrease according to the cut of the corporate income tax rate for income up to 500,000€ and increase in refunds and rebates.
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 | 328.6 | 329.7 | 1294.3 |
Total receipts | 314.4 | 314.9 | 312.9 | 311.4 | 1232.7 |
Net lending (+) or borrowing (–) | -12.7 | -14.3 | -15.7 | -18.3 | -61.6 |
In % of GDP | |||||
Net lending (+) or borrowing (–) | -2.2 | -2.5 | -2.7 | -3.1 | -2.7 |
- Source: INSEE
Revisions
GDP growth estimate for Q3 2018 is revised at +0.3% (against +0.4% in second estimate). This revision is mainly due to the integration and 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 )