France GDP stable in Q2 2015

The growth domestic product in France was stable in volume terms (0%) in the second quarter of 2015, said the French national institute of statistics and economic studies (INSEE).

In Q1 2015, France’s GDP grew by 0.7%.

Household consumption expenditure decelerated sharply (+0.1% in Q2 2015 after +0.9% in Q1) while their total gross fixed capital formation (GFCF) decreased again (-1.6% after -1.1%).

A slowdown has also been observed in non-financial corporations and general government investment.

The INSEE said that the total domestic demand has decelerated at a strong pace, contributing for only 0.1 point to the GDP growth in Q2 2015 after a 0.6 points growth recorded in Q1 2015.

Imports have dropped off (+0.6% after +2.2%) while exports have risen (+1.7% after 1.3%).

“All in all, the foreign trade balance contributed positively to GDP growth (+0.3 points after -0.3 points),” the INSEE pointed out.

The institute stressed French production in goods and services was almost stable (-0.1% in Q2 2015 after 0.8% in Q1).

“Output in the manufactured goods decreased strongly (-0.7% after +1.3%), notably in coke and refined petroleum (-9.6% after -6.5%) due to some refineries shutdowns, and in transport equipment (-1.3% after +5.5%).

“In contrast, production in equipment goods recovered (+2.1% after -2.1%). Production in tradable services kept rising but at a slower rate (+0.3% after +0.8%) and output in construction shrank again (-1.1% after -0.8%),” the INSEE detailed.

 

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