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%).