In Q3 2022, gross domestic product (GDP) decelerated after the rebound in the previous quarter (+0.2% in volume terms*, after +0.5% in Q2).

Final domestic demand (excluding inventories) contributed positively to GDP growth this quarter (+0.4 points after +0.2 points). Thus, gross fixed capital formation (GFCF) accelerated strongly in the third quarter after an already relatively dynamic start to the year (+1.3% after +0.6% in Q1 and +0.4% in Q2), while household consumption expenditure were stable (+0.0% after +0.3%).

Conversely, foreign trade contributed negatively to GDP growth this quarter (-0.5 points), after a zero contribution in the previous quarter: imports were more sustained than in the second quarter (+2.2% after +1.2%), in particular for goods (+1.9% after +0.8%) while exports continued to slow down (+0.7% after +1.3%) due to the decline in services exports (-0.4% after +3.3%).

Finally, the contribution of inventory changes to the evolution of GDP was slightly positive this quarter (+0.2 points after +0.3 points in Q2).

* Volumes are measured at previous year's prices, chain-linked and adjusted for seasonal variations and working day effects (SVC-WD).

Total production (goods and services) slowed down in the third quarter after the dynamism of the previous quarter (+0.4%, after +0.7% in Q2 2022), in connection with the slowdown in the production of services (+0.5% after +1.0%). In particular, the production of accommodation and food services decelerated markedly this quarter (+0.5% after +9.7%) and transport services slowed down significantly (+1.0% after +4.2%). On the other hand, production in information and communication remained dynamic (+1.5% after +1.7%), mainly due to IT services.

The production of goods fell slightly this quarter (-0.2%, as in the previous quarter) as the production of energy, water and waste declined for the fourth consecutive quarter (-3.3% after -3.0%). Conversely, the production of the manufacturing branches continued to progress (+0.6%, as in the second quarter), supported in particular by the dynamism of the production of transport equipment (+4.6% after +5.9%) and the rebound in the production of capital goods (+1.6% after -0.3%).

Consumption of services slowed down significantly this quarter after the rebound in the second quarter (+0.2% after +2.2%). In particular, household spending on accommodation and food services (+0.6% after +12.7%) and on transport services (+0.5% after +6.3%) decelerated sharply. On the other hand, purchases of goods continued to decline, but to a lesser extent than in the previous quarter (-0.5% after -1.5%). They were still dragged down by food consumption, which fell for the third consecutive quarter (-1.6% after -2.2%); on the other hand, spending on petroleum products and car purchases rebounded.

Total GFCF accelerated sharply this quarter (+1.3% after +0.4%). It was essentially driven by the strength of GFCF in manufactured goods (+3.5% after +0.4%), particularly in transport equipment (+12.4% after +0.3%). In addition, GFCF in services accelerated slightly this quarter (+0.7% after +0.4%), especially under the influence of the dynamism of GFCF in information-communication (+3.0% after +2.5%), while GFCF in construction continued to decrease although more moderately than in the second quarter (-0.2% after -1.0%).

The contribution of foreign trade was negative this quarter (-0.5 points, after +0.0 point in the two previous quarters). Exports slowed down for the third consecutive quarter (+0.7% after +1.3%), penalised in particular by the contraction of exports of transport services (-2.5% after +10.4%) and information-communication (-1.5% after -0.2%). Conversely, exports of goods picked up (+1.1% after +0.0%), particularly in transport equipment (+1.2% after -2.5%), while exports of capital goods accelerated (+3.1% after +1.6%).

Imports, on the other hand, were stronger this quarter than in the previous quarter (+2.2% after +1.2%). Imports of goods accelerated (+1.9% after +0.8%), driven by imports of electricity and capital goods. Furthermore, imports of services remained dynamic this quarter (+2.5%, as in the previous quarter): the rebound of imports in information-communication (+2.9% after -1.0%) and, to a lesser extent, in household services (+5.4% after -8.7%) balanced the slowdown in transport services (+6.2% after +10.3%).

Inventory changes contributed positively to GDP growth this quarter: +0.2 points, after +0.3 points in the previous quarter.

The quarterly GDP profile for the first half of 2022 is not revised. Since the previous publication, new information has been incorporated and the seasonal adjustment (SVA) and working day adjustment (WDA) coefficients have been updated, but these revisions broadly offset each other on the GDP growth estimate.

The production and generation of income accounts by branch have been partially revised, including an improvement in the volume-price split of intermediate consumption of energy and the breakdown of taxes on production by branch.