France: stabilization of the GDP in Q4 2023 and a 0.9% increase over the past year

According to the first estimate, the French GDP stabilized in Q4 2023, just like in the previous quarter (with the final figure slightly revised up from -0.1% to 0%). It increased by 0.9% o ver the entire year 2023, after 2.5% in 2022. The growth carryover for 2024 is barely 0.14%. The evolution of growth in Q4 was marked by significant changes in inventories and foreign trade, with contributions of -1.1 points and +1.2 points respectively. The GDP excluding changes in inventories increased by 1%, accelerating compared to Q3 (+0.3%). The final domestic demand (excluding changes in inventories ) negatively contributed to growth by -0.1 point, compared to +0.4% in Q3, with household consumption registering a slight decrease and investment dropping more significantly. The results of the last quarter of 2023 confirm a very gradual recovery after the crisis. They remain, however, in line with our scenario of slightly higher than 1% growth this year.