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| QUARTERLY NATIONAL ACCOUNTS - Preliminary figures |
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The GDP at 1995 prices, seasonally and trading-days adjusted, grew by 0.8% in the second quarter of 2004. Household consumption expenditure increased by 0.7 % (after 0.9%) and contributed by 0.4 point to GDP growth. The Gross Fixed Capital Formation (GFCF) of Non-Financial Enterprises and the one of households increased more rapidly than in the first quarter (+2.2% and +1.6% respectively). Total GFCF increased by 1.8% (after 0.8%) and contributed by 0.4 point to GDP growth. The exports accelerated slightly (+1.1% after +0.7%) and the imports strongly increased (+3.8%). Net foreign trade contributed by -0.8 to GDP growth, but only by -0.4 point when excluding the effect of aeronautics, boats and trains, the imports of which were particularly strong. The inventory changes contributed by 0.6 point to GDP growth but only by 0.2 point when excluding aeronautics, boats and trains. 
Summary table
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Q3 2003 |
Q4 2003 |
Q1 2004 |
Q2 2004 |
2003 |
2004 |
Goods and services at 1995 prices
seasonally-adjusted and working-days-adjusted
changes, % |
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| Gross Domestic Product (GDP) |
0,8 |
0,5 |
0,8 |
0,8 |
0,5 |
2,1 |
| Imports |
0,5 |
2,7 |
1,1 |
3,8 |
0,3 |
6,2 |
| Household consumption expenditures |
0,7 |
0,4 |
0,9 |
0,7 |
1,7 |
2,0 |
| Consumption expenditures by general government |
0,9 |
1,0 |
0,6 |
0,9 |
2,5 |
2,5 |
| Total Gross Fixed Capital Formation (GFCF) of which: |
0,2 |
0,9 |
0,8 |
1,8 |
0,1 |
3,1 |
Enterprises
(Non-financial corporations [NFCs] and
unincorporated enterprises [UEs]) |
0,2 |
0,9 |
0,8 |
2,2 |
-1,6 |
3,4 |
| Households |
-0,2 |
0,6 |
0,9 |
1,6 |
0,7 |
2,5 |
| General government |
0,9 |
1,0 |
0,1 |
1,1 |
5,8 |
2,5 |
| Exports |
0,9 |
1,6 |
0,7 |
1,1 |
-2,7 |
2,8 |
| Contributions |
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| Domestic demand excluding inventories (2) |
0,6 |
0,6 |
0,8 |
1,0 |
1,5 |
2,4 |
| Change in inventories (2) |
0,0 |
0,2 |
0,2 |
0,6 |
-0,2 |
0,7 |
| External trade |
0,1 |
-0,3 |
-0,1 |
-0,8 |
-0,8 |
-0,9 |
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| Accounts of non-financial corporations (3) |
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| Non-financial enterprises |
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| Prices and production costs (changes, %) |
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| Production prices |
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| Unit production cost |
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| of which: unit labor cost |
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| of which: Hourly wage (+) |
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| Productivity (-) |
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| Non-financial corporations |
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| Key ratios (%) |
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| Payroll costs (% of value added [VA]) |
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| Margin rate |
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| Investment rate (GFCF as % of VA) |
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| Saving (% of VA) |
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| Self-financing rate (saving/GFCF) |
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| Household accounts changes, % |
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| Gross Disposable Income (GDI), of which: |
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| - gross wages and salaries (+) |
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| - social benefits (+) (4) |
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- gross operating surplus (GOS)
of unincorporated enterprises (+) |
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| - social contributions (-) |
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| - taxes (-) |
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| Real GDI |
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| Saving rate (saving/GDI, %) |
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(1) Statistical overhang, i.e., annual change if variable in question were to remain at its level in the last known quarter. The overhang measures the impact of past changes; it is not a forecast.
(2) Stocks include net acquisitions of valuables.
(3) Non-financial corporations + unincorporated enterprises.
(4) Other than social transfers in kind. |
Source : Insee |
INSEE |
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