PARIS (Reuters) – The French economy stagnated in the fourth quarter of 2023 in a context of weak domestic demand, shows the first estimate published on Tuesday by INSEE.
According to the institute, France’s GDP grew on average by 0.9% over the year 2023, compared to a gain of 2.5% in 2022 and growth of 6.4% in 2021.
Over the three months to December, France’s gross domestic product (GDP) stood at 0.0% after a similar rate over the July-September period (revised from -0.1%).
The fourth-quarter growth rate is in line with the expectations of economists polled by Reuters.
Final domestic demand (excluding stocks) contributed negatively to GDP growth over the last three months of 2023 with a decline of 0.1 point after +0.4 point in the third quarter, while household consumption showed a decline. decline of 0.1% after +0.5%.
Foreign trade, on the other hand, rebounded in the fourth quarter, contributing positively to GDP growth, with an increase of 1.2 points after -0.1 points in the third quarter. Imports decreased (-3.1% after -0.4%), while exports remained almost stable (-0.1% after -0.6%).
Most of the growth recorded in 2023 comes from the second quarter, where GDP reached 0.7%, activity having been stable over the rest of the year.
At the end of the fourth quarter of 2023, the growth overhang for 2024 amounts to +0.1%, INSEE said.
(Written by Claude Chendjou, edited by Jean-Stéphane Brosse)
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