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).