Reports

2/28/2025 - Q4 2024 (Final)

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GDP: Q4 2024 (Final)

French GDP growth for Q4 2024 was confirmed at -0.1% QoQ, but the annual rate was revised down slightly by -0.1 ppts to 0.6% YoY.

• Household consumption was revised down by -0.1 ppts to 0.3% QoQ.
• Exports growth saw a sizeable of +0.6 ppts to 0.4% QoQ with the net foreign trade contribution revised up from -0.2 ppts of growth to 0.0 ppts.
• Offsetting the upward revision in trade, was a downward revision in the contribution from inventory from -0.1 ppts to -0.3 ppts. </aside>

1/30/2025 - Q4 2024 (Preliminary)

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GDP: Q4 2024 (Preliminary)

French GDP fell -0.1% QoQ in Q4 2024, below the consensus estimate that there would be no growth. Household consumption expanded 0.4% QoQ after a solid 0.6% QoQ growth in Q3. GFCF was negative for the fourth straight quarter at -0.1% QoQ. Government consumption grew 0.4% QoQ and was the component of GDP that saw the fastest growth over the course of 2024. With exports falling -0.2% QoQ and imports up 0.4% QoQ, net foreign trade made a -0.2 ppts contribution. Inventory changes was also a drag at -0.1 ppt.

The growth of goods and services output slowed to 0.1% QoQ, weighed down particularly by construction (-0.9% QoQ). Goods (+0.1% QoQ) and market services (+0.1% QoQ) saw slower growth in Q4 while non-market-services saw the fastest growth at 0.4% QoQ. Consumption was the primary driver of GDP growth, especially manufactured goods consumption which was up 0.9% QoQ.

In 2024, GDP growth was 1.1%, the same pace that was seen in 2023. Household consumption (+0.9%) and government consumption (+2.1%) drove growth in 2024 while the business sector was a drag with GFCF down -1.5%. Investment fell back sharply (-1.5%), with a more pronounced decline in investment in construction (-2.5%), and a sharp downturn in investment in manufactured goods (-4.5%).

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