France GDP rose 3.0% qoq in Q3, above expectation of 2.4% qoq. GDP has almost returned to pre-crisis level, just -0.1% below Q4 2019 level.
Final internal demand (excluding inventory changes) contributed positively to GDP growth this quarter (+3.3 points, after +1.5 points in Q2): in particular, households’ consumption expenditure accelerated very strongly (+5.0% after +1.3%), and contributed for +2.5 points to GDP growth this quarter. Gross fixed capital formation (GFCF) was almost stable (-0.1% after +2.5% in the previous quarter).
Exports accelerated this quarter (+2.3% after +1.2% in the previous quarter) while imports were stable (–0.1% after +1.7%). Foreign trade remained largely below its pre-crisis level, but its contribution to GDP growth was positive this quarter: +0.6 points, after –0.2 points in the previous quarter. Finally, the contribution of inventory changes to GDP growth was negative this quarter (–0.9 points after +0.0 points in the previous quarter).
