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MNI EXCLUSIVE

Outlook For Yuan

French GDP Declines in Q4

FRANCE DATA
MNI (London)

FLASH Q4 GDP -1.3% Q/Q SA, -5.0% Y/Y WDA

Q4 HH CONSUMPTION EXPENDITURE -5.4% Q/Q

Q4 GOVT CONSUMPTION EXPENDITURE -0.4% Q/Q

Q4 EXPORTS +4.8% Q/Q; IMPORTS +1.3% Q/Q

  • The French economy contracted by 1.3% in Q4 after the record-breaking 18.5% gain in Q3. However Q4 beat market expectations of a bigger drop (median 4.0%).
  • Annual GDP fell by 5.0% in Q4 following Q4's improvement to -3.9%.
  • Over the year of 2020, GDP declined by 8.3% compared to a growth rate of 1.5% in 2019.
  • Q4's decrease was driven by a significant decline of household consumption, down 5.4% q/q amid the renewed strict curfews and containment measures throughout the quarter.
  • However, the decline is much smaller than the one seen in Q2 during the first lockdown.
  • Government consumption eased 0.4% in Q4 after rebounding by 14.6% in Q3
  • Meanwhile, exports decelerated to 4.8% and imports slowed to 1.3% in Q4.
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com