France gdp growth rate for 2016 was 1.10%, a 0.02% decline from 2015. In the UK, house prices have accelerated again - but a slowdown may be looming as unemployment jumps. 1961 - 2019. Among the Major Seven economies, the United States recorded an annual growth of minus 9.5%, while the United Kingdom recorded the sharpest annual fall … It suggested that household spending is cooling, even before Germany goes into a new ‘light lockdown’ next week. Quarterly GDP growth. France's gross domestic product grew by 18.2% between July and September, the country's statistics office, Insee, said in a preliminary reading. Annual percentage growth rate of GDP at market prices based on constant local currency. That's stronger than consensus view according to Blommberg (15.0%) and also our own estimate (17.6%).Unfortunately, Q4 will come in weaker than estimated until recently. French GDP expanded by 18.2% in July-September, according to the new figures from statistics body INSEE. The French Q3 GDP report easily exceeded even the highest forecast similar to yesterday's Belgian number. Followed contraction of 13.7% q/q in Q2 & 5.9% q/q in Q1. France GDP Annual Growth Rate History. We also get Mexican GDP figures, and Canadian growth data for August, plus some UK housing data. Returning to growth should be a cause of celebration, but probably not today, with France and Germany both heading into new lockdowns to battle the virus, which will slow growth sharply this quarter. Nevertheless, GDP remained well below the level it had before the health crisis: measured in volume, compared to its level in Q3 2019 (year-on-year), GDP of Q3 2020 was 4.3% lower. LE MAIRE: I SEE AN 11% CONTRACTION IN THE FRENCH ECONOMY IN 2020. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. When compared to the prior-year period, third-quarter gross domestic product (GDP) decreased by 5.3%. Behavioural shifts as a result of Covid-19 may provide support for housing market activity, while the stamp duty holiday will continue to provide a near term boost by bringing purchases forward. Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. The Federal Statistics Office reports that retail sales dropped 2.2% last month, a bigger fall than expected. Spain: Covid-19 resurgence heightens risks to optimistic growth and fiscal forecasts in 2021 budget . But, like France and Spain, Austria’s economy hasn’t yet returned to its pre-pandemic size either. GDP remained well below its pre-crisis level (-4.1%) All very encouraging.... until you remember that France has just entered a new national lockdown that will slow the recovery sharply. Marc Brütsch, chief economist at Swiss Life, also fears France’s economy will disappoint in the final three months of this year: GDP in #France recovers by 18.2% through the third quarter. But... Robert Gardner, Nationwide’s chief economist, reckons activity will weaken as the Covid-19 pandemic hits the economy. The latest eurozone unemployment figures, due at 10am GMT, are likely to show a rise in joblessness last month - perhaps to 8.3% from 8.1% in August. FTSE 100 posts worst weekly loss since June, Markets endure worst week since March crash, Eurozone posts record growth winter pain looms, Italian GDP jumps 16.1% after lockdowns ended, Latest: Markets wrap up worst week since March, Eurozone economy grew by 12.7% in July-September, the French economy has bounced back from its Q2 slump, 7am GMT: Nationwide survey of UK house prices, 10am GMT: Eurozone unemployment data for September, 10am GMT: Eurozone inflation data for October. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. That would be the strongest growth on record, but only after the worst slump ever. *FRENCH FINANCE MINISTER LE MAIRE SPEAKS ON FRANCE INTER RADIO - BBG*LE MAIRE: FRENCH ECONOMY TO CONTRACT 11% IN 2020. Find Out, Online tool for visualization and analysis. Broadly speaking, the eurozone’s economic rebound was cooling – the manufacturing and services reports have disappointed. Nationwide has reported that annual house price growth rose to 5.8% in October, the highest rate since January 2015. All components of domestic demand rebounded. France’s finance minister, Bruno Le Maire, has warned that the fourth quarter of 2020 will be difficult. Newsflash: Spain has joined France in posting faster-than-expected growth figures. France, Germany, Spain and Italy have all posted record rises in GDP, but the region is still below its pre-pandemic levels, Fri 30 Oct 2020 14.22 EDT This week there has been turmoil in European stock markets on account of the jump in the number of new Covid-19 cases and the rise in the hospitalisation rates. World Bank national accounts data, and OECD National Accounts data files. Speaking on France Inter radio, Le Maire says the French economy is expected to contract by 11% in 2020. Template for today's GDP data: strong rebound in 3Q by XX, after historic slump in 2Q. We expect a deep recession in France in 2020, with the economy not recovering to its end-2019 size until 2022. French GDP +18.2% Q/Q above the 15.4% forecast, marking a recovery from the Q2 fall of -13.7%. Due to new lockdown measures, a contraction in 4Q by YY looks unavoidable. GDP decreased by 11.8 % in the euro area (EA-19) and 11.4 % in the EU-27 during the second quarter of 2020, compared with the previous quarter, according to an estimate (see Data sources below) published by Eurostat.These were the sharpest declines observed since time series started in 1995. This leaves Spain’s economy 8.7% smaller than a year ago, the National Statistics Institute adds. To learn more about cookies, click here. Label. Trade also made a positive contribution to GDP, with exports up 23.2% in July-September and imports only up 16.0%. