France's GDP

The main articles are:

• Economy of France
• GDP - Gross Domestic Product (GDP)

2023

GDP growth of 1.07%. Tenth in the world in GDP by PPP

France's GDP grew in 2023 by 1.07%, + 1.91% in two years and 2.16% by 4Q 2019.

2023 data (in billions of international dollars)

0.1% reduction in Q3

The French economy contracted by 0.1% in the third quarter of 2023, despite easing inflationary pressure.

0.6% growth in Q2

GDP France for April-June 2023 increased by 0.5% in quarterly terms; estimate - 0.1%. The estimate was later revised by 0.6%.

GDP growth relative to pre-COVID-19 level

Change in the GDP of a number of countries in the period from the fourth quarter of 2019 to the first quarter of 2023

2022

Industry's share of GDP is less than 12.5%

Ninth in the world in PPP GDP after Brazil

In August 2023, the World Bank updated its PPP GDP estimates for the world at the end of 2022.

GDP estimate - $2.8 trillion

GDP countries around the world in 2022 according to IMF estimates

GDP size forecast - $2.9 trillion

Countries in terms of GDP in 2022, according to the IMF forecast for the middle of the year

2021

GDP size - $2.94 trillion

Countries by GDP in 2021, billion dollars

GDP countries in the world in 2021 according to the estimates of the International Monetary Fund (IMF)

The dynamics of countries in the ranking of the largest economies in the world

Agriculture's share of GDP - 1.6%

Data for 2021

France's GDP shows record growth since 1970

In 2021 GDP France , it grew by 7%, the highest since 1970. Such data at the end of January 2022 was published by the Insee National Institute of Statistics and Economic Research.

Thus, the French economy began to recover rapidly after an 8 percent decline in 2020. Nevertheless, according to experts, 2021 was not marked by a complete return of the French economy to normal life: after all, in the first six months there were still significant sanitary restrictions due to the epidemiological situation. Household consumption returned to pre-crisis levels only at the end of the year, and the positive dynamics was due to a strong increase in the production of goods and services. Made its own, albeit not so significant, contribution to the rise and foreign trade. But in general, exports and imports in 2021 remained significantly below the pre-crisis level.

France's GDP shows record growth since 1970

Positive indicators in 2021 were achieved, among other things, against the background of high government spending. In 2021, a little more than €60 billion was allocated from the budget for support measures. Thus, by the end of 2021, public debt was at 113% of national GDP.

Consumer spending in France in October-December 2021 increased by 0.4% in quarterly terms after growing by 5.6% a quarter earlier, government spending increased by 0.3% after a jump of 2.7%. At the same time, business investment growth accelerated to 0.5% from 0.1%.

French Minister of Economy, Finance and Recovery Bruno Le Maire expressed confidence that the country's economy "is working at full capacity." He called the seven percent growth "impressive" and "erasing the economic crisis." According to him, industries such as tourism, hospitality and event organization experienced the greatest difficulties in 2021.^[1]

GDP dynamics

Quarterly GDP dynamics

2020

5.8% reduction in GDP due to coronavirus

At the end of April 2020, the French national statistical institute Insee released its data on national GDP. In the first quarter, this figure decreased by a record in the history of the country - by 5.8% compared to the previous three months and by 5.4% compared to a year ago. Experts themselves expected a not so strong decline (by 3.5%) in the French economy, which in volume ranks second in the European Union.

The decline in French GDP in the first quarter of 2020 significantly exceeded the data for January-March of the crisis year 2009 - then a decline of 1.6% of GDP was recorded. It also surpasses the lowest figure before 1968, equal to 5.3% of GDP.

France's GDP sets record for decline in country's history

According to Insee, consumer spending in France in the first quarter of 2020 decreased by 6.1% compared to the previous quarter, government spending fell by 2.4%. The volume of French exports in January-March fell by 6.5% compared to the fourth quarter of 2019, the volume of imports decreased by 5.9%.

Insee recalled that in the fourth quarter of 2019, France's GDP decreased by 0.1% compared to the previous quarter and grew by 0.9% in annual terms.

In early 2020, the French economy experienced a historic recession and entered a recession, as gross domestic product contracted for the second quarter in a row due to the COVID-19 coronavirus and restrictions introduced to contain it.

Over 20 years, France's GDP has grown by only 68%.

According to experts from the Institute of Statistics, every month of quarantine will cost France the loss of 3% of GDP on an annualized basis. The activation of the economy at the end of the epidemic "will take a lot of time."

French Prime Minister Edouard Philippe announced on April 28, 2020 that the quarantine regime will be canceled in full or in part in the country starting from May 11.^[2]

1st Quarter: Strongest decline since World War II

In early April 2020, the French Central Bank published another quarterly economic report, stressing that GDP in the first quarter reflected the deepest quarterly decline on record. It occurred due to the COVID-19 coronavirus pandemic.

According to this report, in the first quarter France of 2020, the economic decline was about 6% compared to the previous three months. In this case, we are talking about the strongest decline in GDP since time, noted in the World War II Central Bank.

France's central bank released another quarterly economic report, stressing that GDP in the first quarter reflected the deepest quarterly decline on record

In the second quarter of 1968, when the country was engulfed in large-scale unrest, which became also known as "red May," the fall in business activity and gross product was the same and even less significant, the national banking regulator explained. - Then the volume of the French economy shrank by only 5.3% on a quarterly basis.

According to official data, according to the results of the last three months of 2019, the French economy contracted by 0.1%, which means that the dynamics of the country's GDP has been in the negative zone for two quarters in a row. Each two-week period of social isolation is estimated to reduce annual GDP by 1.5 percentage points. Capacity utilization fell to a record low of 56% in March from 78% in February 2020. The central bank also cited information on the sectors of the national economy most affected by the epidemic and quarantine measures. According to these data, wholesale and retail enterprises, the transportation sector, as well as the hotel and restaurant business suffered the strongest damage.

By April 8, 2020, more than 82 thousand cases of coronavirus infection have been confirmed in France. COVID-19 More than 10.8 thousand patients died.^[3]

2019: Quarterly GDP dynamics since 2007 Chart

Yellow indicates forecast

2018: GDP per capita $39,000

2012: Zero growth in Q2

In the second quarter of 2012, the French economy showed zero growth, which turned out to be better than analysts' forecasts. Thus, so far France has managed to avoid a recession, but GDP has been stagnating for two consecutive quarters^[4].

In August 2012, GDP is expected to decline by 0.1 percent in the third quarter of the year. It was reported that in 2012-2013 it is planned to significantly reduce the country's budget deficit, which could accelerate the fall.

Notes