Pubblicato in: Banche Centrali, Devoluzione socialismo

Francia. 2020. Pil -8.3% anno su anno, Exports -16.7, Imports -11.6%. – Nises.

Giuseppe Sandro Mela.


2021-01-29__ Francia Pil 001

In sintesi.

– Over the full year 2020, GDP fell sharply (–8.3%, after +1.5% in 2019)

– Household consumption expenditure fell sharply as a result of numerous store closures: –5.4% in Q4 2020

– Household consumption was clearly moving away from its pre-crisis level (–6.8% year-on-year)

– Imports -11.6%

– Exports -16.7%

– Household consumption -7.1%.

* * * * * * *

Diamo atto all’Istituto di Statistica Francese di non aver imbellettato i dati del pil, tentazione cui molti istituti centrali non hanno saputo resistere.

La ripresa senza riforme strutturali sarà davvero molto difficile.


The National Institute of Statistics and Economic Studies ha rilasciato il Report:

GDP declined in Q4 2020 (– 1.3%), marked by the second lockdown; over the year 2020, GDP declined by 8.3%.

In Q4 2020, GDP in volume terms fell back: –1.3% after +18.5% in Q3 2020. The loss of activity this quarter was marked by the lockdown in effect from the end of October to mid-December and by the curfews put in place during the months of October and December. Nevertheless, the total loss of activity was much more moderate than during the first lockdown in March-May 2020: in Q4 2020, GDP was 5.0% below its level a year earlier (year-on-year change), whereas the year-on-year decline was of 18.8% in the second quarter. Over the full year 2020, GDP fell sharply (–8.3%, after +1.5% in 2019). This first estimate of the annual decline in activity and of the rest of the annual aggregates, by sum of the four quarters, will be consolidated when the 2020 provisional annual account will be published at the end of May 2021.

The effects of the second lockdown were mainly reflected in household consumption expenditure, which fell back sharply (–5.4% in Q4 after +18.2% in the previous quarter). On the other hand, gross fixed capital formation (GFCF) continued its recovery (+2.4% after +24.0%). Overall, total domestic demand (excluding changes in inventories) fell again, contributing – 2.7 points to GDP growth this quarter after +19.4 points in the previous quarter.

Foreign trade also pursued its recovery. For the second quarter in a row, exports increased more than imports (+4.8% after +21.9% for exports and +1.3% after +16.2% for imports). Overall, the foreign trade made a positive contribution to GDP growth this quarter: +0.9 points, after +0.8 points in Q3 2020. Finally, changes in inventories made a positive contribution to GDP growth (+0.4 points after – 1.7 points).