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- France's GDP was almost stable in the first quarter
France's GDP was almost stable in the first quarter
According to the report from INSEE, in Q1 2021, gross domestic product (GDP) in volume terms fell slightly: -0.1% after -1.5% in Q4 2020. Economists had expected a 0.4% increase. It stood 4.7% below its level in Q4 2019, which was the last quarter before the Covid-19 crisis.
Households’ consumption expenditure was almost stable (+0.1% after -5.6%) and remained well below its pre-crisis level (-6.8% compared to Q4 2019). Gross fixed capital formation (GFCF) increased slightly (+0.2% after +1.7%) and was closer to its pre-crisis level (-2.3%). Overall, final domestic demand excluding inventories contributed by +0.1 points to GDP growth this quarter.
Imports remained relatively dynamic (+1.1% after +2.2%), while exports fell slightly (-0.2% after +4.9%). Imports were thus 6.9% below their pre-crisis level, while exports remained further away (-9.9%). Overall, the external balance contributed negatively to GDP growth: -0.4 points, after +0.7 points. Conversely, changes in inventories made a positive contribution to GDP growth (+0.2 points after +0.6 points).
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