France’s GDP rose +0.2% QoQ (vs +0.2% QoQ expected) in Q4 2025 (after +0.5% in Q3), marking slower quarterly growth as domestic demand and trade remained supportive despite a large inventory drag.

• Final domestic demand excluding inventories contributed +0.3 ppts to GDP growth (after +0.4 ppts), as household consumption accelerated to +0.3% QoQ (from +0.1%) while GFCF slowed to +0.2% QoQ (from +0.7%).

• Foreign trade added +0.9 ppts to growth (after +0.5 ppts), with exports rising +0.9% QoQ (down from +3.2%) and imports falling sharply -1.7% QoQ (after +1.5%).

• Inventory changes subtracted -1.0 ppt from GDP (after -0.4 ppts), representing a much larger negative contribution than in the prior quarter.

• Total production increased only +0.1% QoQ (after +0.8%), reflecting stalled overall output momentum late in the year.

• Manufacturing output declined -0.2% QoQ (after +1.3%), with weaker capital goods, transport equipment, and automobile production cited as key drags.

• Household consumption of goods rose +0.4% QoQ, supported by manufactured goods (+0.5%) and a rebound in refined petroleum products (+1.5%), while services consumption increased +0.2% QoQ.

• For full-year 2025, GDP grew +0.9% YoY (down from +1.1% in 2024), with domestic demand contributing +0.7 ppts and foreign trade subtracting -0.5 ppts after positive contributions in prior years.