The national accounts in 2019 National accounts - 2014 Base
Gross domestic product (GDP) and main economic aggregates in 2019 National accounts - 2014 Base
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Insee Résultats
Paru le :30/09/2020
The gross domestic product (GDP) is the main aggregate measuring the economic activity. It is equal to the sum of the gross value added of all the resident institutional units engaged in production, a given year, recorded at market prices.
It measures the new wealth created each year by the resident productive activities and allows international comparisons.
The GDP is published at current prices and in volume at chained prices. Its change in volume measures the economic growth. Its price index measures the price evolution of its components.
The main economic aggregates associated with the GDP give an overview of the evolution of the institutional sectors.
Warning
In 2016, the State’s capital expenditure on military equipment has been revised upwards by 1.6 billion. However, for technical reasons, this revision was recorded in D9 (capital transfers). As a result, the government deficit has been slightly revised upwards (by 0.1%). In addition, the distributed income of corporations (D42) received by non-financial corporations (S11) has been revised upwards by 3 billion while that received by banks (S12A) have been revised symmetrically downwards by 3 billion. Table 1.113 is adjusted accordingly.
For Tables 1.108 to 1.109p, data for sub-sectors of general government (S13) is only available for the period 2006-2018.
In the context of the notification of general government debt and deficit to the European Commission, the annual accounts are updated each year at the end of August to incorporate the final social security accounting data not available for the April 1 notification, as well as revisions that may affect general government account. This update is carried out with the publication of the detailed results of the quarterly accounts for the second quarter.
The surplus of social security administrations is revised upwards by 0.3 billion euros in 2019 and stands at 14.4 billion euros. The State deficit is increased by 0.6 billion euros from 2016 to 2019. The State's participation in concessional lending window of multilateral development banks are reclassified as Maastrichtian expenditure, whereas they were previously recorded under financial operations.
Overall, the public deficit is deteriorated by 0.6 billion euros in 2016, 2017 and 2018, and by 0.3 billion euros in 2019. In 2019, it thus stood at 73 billion euros, or 3.0% of GDP.
Relative to GDP, Maastricht debt is unchanged (98.1% in 2019), while the net debt now stands at 89.2% of GDP (compared with 89.5% at the time of the May 2020 publication) .
Table 1.113 is accordingly modified.
In addition to the publication of May 29, 2020, this update concerns the publication of the table 1.116 explaining how to obtain Gross national income (GNI) notified to the European commission from GNI published in table 1.115.
Pour comprendre
Gross domestic product
Gross domestic product is the main aggregate that measures a country's economic activity. It is the sum of the gross value-added newly created by the resident economic units of this country in a given year, valued at market prices.
It gives a measure of the new wealth created each year by the country's production system and enables international comparisons.
Gross domestic product is published at current prices and in volume at the chained prices of the previous year. Its change in volume (i.e. excluding price effects) measures economic growth. Its price index reflects the price evolution of all its components.
It can be calculated using three different approaches.
"Production" approach
GDP is the sum of gross value-added at basic price (equal to total output at basic price minus intermediate consumptions at purchaser's price), plus taxes on products (including VAT), minus subsidies on products:
GDP = Gross value-added at basic price (B1g) + Taxes on products (D21) - Subsidies on products (D31).
"Demand" approach
GDP is the sum of final domestic uses (final consumption, gross capital formation), plus exports and minus imports:
GDP = Final consumption expenditures (P3) + Gross capital formation (P5) + Exports (P6) - Imports (P7).
"Income" approach
GDP is the sum of primary incomes directly generated by production: payment of employees, operating surplus and mixed income, taxes on production and imports, net of subsidies
GDP = Compensation of employees (D1) + Gross operating surplus and gross mixed income (B2g + B3g) + Taxes on production and imports (D2) - Subsidies (D3).
Contributions to changes in gross domestic product (GDP)
The change in gross domestic product can be broken down as the sum of contributions by its various components: final consumption expenditures, gross capital formation, and trade balance.
For a given year, the contribution of a component to the change in gross domestic product is equal to the product of the annual growth rate of this component and its weight in gross domestic product the previous year.
Value added
Domestic employment, measured by number of people, includes all physical persons, whether residents or not, employed in a resident production unit. It includes non-residents and seasonal employees working on the economic territory and excludes residents working outside the economic territory. The number of jobs is an annual average. All types of jobs are counted, including short-term employment.
Domestic employment is calculated in "physical persons" and "full-time equivalents".
Domestic employment in "physical persons" counts all people in declared full-time or part-time employment. Domestic employment in "full-time equivalents" is estimated on the basis of the number of physical persons, taking account of the average duration of part-time work, the average proportion of people in part-time employment and of undeclared work.
Domestic employment is broken down by branch and by institutional sector.
Net lending (+) / borrowing (-)
Net lending/borrowing (B9NF) is the balancing item of the capital account. The capital account records acquisitions less disposals of non-financial assets owned by resident economic units and measures changes in assets due to saving and to capital transfers.
This balancing item is calculated as gross saving (B8g) plus net capital transfers (received (D9r) minus paid (D9p) and minus accumulation expenditures: gross fixed capital formation (P51g), change in inventories (P53), acquisitions less disposals of valuables (P53) and of non-produced assets (land,...) (NP).
If this balancing item is positive, it shows a lending capacity; when negative, it shows a borrowing need.
It can be calculated for resident economic units and for the institutional sectors to which they belong.
Gross domestic income
Gross domestic income is the sum of all primary (gross) incomes received by resident economic units : gross operating surplus (B2g), gross mixed income (B3g), compensation of employees (D1), taxes net of subsidies on production and imports (D2-D3), property income received minus that paid (D4).
It is equal to gross domestic product (GDP) minus the primary incomes paid to non-resident economic units plus the primary incomes received by resident units from the rest of the world.
It gives a measure of the primary incomes received by all resident economic units and enables international comparisons.
Pour en savoir plus
Avertissement
Methodology of the annual accounts
From May 30, 2018, INSEE publishes the national accounts in 2014 base.
The most significant changes concern the national economy's transactions with the rest of the world, as well as the estimations of flows of property income between resident agents (enterprises, households, general government, etc.) as well as between resident agents and the rest of the world.
This basic change is accompanied by some improvements that are described in the " The national accounts switch to 2014 base" folder and in the methodology sheets of the 2014 database.
Online, aids to understanding facilitate the reading of results (definitions, classification, glossary).
Presentation of the transition to the 2014 base of the national accounts
Folder
> The national accounts switch to 2014 base (pdf, 110 Ko)
> Gross National Income Inventory 2010 (pdf, 6000 Ko)
Sheet
> Estimates of property income flows in the 2014 base (pdf, 135 Ko)
> General government quarterly Maastricht debt (pdf, 154 Ko)