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- France's GDP grew more than expected in the second quarter
France's GDP grew more than expected in the second quarter
According to the report from Insee, gross domestic product (GDP) rebounded in Q2 2021 (+0.9%), after being stable (0.0%) in Q1. Economists had expected a 0.8% increase. GDP closed more than one fifth of the gap to its pre-crisis level remaining at the end of 2020: in Q2 2021, GDP stood 3.3% below the level of Q4 2019, as compared to 4.2% in the two previous quarters.
Final internal demand (excluding inventory changes) made a positive contribution to GDP growth this quarter (+0.9 points after +0.1 points in the previous quarter). Gross fixed capital formation (GFCF) accelerated (+1.1% after +0.4%), as households’ consumption expenditure (+0.9% after +0.2%).
In Q2 2021, imports (+1.9%) increased more than exports (+1.5%). Overall, foreign trade made a slightly negative contribution to GDP growth this quarter: –0.1 points, after –0.5 points in the previous quarter. Lastly, the contribution of inventory changes to the growth of the GDP was slightly positive this quarter (+0.2 points after +0.4 points in Q1 2021).
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