In the second quarter of 2012, France's gross domestic product (GDP) remained stable quarter on quarter, according to the detailed statistics released by France's National Institute of Statistics and Economic Studies (INSEE). The country's GDP was stable on quarter-on-quarter basis also in the first quarter of 2012.
During the second quarter, in France household consumption expenditure slightly declined by 0.2 percent quarter on quarter, after a 0.2 percent quarter-on-quarter increase in Q1. Overall, total domestic demand (excluding changes in inventories) drove GDP on to only 0.1 percentage point of growth after being neutral in Q1.
Meanwhile, France's import value accelerated significantly with a 1.8 percent quarter-on-quarter increase after a 0.6 percent increase recorded in the previous quarter, while the export value rose by 0.2 percent quarter on quarter in Q2, after a 0.1 percent quarter-on-quarter increase recorded in the previous quarter. Consequently, the foreign trade balance again made a negative contribution to GDP growth with a decrease of 0.5 percentage point after a decrease of 0.1 percentage point recorded in the previous quarter.
In Q2, total production in goods and services trended sideways. Production in manufactured goods regressed by one percent, after a decrease of 0.9 percent in Q1, particularly in transport equipment (-3.3 percent after -0.8 percent in the previous quarter). Meanwhile, production in services increased by 0.2 percent quarter on quarter in Q2, the same quarter-on-quarter rate as seen in Q1.