France GDP Q4 2015


France: GDP growth moderates in Q4; economy records significant acceleration overall in 2015

January 29, 2016

According to preliminary data released by the statistical office (INSEE), the French economy grew a modest 0.2% in the fourth quarter of 2015over the previous quarter in seasonally-adjusted terms, which came in slightly below the 0.3% growth seen in Q3. The reading matched market expectations. Year-on-year, GDP accelerated slightly from a 1.1% rise in Q3 to a 1.3% expansion in Q4, which marked the fastest growth in four years. Overall, GDP rose 1.1% in 2015, which was a significant acceleration compared to the mild 0.2% expansion tallied in 2014.

The fourth quarter’s moderation was mainly the result of softer domestic demand, which more than offset a less negative contribution of the external sector. Private consumption in Q4 contracted 0.3% over the previous quarter, which contrasted the 0.4% growth recorded in Q3. Government spending remained stable in Q4 at Q3’s 0.4%. Meanwhile, gross fixed investment grew 0.8% in Q4 (Q3: 0.1% quarter-on-quarter).

The external sector recorded a less negative contribution as exports of goods and services rebounded and grew 0.6% in Q4 over the previous quarter (Q3: -0.6% qoq), while imports kept growing at a steady pace, expanding 1.6% (Q3: +1.5% qoq). As a result, the external sector’s net contribution to overall economic growth improved from minus 0.6 percentage points in Q3 to minus 0.3 percentage points in Q4.

FocusEconomics Consensus Forecast panelists expect the economy to grow 1.0% in 2016, which is up 0.1 percentage points from last month's forecast. For 2017, panelists forecast economic growth at 1.4%.

Author:, Economist

Sample Report

Looking for forecasts related to GDP in France? Download a sample report now.


France GDP Chart

France GDP Q4 2015 0

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: National Institute of Statistics and Economic Studies (INSEE) and FocusEconomics Consensus Forecast.

France Economic News

  • France: Inflation edges up in April

    May 15, 2019

    On 15 May, the Statistical Institute (INSEE) reported that consumer prices rose 0.3% from a month earlier in April (March: +0.8% month-on-month).

    Read more

  • France: Consumer confidence stabilizes in April

    April 28, 2019

    Consumer confidence stabilized in April, according to the consumer confidence survey published by the National Institute of Statistics and Economic Studies (INSEE), which held steady from March at 96 points.

    Read more

  • France: Industrial output stalls in February

    April 24, 2019

    Industrial output expanded 0.4% from a month earlier and in seasonally-adjusted terms in February, on the heels of a revised 1.2% month-on-month expansion in January (previously reported: +1.3% month-on-month s.a.).

    Read more

  • France: Business confidence edges lower in April

    April 24, 2019

    In April, the National Institute of Statistics and Economic Studies’ (INSEE) business-climate indicator for the manufacturing sector dipped 2 points from a month earlier to land at 101 points (March: 103 points).

    Read more

  • France: Private-sector activity stabilizes in April

    April 23, 2019

    The seasonally-adjusted IHS Markit Flash Composite Purchasing Managers’ Index (PMI) landed at the 50.0-point threshold in April, ticking up from 48.9 points in March and signaling a stabilization of private-sector activity. April’s steadying saw services-sector activity offset a fall in manufacturing output.

    Read more

More news

Search form