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.