France’s real GDP was unchanged at 0.0% QoQ in Q2 2026 after contracting -0.2% QoQ in Q1, as stronger household consumption and a sharp rebound in exports were offset by weaker investment and a large inventory drag.

• GDP was unchanged at 0.0% QoQ after -0.2% in Q1, while the 2026 growth overhang stood at +0.3%. Q2 growth was revised down by -0.2 ppts from the preliminary estimate, partly reflecting weaker agricultural production and updated market-services prices.

• Final domestic demand excluding inventories contributed +0.2 ppts to GDP growth after -0.3 ppts in Q1. Household consumption rebounded +0.3% QoQ after -0.3%, while government consumption accelerated to +0.4% from +0.3%.

• Investment remained weak, with GFCF declining -0.3% QoQ after -0.8% in Q1. Market-services investment fell -0.6%, construction investment declined -0.2%, and household and government GFCF decreased -0.4% and -1.1%, respectively.

• Foreign trade contributed +0.6 ppts to GDP growth after subtracting -0.9 ppts in Q1. Exports rebounded +2.9% QoQ after -3.0%, particularly in aeronautics, while imports increased +1.1% after -0.6%.

• Inventory changes subtracted -0.7 ppts from Q2 GDP growth after contributing +0.9 ppts in Q1, fully offsetting the combined positive contributions from domestic demand and net foreign trade.

• Total production edged up +0.1% QoQ after 0.0% in Q1. Market services increased +0.3% and manufacturing +0.1%, while construction declined -0.3% and overall goods production fell -0.1%, indicating mixed sectoral performance.

• Household purchasing power weakened despite the consumption rebound. GDI rose +0.5% QoQ, but consumer prices accelerated +1.0%, pushing real disposable income down -0.5% and purchasing power per consumption unit down -0.6%; the household savings rate fell to 17.2% from 17.9%.

• Labor conditions were broadly stable, with employment unchanged QoQ while hours worked declined -0.1%. The NFC profit margin remained at 31.5%, while the general government borrowing requirement was also unchanged at 5.1% of GDP.