France’s GDP growth was confirmed at +0.5% QoQ in Q3 2025 (after +0.3% QoQ in Q2) in the 2nd estimate, marking a clear acceleration supported by stronger exports, firmer investment, and steady domestic demand.

• Final domestic demand excluding inventories contributed +0.3 ppts to growth (Q2: +0.2 ppts), as household consumption held at +0.1% QoQ with energy spending rebounding +1.3% and services up +0.1%, offsetting a -1.0% decline in food spending.

• GFCF rose +0.5% QoQ (after 0.0%), led by information and communication investment (+1.7%) and capital goods (+1.7%), while general government consumption remained firm at +0.5%.

• Exports surged +3.2% QoQ (after +0.3%), driven by transport equipment (+13.4%), while imports increased +1.3% (after +1.5%), yielding a +0.6 ppt net trade contribution (Q2: -0.4 ppts).

• Inventory changes subtracted -0.4 ppts (Q2: +0.6 ppts), mainly due to drawdowns in transport equipment, particularly aeronautics.

• Household purchasing power per consumption unit fell -0.4% QoQ (after +0.1%), as consumer prices rose +0.5%, and the household savings rate declined to 18.4% (Q2: 18.7%).

• Hours worked increased +0.1% after three quarters of decline, supported by stable employment (+0.1%).

• Non-financial corporation margins improved to 31.5% (Q2: 31.1%), helped by productivity gains and slower growth in wages and employer contributions.

• Government revenues rose €2.7 bn and spending increased €2.6 bn, leaving the general government borrowing requirement broadly unchanged at 5.4% of GDP.