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Economic Growth in France
France's GDP growth from 2013-2022 was modest, reflecting broader European economic trends. The country faced structural challenges, including high unemployment and rigid labor markets, which limited growth potential, though the Macron government introduced some liberalizing economic reforms. The economy experienced a sharp downturn due to the COVID-19 pandemic but saw a gradual recovery in 2021-2022, supported by government stimulus.
The French economy recorded average real GDP growth of 1.1% in the decade to 2022, below the 1.4% average for the Euro Area. In 2022, real GDP growth was 2.5%. For more GDP information, visit our dedicated page.
France GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for France from 2014 to 2023.
Source: Macrobond.
France GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.1 | -7.6 | 6.8 | 2.6 | 1.1 |
| GDP (EUR bn) | 2,435 | 2,317 | 2,506 | 2,654 | 2,826 |
| Economic Growth (Nominal GDP, ann. var. %) | 3.3 | -4.8 | 8.1 | 5.9 | 6.5 |
Economy records moderate growth in Q2
GDP growth was stable from Q1 at 0.3% on a seasonally adjusted quarter on quarter basis in the second quarter. The reading was slightly above market expectations and in line with the Euro area average. Stronger readings for private spending and investment were offset by a softer rise in government spending and a weaker contribution from net exports. On an annual basis, economic growth lost steam, cooling to 1.1% in Q2 from the previous period's 1.5% expansion.
Household spending recorded zero growth in the second quarter, which was above the first quarter's 0.1% contraction. Government spending rose 0.3% (Q1: +0.6% s.a. qoq). Meanwhile, fixed investment bounced back, growing 0.1% in Q2, contrasting the 0.4% decrease in the prior quarter. Exports of goods and services increased 0.6% on a seasonally adjusted quarterly basis in the second quarter, which was below the first quarter's 0.7% expansion. Conversely, imports of goods and services flatlined in Q2 (Q1: -0.3% s.a. qoq).
In Q3, the economy should get a boost from the Olympics; the statistics office recently estimated that the Games could boost economic activity by 0.3 percentage points in the quarter. However, political uncertainty following the inconclusive snap parliamentary elections will likely tame investment.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects French GDP projections for the next ten years from a panel of 54 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for French GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our French GDP projections.
Want to get access to the full dataset of French GDP forecasts? Send an email to info@focus-economics.com.
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