The French economy shrank at a record 13.8 percent on quarter in the three months to June 2020, compared to market forecasts of a 15.3 percent contraction and after a revised 5.9 percent decline in the prior quarter. The economic recession deepened as the COVID-19 outbreak took a huge toll on the economy, with non-essential activities being closed between mid-March and the beginning of May. There were sharper declines in household consumption (-11.0 percent vs -5.8 percent), led by further falls in spending on both goods and services; fixed investment (-17.8 percent vs -10.3 percent), mainly led by construction; and government spending (-8 percent vs -3.5 percent). In addition, net foreign demand contributed negatively as exports plunged 25.5 percent while imports 17.3 percent. Conversely, changes in inventory contributed positively, adding 0.6 points.

GDP Growth Rate in France averaged 0.70 percent from 1949 until 2020, reaching an all time high of 8 percent in the third quarter of 1968 and a record low of -13.80 percent in the second quarter of 2020. This page provides the latest reported value for - France GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. France GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: INSEE, France

GDP Growth Rate in France is expected to be 8.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in France to stand at 1.90 in 12 months time. In the long-term, the France GDP Growth Rate is projected to trend around 1.50 percent in 2021 and 0.60 percent in 2022, according to our econometric models.

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France GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-13.80 -5.90 8.00 -13.80 1949 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-02-28 07:45 AM QoQ Final Q4 -0.1% 0.3% -0.1% -0.1%
2020-04-30 05:30 AM QoQ Prel Q1 -5.8% -0.1% -3.5% -3.2%
2020-05-29 06:45 AM QoQ Final Q1 -5.3% -0.1% -5.8% -5.8%
2020-07-31 05:30 AM QoQ Prel Q2 -13.8% -5.9% -15.3% -16.2%
2020-08-28 06:45 AM QoQ Final Q2 -5.9% -13.8% -13.8%
2020-10-30 06:30 AM QoQ Prel Q3 8.9%
2020-11-30 07:45 AM QoQ Final Q3 8.9%
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News Stream
French Q2 GDP Contracts at Record Pace
The French economy shrank at a record 13.8 percent on quarter in the three months to June 2020, compared with market forecasts of a 15.3 percent contraction and after a revised 5.9 percent decline in the prior quarter. The economic recession deepened as the COVID-19 outbreak took a huge toll on the economy, with non-essential activities being closed between mid-March and the beginning of May. There were sharper declines in household consumption (-11.0 percent vs -5.8 percent), led by further falls in spending on both goods and services; fixed investment (-17.8 percent vs -10.3 percent), mainly led by construction; and government spending (-8 percent vs -3.5 percent). In addition, net foreign demand contributed negatively as exports plunged 25.5 percent while imports 17.3 percent. Conversely, changes in inventory contributed positively, adding 0.6 points.
2020-07-31
French GDP Plunges Less than Anticipated
The French economy shrank 5.3 percent on quarter in the first three months of 2020, lower than an initial estimate of a 5.8 percent drop. Still, it is the biggest contraction in GDP since the second quarter of 1968, when the country was dealing with civil unrest, student protests and general strikes. France entered recession for the first time since 2009 as coronavirus restrictive measures imposed from March 17th dragged down consumer spending (-5.6 percent), public expenditure (-2 percent), investment (-10.5 percent), exports (-6.1 percent) and imports (-5.7 percent). The government expects the economy to shrink at least 8 percent in 2020 and launched a stimulus package worth €110 billion or 4 percent of the GDP to help firms and employees.
2020-05-29
France Falls into Recession
The French economy shrank 5.8 percent on quarter in the three months to March 2020, entering a technical recession and compared with market expectations of a 3.5 percent contraction. This was the steepest decline in GDP on record, as the COVID-19 outbreak ravaged the economy, with non-essential activities being closed since mid-March. There were declines in household consumption (-6.1 percent vs 0.3 percent), led by falls in spending on both goods and service; fixed investment (-11.8 percent vs flat reading), mainly led by construction; and government spending (-2.4 percent vs 0.5 percent). In addition, net foreign demand contributed negatively as both exports and imports fell. Conversely, changes in inventory contributed positively, adding 0.9 points.
2020-04-30
French Economy Contracts in Q4
The French economy shrank 0.1 percent on quarter in the three months to December 2019, in line with preliminary estimates and after a 0.3 percent growth in the previous period, final estimates showed. This was the first contraction since Q2 2016, on the back of strikes over the government's pension reforms. Changes in inventories subtracted 0.5 points, while Internal demand excluding inventory changes contributed 0.3 points. Household consumption growth slowed (0.3 percent vs 0.4 percent in Q3); and fixed investment rose much less (0.2 percent vs 1.3 percent). Meantime, government spending growth was unchanged (at 0.5 percent). Imports stepped back in Q4 (-0.4 percent vs 0.4 percent) while exports were stable (vs -0.3 percent). For full 2019, the economy expanded 1.3 percent, faster than preliminary estimates of 1.2 percent and slowing from a 1.7 percent advance in the previous year.
2020-02-28

France GDP Growth Rate
France is the seventh largest economy in the world and the second largest in the Euro Area. the biggest sector of the economy is household consumption (55 percent) followed by government expenditure (24 percent) and gross fixed capital formation (22 percent). Exports of goods and services account for 29 percent of GDP while imports account for 31 percent, subtracting 2 percent from total GDP.