In the third quarter of 2013, French GDP in volume terms shrank 0.1 percent over the previous quarter, after a rebound in the previous three-month period, and below market expectations.
On the expenditure side, household consumption expenditure decelerated (+0.2 percent after +0.4 percent). Furthermore, total gross fixed capital formation decreased again (–0.6 percent after –0.4 percent ). Overall, final domestic demand (excluding inventory changes) decelerated and had a neutral contribution to GDP.
Exports relapsed (–1.5 percent after +1.9 percent ) whereas imports remained on a rising trend (+1.0 percent ) after a dynamic second quarter (+1.6 percent ). Hence, the foreign trade balance had a negative accounting contribution to GDP growth: –0.7 point, after a neutral contribution in the previous quarter.
Conversely, changes in inventories contributed for +0.5 point to GDP growth (after +0.1 point).
On the production side, after a dynamic second quarter (+0.9 percent), production of goods and services stepped back in Q3 (–0.3 percent). Production in manufactured goods decreased by 1.0 percent (after +2.0 percent) : activity declined in all industries, except transport equipment industry which slowed significantly. Activity was still depressed in construction (–0.5 percent after –0.6 percent). Output in tradable services weakened slighly after a rebound in Q2 (–0.1 percent after +0.7 percent), in particular in business services. Finally, output in non tradable services improved (+0.2 percent after +0.7 percent).
11/14/2013 7:25:03 AM