France GDP

Economy stagnates in Q1 2026

GDP reading: France's GDP was stable in seasonally adjusted quarter-on-quarter terms in Q1, following 0.2% growth in the prior quarter and undershooting market expectations. Q1's reading was the weakest since Q4 2024. Moreover, the underlying economy was even weaker than the headline data suggests. Domestic demand’s contribution to GDP growth was zero and net exports’ contribution was negative; only a large inventory build-up avoided an economic contraction.

Broad-based slowdown seen: Relative to the previous quarter's data, readings in Q1 worsened for private consumption (-0.1% on a seasonally adjusted quarter-on-quarter basis vs +0.4% in Q4), fixed investment (-0.4% vs +0.3% in Q4), exports of goods and services (-3.8% vs +0.8% in Q4) and imports of goods and services (-1.7% vs -0.8% in Q4). Finally, the variation in government consumption was the same as in the prior quarter (+0.4% in Q1 and Q4). In annual terms, economic output expanded 1.1% in Q1, following 1.3% growth in the prior quarter.

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