France GDP

Data GDP

Source: Insee
Source Link: https://www.insee.fr/
Frequency: Quarterly
Next Release(s): August 29th, 2025 2:45 AM

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French GDP grew +0.3% QoQ in Q2 2025 (vs 0.1% QoQ expected) after increasing just +0.1% QoQ in Q1 2025, with inventories again the largest driver while domestic demand remained flat and net trade dragged growth.
- Household consumption rebounded slightly (+0.1% QoQ after -0.3%), as food services and accommodation jumped (+2.4%) but energy consumption fell sharply (-2.4%).
- GFCF declined -0.3% QoQ (after -0.1%), including another drop in construction (-0.4%) and transport equipment (-2.3%).
- Exports rose slightly (+0.2%) but were outpaced by imports (+0.8%), leading to a -0.2 ppt drag from net trade.
- Inventory changes contributed +0.5 ppts to growth, led by restocking in the transport sector (notably aeronautics).
- Manufacturing output slowed to +0.1% (from +0.5%), as refineries (-10.6%) and food production (-2.0%) fell, while aerospace surged (+4.8%).
Source
French GDP was confirmed at an increase of 0.1% QoQ in Q1 2025 (after -0.1% QoQ in Q4 2024), supported by a large inventory build while final domestic demand and net trade dragged growth.
- There were some revisions within the components:
- Household consumption declined -0.2% QoQ, driven by a sharp -4.0% drop in transport equipment spending.
- GFCF was flat (0.0% QoQ), as declines in construction (-0.9%) offset gains in IT/communications (+2.0%).
- Exports dropped -1.8% QoQ (vs +0.7% prior), while imports rose +0.5%, resulting in a -0.8 ppt drag from net trade.
- Inventory changes contributed +1.0 ppt to GDP growth, driven by chemicals, pharma, food, and transport equipment.
- Household purchasing power per consumption unit increased slightly (+0.1% QoQ), with the savings rate rising to 18.8%.
- Hours worked fell -0.4% QoQ due to both lower employment (-0.3%) and hours per job (-0.2%).
- Non-financial corporate profit margins edged down to 31.8% (from 32.0%), mostly due to falling value-added prices.
- The general government borrowing requirement declined to 5.6% of GDP (from 5.8%), as tax revenues outpaced spending.
Source
French GDP grew 0.1% QoQ (vs 0.2% QoQ expected) in Q1 2025, rebounding slightly after a -0.1% contraction in Q4 2024, but final domestic demand stalled and net trade dragged growth.
- Household consumption was flat (0.0% QoQ), while GFCF declined -0.2%, driven by drops in construction (-0.8%) and manufactured goods (-0.5%).
- Exports fell -0.7% QoQ, led by chemicals and autos, while imports rose +0.4%, resulting in a -0.4 ppt drag from net trade.
- Inventory changes contributed +0.5 ppts to GDP growth, the largest positive contribution since 2022.
- When excluding inventories, final domestic demand saw no little to no growth and made a 0.0 ppt contribution to quarterly GDP growth.
- Manufacturing output rose +0.4%, including sharp gains in food/beverages (+1.6%) and transport equipment (+1.4%), while capital goods and refining declined.
- Market services rebounded +0.4% and construction output fell again (-0.5%), continuing a year-long contraction trend.
Source
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.
Source
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%).

Source