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France GDP
In late 2023, economic activity stagnated in the Eurozone and France for the second consecutive quarter, with investment declining in most countries due to financing costs. In France, business sentiment has stabilized at a slightly below-average level, with mixed sector performance. The outlook for early 2024 is slightly brighter, with confirmed disinflation supporting household purchasing power and gradually improving consumer confidence. Consumption is expected to be the main driver of activity in the first half of 2024, but GDP growth will remain modest (+0.2% per quarter) due to weak investment.
Source : INSEE (national institute of statistics and economic studies)
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Whether you’re considering expanding your business to France or looking to optimize your existing operations, having a deep understanding of the country’s economic landscape is crucial.
This page provides a detailed overview of France’s GDP, its per capita distribution, growth patterns, and sector-wise contributions.
French GDP
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in billions of euros – Source : INSEE
The French GDP grew by 0.9% in 2023, close to the government’s forecast of 1%, but with an atypical rhythm, with a very good second quarter and the other three quarters at zero.
The fourth quarter was marked by a decrease in business investment (-0.7%) and household consumption (-0.1%). However, foreign trade contributed positively to GDP growth. France performed better than the Eurozone (0.5% growth) and Germany (-0.3%). The decline in domestic demand is concerning, with no recovery in household consumption and a decrease in business investment.
The hope for 2024 is a rebound in household consumption, as inflation is expected to slow down to 2.5% by June and even around 2% excluding the most volatile products. However, the government’s forecast of 1.4% growth in 2024 seems overly optimistic, with Allianz Trade predicting 0.7% and the Bank of France 0.9%.
The fourth quarter was marked by a decrease in business investment (-0.7%) and household consumption (-0.1%). However, foreign trade contributed positively to GDP growth. France performed better than the Eurozone (0.5% growth) and Germany (-0.3%). The decline in domestic demand is concerning, with no recovery in household consumption and a decrease in business investment.
The hope for 2024 is a rebound in household consumption, as inflation is expected to slow down to 2.5% by June and even around 2% excluding the most volatile products. However, the government’s forecast of 1.4% growth in 2024 seems overly optimistic, with Allianz Trade predicting 0.7% and the Bank of France 0.9%.
Source : Europe1
French GDP per capita
No Data Found
in euros – Source : INSEE
In 2023, the volume of sales in the trade sector decreased compared to 2022, but less than the average of the eurozone. Activity decreased in wholesale trade and retail trade, while it increased in motor vehicle trade and repair. Household consumption expenditure as well as government spending slowed down in 2023.
The analysis of the figures of French growth is therefore similar to that of the half-full glass: economic activity has stagnated over the last two quarters, but France is not in a recession. The most positive observers also emphasize that the performance of the French economy is relatively good in comparison with that of other European countries.
Source : INSEE
French GDP vs Germany - UK - Italy - Belgium - Spain in 2023
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in billions of euros – Source : Eurostat
French GDP growth vs Germany - UK - Italy - Belgium - Spain
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in percentage – Source : Eurostat
French GDP per capita vs Germany - UK - Italy - Belgium - Spain in 2023
No Data Found
in euros – Source : CountryEconomy
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