France GDP: Q2 2026 (Preliminary)
France's GDP rebounded +0.2% QoQ in Q2 2026 after a -0.1% QoQ decline in Q1, as stronger exports and a modest pickup in domestic demand offset weaker investment and inventory drawdowns.
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GDP increased +0.2% QoQ in Q2 after declining -0.1% QoQ in Q1, marking a return to quarterly growth as the economy recovered from the previous quarter's contraction.
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Final domestic demand (excluding inventories) contributed +0.1 ppts to GDP growth after subtracting -0.2 ppts in Q1. Household consumption rose +0.2% QoQ (after -0.3%) and government consumption increased +0.4% (after +0.3%), while GFCF declined -0.3% (after -0.8%).
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Foreign trade contributed +0.6 ppts to GDP growth after subtracting -0.8 ppts in Q1. Exports rebounded +2.6% QoQ (after -3.1%), outpacing imports, which increased +0.8% (after -0.7%).
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Inventory changes subtracted -0.6 ppts from GDP growth after contributing +0.9 ppts in Q1, largely reflecting a reversal following the previous quarter's aerospace-related inventory build-up.
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Total production increased +0.3% QoQ after being flat in Q1. Market services accelerated to +0.6% (after +0.1%), while manufacturing growth slowed to +0.1% (after +0.5%) and construction remained weak at -0.5% (after -1.7%).
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Household consumption rebounded modestly, with services rising +0.2% QoQ and engineered goods increasing +1.0%. However, food consumption declined -0.3%, energy consumption fell -1.7%, and consumption of refined petroleum products dropped -3.5%, highlighting mixed spending patterns.
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Investment weakened for a second consecutive quarter. Construction investment declined -0.5% QoQ, investment in manufactured goods edged down -0.2%, and market services investment was flat, although investment in transport equipment rebounded +2.4% after a previous decline.
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Trade flows strengthened notably during the quarter. Exports of transport equipment surged +20.1% QoQ, driven by a +33.6% increase in other transport equipment, particularly aeronautics, while imports also recovered, led by manufactured goods and business services.
