Insee Première · July 2024 · n° 2000

The market services account in 2023  Market services ensured growth in GDP and employment

Market services grew more modestly in 2023 than in 2021 and 2022. Value added (VA) increased by 2.5% in volume. This is less than in agriculture and industry-construction (+4.9% for both branches), but more than in trade-transport-financial services, where VA fell sharply (-1.9%). Even so, after three years of contraction, the VA share of market services in the economy rose again, reaching 35.8% of GDP in 2023. Investment in market services came to a sudden halt after two years of growth, due in particular to the crisis in the property market. Household consumption of services continued to grow (+3.0%), but at a more moderate pace than in the previous years. Foreign trade continued to grow since 2020, but the surplus fell to almost €3.6 billion, its lowest level since 2019.