THE SCAN ECO – Apart spending Household consumption decreased in the fourth quarter of 2015, production, investment, stocks, exports and imports increased
the gross domestic product (GDP) in France were 0.3% for the fourth quarter of 2015, said Friday morning INSEE. For all of 2015, French growth thus reached 1.1%. The factors of this growth in numbers.
In the fourth quarter 2015, the GDP increases from 0, 3% , the same increase as in the third quarter. On average over the year, growth was + 1.1% in 2015, after + 0.2% in 2014.
households consumption expenditures fold (- 0.2% after + 0.5% in the third quarter 2015). Spending on goods decreased (-0.5% after 1%), as energy (it goes from + 1.7% in the third quarter to -2.4% in the fourth quarter) due to temperatures above seasonal norms. On average over the year, household consumption accelerated (+ 1.4% in 2015 after + 0.6% in 2014). This is the largest increase since 2010.
Exports bounce (+ 1% in the fourth quarter after -0.6% in the third) because of transport equipment. In 2015, exports increased by 6.1%, after 2.4% in 2014.
imports accelerate (+ 2.5% in the fourth quarter, after + 1.7% in the third) including transport equipment. However imports refined petroleum products slowed sharply (+ 0.3% after + 10.2%). On average in 2015, imports accelerated (+ 6.5% after + 3.9% in 2014)
Total production accelerated in the fourth quarter 2015 (+ 0.6%) against 0.3% the previous quarter. Which sectors are the main factors of this acceleration? The manufacturing industry (+ 1.1% in the fourth quarter, after + 0.2% in the third) and the construction, which rose from -0.8% to + 0.2% from the last two quarters. On average over 2015, total output accelerated (+ 1.4% after + 0.7% in 2014). Manufacturing increases well over the year (+ 1.5% after + 0.3%) while in construction, the decline was amplified on 2015 despite the increase in the fourth quarter, with -2.8% in in 2015 after 2.2% in 2014.
total investment accelerated in the fourth quarter 2015 (+ 0.7% after + 0.1% in the third). Investment in manufactured goods is significantly sustained (+ 2.5% after + 1.3%), notably in transport equipment. To a lesser extent, investment in market services also accelerated (+ 0.8% after + 0.5%). The construction investment still declining in the last quarter (-0.3%) but less strongly than in the third quarter (-0.8%). Over the whole of 2015, total investment declined slightly: after -0.2% -1%
changes in inventories contributed 0.7 points to GDP growth in the fourth quarter 2015 as the third quarter. Storage concerns including refined petroleum products and capital goods. Over the full year, the contribution of inventories to the activity amounts to 0.3 points after 0.2 points in 2014. The companies plan further to meet future consumer demand.