France’s GDP was flat at 0.0% QoQ in Q1 2026 (after +0.2% QoQ in Q4 2025), with growth stalled as domestic demand weakened and trade turned sharply negative.

• GDP growth stalled at 0.0% QoQ in Q1 (Q4: +0.2%), indicating a loss of momentum, with overall activity no longer expanding on a quarterly basis.
• Final domestic demand contributed 0.0 ppts to growth (Q4: +0.4 ppts), as household consumption declined -0.1% QoQ (after +0.4%) and GFCF fell -0.4% QoQ (after +0.3%), reflecting broad-based softness in internal demand.
• Foreign trade subtracted -0.7 ppts from GDP (Q4: +0.6 ppts), with exports falling sharply -3.8% QoQ (after +0.8%) and imports declining -1.7% QoQ (after -0.8%), marking a significant reversal in external contribution.
• Inventory changes added +0.8 ppts to growth (Q4: -0.7 ppts), providing the sole positive contribution and offsetting declines in other components, largely driven by aerospace-related stock rebuilding.
• Total production rose +0.1% QoQ (after +0.2%), indicating continued weak output growth, with mixed sector performance across the economy.
• Manufacturing output rebounded +0.7% QoQ (after -0.3%), supported by transport equipment (+4.0%) and capital goods (+0.5%), while construction declined -1.3% QoQ (after +0.3%), reflecting weaker investment conditions.
• Household consumption of goods fell -0.6% QoQ, including energy -2.3% and capital goods -0.3%, while services consumption grew +0.2% QoQ, indicating divergence between goods weakness and modest services resilience.