France GDP contracted -1.3% qoq in Q4, better than expectation of -3.9% qoq. GDP was -5% below its level a year ago. Insee said that “the loss of activity this quarter was marked by the lockdown in effect from the end of October to mid-December and by the curfews put in place during the months of October and December”. Over the full 2020, GDP dropped -8.3%.
Looking at some details, household consumption dropped -5.4%. Gross fixed capital formation grew 2.4%. Total domestic demand dropped -2.7%. Exports 4.8%, more than imports’s 1.3%. Foreign trade made a positive contribution to GDP growth, added 0.9%. Change in inventories also made a positive contribution by 0.4%.
