French architecture in France

France GDP Q3 2019

France: Growth sustains its momentum amid upbeat household spending in Q3

The economy grew a seasonally-adjusted 0.3% quarter-on-quarter in the third quarter, landing on Consensus and matching the expansions recorded in the previous two quarters according to a first estimate released by the French Statistical Institute (INSEE) on 30 October. However, on an annual basis, growth inched down from the previous quarter (Q3: +1.3% year-on-year; Q2: +1.4% yoy).

Household spending accelerated (Q3: +0.3% quarter-on-quarter seasonally-adjusted; Q2: +0.2% qoq s.a.) amid a sharp pick-up in consumer sentiment, an over one-decade low unemployment rate and subdued inflation, while government spending sustained its momentum (Q3: +0.4% qoq s.a.; Q2: +0.4% qoq s.a.). On the flipside, household investment nearly stagnated despite low interest rates, although business investment edged up. Consequently, overall fixed investment growth slowed to 0.9% on a quarter-on-quarter, seasonally-adjusted basis (Q2: +1.2% qoq s.a.).

Exports returned to growth in the third quarter (Q3: +0.3% qoq s.a.; Q2: -0.1% qoq s.a.), despite the industrial pullback across the Eurozone. Similarly, imports rebounded markedly (Q3: +1.4% qoq s.a.; Q2: -0.3% qoq s.a.). Taken together, the external sector subtracted 0.4 percentage points from the overall expansion, following a neutral contribution in Q2.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest