France GDP

Data GDP

Source: Insee
Source Link: https://www.insee.fr/
Frequency: Quarterly
Next Release(s): April 30th, 2026 2:45 AM

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France's real GDP rose +0.2% QoQ in Q4 2025, confirming the preliminary estimate of a slower quarterly expansion to end the year.
- GDP growth slowed to +0.2% QoQ (Q3: +0.5%), indicating weaker overall momentum compared with the prior quarter.
- Household consumption accelerated to +0.4% QoQ (Q3: +0.1%), with goods +0.5% and services +0.2%, providing support to domestic demand.
- Gross fixed capital formation increased only +0.3% QoQ (Q3: +0.8%), reflecting a decline in manufactured products investment (-1.0%) and slower construction growth (+0.4%).
- Net trade contributed +0.7 ppts to GDP (Q3: +0.5 ppts) as exports rose +1.0% QoQ while imports fell -1.1%, boosting external demand contribution.
- Inventory changes subtracted -0.8 ppts from growth (Q3: -0.4 ppts), remaining a significant drag following transport equipment deliveries.
- Household purchasing power per consumption unit declined -0.3% QoQ (Q3: -0.4%) and the savings rate fell to 17.9% (Q3: 18.3%, Q2: 18.7%), reflecting consumption rising faster than income.
- Hours worked edged down -0.1% QoQ and employment was stable, showing limited labor input growth.
- Non-financial corporation margins were stable at 31.5%, while the corporate savings rate dropped to 17.3% due to exceptional profit contributions.
Source
France’s GDP rose +0.2% QoQ (vs +0.2% QoQ expected) in Q4 2025 (after +0.5% in Q3), marking slower quarterly growth as domestic demand and trade remained supportive despite a large inventory drag.
- Final domestic demand excluding inventories contributed +0.3 ppts to GDP growth (after +0.4 ppts), as household consumption accelerated to +0.3% QoQ (from +0.1%) while GFCF slowed to +0.2% QoQ (from +0.7%).
- Foreign trade added +0.9 ppts to growth (after +0.5 ppts), with exports rising +0.9% QoQ (down from +3.2%) and imports falling sharply -1.7% QoQ (after +1.5%).
- Inventory changes subtracted -1.0 ppt from GDP (after -0.4 ppts), representing a much larger negative contribution than in the prior quarter.
- Total production increased only +0.1% QoQ (after +0.8%), reflecting stalled overall output momentum late in the year.
- Manufacturing output declined -0.2% QoQ (after +1.3%), with weaker capital goods, transport equipment, and automobile production cited as key drags.
- Household consumption of goods rose +0.4% QoQ, supported by manufactured goods (+0.5%) and a rebound in refined petroleum products (+1.5%), while services consumption increased +0.2% QoQ.
- For full-year 2025, GDP grew +0.9% YoY (down from +1.1% in 2024), with domestic demand contributing +0.7 ppts and foreign trade subtracting -0.5 ppts after positive contributions in prior years.
Source
France’s GDP growth was confirmed at +0.5% QoQ in Q3 2025 (after +0.3% QoQ in Q2) in the 2nd estimate, marking a clear acceleration supported by stronger exports, firmer investment, and steady domestic demand.
- Final domestic demand excluding inventories contributed +0.3 ppts to growth (Q2: +0.2 ppts), as household consumption held at +0.1% QoQ with energy spending rebounding +1.3% and services up +0.1%, offsetting a -1.0% decline in food spending.
- GFCF rose +0.5% QoQ (after 0.0%), led by information and communication investment (+1.7%) and capital goods (+1.7%), while general government consumption remained firm at +0.5%.
- Exports surged +3.2% QoQ (after +0.3%), driven by transport equipment (+13.4%), while imports increased +1.3% (after +1.5%), yielding a +0.6 ppt net trade contribution (Q2: -0.4 ppts).
- Inventory changes subtracted -0.4 ppts (Q2: +0.6 ppts), mainly due to drawdowns in transport equipment, particularly aeronautics.
- Household purchasing power per consumption unit fell -0.4% QoQ (after +0.1%), as consumer prices rose +0.5%, and the household savings rate declined to 18.4% (Q2: 18.7%).
- Hours worked increased +0.1% after three quarters of decline, supported by stable employment (+0.1%).
- Non-financial corporation margins improved to 31.5% (Q2: 31.1%), helped by productivity gains and slower growth in wages and employer contributions.
- Government revenues rose €2.7 bn and spending increased €2.6 bn, leaving the general government borrowing requirement broadly unchanged at 5.4% of GDP.
Source
France’s GDP rose +0.5% QoQ (vs +0.1% QoQ expected) in Q3 2025 (after +0.3% in Q2), marking a modest acceleration supported by stronger exports and steady domestic demand despite a negative inventory contribution. This is the strongest quarterly growth since Q2 2023.
- Final domestic demand excluding inventories contributed +0.3 ppts to growth (after +0.2 ppts), as household consumption was flat (+0.1% after +0.1%) and GFCF recovered moderately (+0.4% after 0.0%).
- Foreign trade added +0.9 ppts to GDP growth (after -0.4 ppts), with exports surging +2.2% (after +0.3%) and imports falling -0.4% (after +1.4%), marking a clear turnaround in external balance.
- Inventory changes subtracted -0.6 ppts from growth (after +0.5 ppts), largely due to a pullback in aeronautics, chemicals, and pharmaceuticals after prior quarters of strong restocking.
- Total production advanced +0.8% (after +0.3%), driven by manufacturing (+1.1%) and market services (+0.7%), while construction was stable (+0.1%).
- Manufacturing output was lifted by a sharp rebound in refineries (+10.6% after -10.2%) and steady growth in capital goods (+0.4%) and transport equipment (+2.8%), offset by continued declines in food and beverages (-1.3%).
- Household consumption of goods was flat overall (+0.0%), with food purchases falling -1.0% after prior gains, while energy use rebounded +1.3% and service spending rose modestly (+0.2%).
- Investment growth reflected gains in capital goods (+2.1%) and ICT (+1.7%), partly offset by continued declines in construction (-0.1%).
- Exports were boosted by transport equipment (+8.9%) and pharmaceuticals, while imports fell mainly on weaker energy and food demand.
- GDP growth for Q2 2025 was confirmed at +0.3%, with minor revisions to contributions (foreign trade -0.4 ppts vs -0.3 ppts previously).
Source
French GDP grew +0.3% QoQ in Q2 2025 (after +0.1% in Q1), confirming the preliminary estimate of growth, with household purchasing power rebounding slightly while corporate margins fell for a third straight quarter.
- Household consumption was flat (0.0% QoQ), as a -2.4% drop in energy spending was offset by gains in food (+1.6%) and accommodation services (+2.3%).
- GFCF slipped -0.1% QoQ, with ongoing weakness in construction (-0.4%) and transport equipment (-2.0%) partly cushioned by business services (+1.2%).
- Exports rose +0.5% QoQ, but imports jumped +1.3%, leaving net trade a -0.3 ppt drag on GDP growth.
- Inventories contributed +0.5 ppts to growth, led by transport equipment, especially aeronautics.
- Household purchasing power per consumption unit rose +0.2% QoQ, the savings rate increased to 18.9%, and NFC profit margins declined to 30.7% (from 31.4%).
- Hours worked fell -0.2% QoQ, extending a three-quarter decline, while total employment stabilized after two quarters of contraction.
Source
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%).

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