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. “However, activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March. Government expenditure was 0.4% higher than a year ago, and jumped by 15.4% in Q3 alone (the cost of fighting the pandemic and stimulating the economy). All rights reserved. But... it still leaves France’s economy smaller than before the pandemic started, as this chart shows: In Q3 2020, GDP in volume terms bounced back: +18.2% after –13.7% in Q2 2020. Spanish GDP expanded by 16.7% in the third quarter of 2020, the fastest expansion on record, after its Covid-19 restrictions were lifted. The real damage to market sentiment was on the back of the stricter restriction in countries like Spain, Italy, France and Germany. In a worrying sign, German retail spending fell more than expected in September. The markets, meanwhile, may be choppy. This will result in a sharp expansion in the deficit and debt rising above 120% of GDP. US stock futures are currently down 2%, as Covid-19 anxiety and US election worries weigh again. In the European context, France's lockdown was particularly strict, and its fiscal support package particularly generous. Today we learn how well Europe’s economy fared over the summer, just as the second wave of Covid-19 cases threaten to push the region back into recession. This site uses cookies to optimize functionality and give you the best possible experience. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Please check your download folder. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. French GDP … The rebound could not fully offset the decline caused by the pandemic, Wifo, which compiles data for the government, added. International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. Nadia Gharbi, senior economist at Pictet Wealth Management, says the French economy has bounced back from its Q2 slump - although it’s still smaller than before the pandemic: In Q3, GDP bounced back (+18.2% q-o-q after -13.7% q-o-q) in France. That follows Spain’s worst ever slump during the pandemic -- its economy shrank by 17.8% in April-June as the country went into a tough, three-month pandemic lockdown. Eurozone GDP figures should show that the region has escaped recession, growing by an estimated 9.4% in the third quarter of 2020. © 2020 Guardian News & Media Limited or its affiliated companies. Could become the theme of the day before we remember that lockdown-November is just around the corner. Household consumption expenditure jumped +17.3% in Q3, and was only 2.1% lower than a year ago. Please check your download folder. Austria has also returned to growth, new data show. A Look at the Markets. License: CC BY-4.0 Line Bar Map. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Countries across the Eurozone will report GDP figures through the morning, so it will be a busy time. That’s worse than an earlier forecast of a 10% contraction, Reuters points out, reflecting the impact of the second wave of Covid-19. #Spain #GDP Growth Rate QoQ Flash at 16.7% Also Show. Newsflash: France has got eurozone GDP day up and running, by posting stronger than expected growth for the third quarter of the year. The optimism of the summer has been replaced by a sense that it is going to be long winter. Spending by consumers and government lifted the French economy back to growth in the third quarter, INSEE explains. Tentatively, I'd say that the boost from the VAT cut is fading with emerging consumer caution maybe adding a bit, too. World Bank national accounts data, and OECD National Accounts data files. That’s stronger than expected, and follows a 13.7% contraction in April-June. But still down 4.3% year-on-year in Q3 & in danger of renewed q/q contraction in Q4 due to renewed restrictions. But food & online sales kept overall turnover 6.5% above last year's level. Last 12 readings. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. They jumped 0.8% this month alone, as the current stamp duty holiday continues to drive demand. Year-on-year GDP growth for the OECD area was minus 10.9% in the second quarter of 2020, following growth of minus 0.9% in the previous quarter. FRANCE'S FINANCE MIN. “The outlook remains highly uncertain and will depend heavily on how the pandemic and the measures to contain it evolve as well as the efficacy of policy measures implemented to limit the damage to the wider economy. France gdp growth rate for 2018 was 1.79%, a 0.5% decline from 2017. But fears are growing that Q4 will now see a 3-4% hit from fresh lockdowns #coronavirus #france. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. GDP growth (annual %) - France. Traders are wondering, what the currency area will look like in early December, when France’s and Germany’s lockdown should be over. .. while Howard Archer of EY Item Club warns France could contract again before the end of the year: #French #GDP rose 18.2% quarter-on-quarter in third quarter as #economy opened up after #COVID restrictions. GDP down by 11.8 % in the euro area and by 11.4 % in the EU-27. #Eurozone. European Opening Calls:#FTSE 5510 -1.29%#DAX 11381 -1.87%#CAC 4491 -1.72%#AEX 527 -1.40%#MIB 17575 -1.66%#IBEX 6298 -1.77%#OMX 1692 -1.41%#STOXX 2906 -1.81%#IGOpeningCall, Available for everyone, funded by readers. France gdp growth rate for 2017 was 2.29%, a 1.2% increase from 2016. Aggregates are based on constant 2010 U.S. dollars. First published on Fri 30 Oct 2020 02.39 EDT. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. But business investment (Gross fixed capital formation) was sharply down (–5.1% year-on-year), despite rebounding by 23.3% in Q3. France gdp growth rate for 2019 was 1.51%, a 0.28% decline from 2018. The Austrian economy rebounded by 11.1% in the third quarter, think tank Wifo said on Friday, citing a rise in consumer demand and a recovery in the service sector, as coronavirus-related restrictions were eased. Germany 's retail sales fell by -2.2% MoM in September, much more than expected -0.8%, hinting cold autumn for German (and possibly Eurozone) consumption@graemewearden, German retail sales dropped quite sharply in September (-2.2% m/m). Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Europe shrank by over 11% in April-June, remember, as tough lockdowns were imposed. Newsflash: France has got eurozone GDP day up and running, by posting stronger than expected growth for the third quarter of the year.