French National Accounts – Third Quarter 2023 Detailed Results

In the third quarter of 2023, France experienced a slight decline in Gross Domestic Product (GDP) by 0.1%, accompanied by a 0.2% decrease in household purchasing power per consumption unit. Here are the key details:

GDP and Components:

  • GDP volume decreased by 0.1% in the third quarter after a notable increase in the previous quarter (+0.6%).
  • Household consumption rebounded (+0.6%) due to increased spending on goods, particularly in food and manufactured goods.
  • Gross fixed capital formation (GFCF) slowed down, influenced by a decline in construction investment.

External Trade:

  • Exports saw a significant decline (-1.0%), primarily driven by transport equipment and services, while imports remained nearly stable (+0.1%).
  • The contribution of external trade to GDP growth was negative (-0.4 points).

Household Income and Savings:

  • The disposable income of households in current euros increased by 0.9%, with a slight decrease in purchasing power (-0.1%).
  • The household savings rate decreased to 17.4% of disposable income, down from 17.9% in the previous quarter.

Corporate Sector:

  • The non-financial corporations’ profit margin remained almost stable at 33.0% of value-added.
  • The total number of hours worked increased slightly by 0.1%.

Public Finances:

  • The deficit of public administrations widened to 4.8% of GDP, up by 0.4 points. Public spending increased by 0.5%, while revenues declined by 0.1%.


  • GDP growth for Q3 2023 was revised downward to -0.1%, reflecting adjustments in gross fixed capital formation and consumption.
  • External trade contribution was revised to -0.4 points, indicating a more negative impact.