France | Quarterly National Accounts — Structural Macro Monitor
Executive-first synthesis of growth quality, investment structure, competitiveness, household demand and the external sector.
Executive structural synthesis
France's quarterly national-accounts picture is classified as constructive but mixed. Growth Quality: External-sector-led growth. Investment Quality: Productive-capital intensive. Competitiveness: Mixed / broadly neutral. Household Demand: Durable-led discretionary demand. External Sector: Export-supported external contribution. Across the five modules, 2 are favourable, 3 mixed/neutral and 0 adverse.
| Module | Assessment | Secondary | Key metric | Metric label | Quarter | Status | Flags |
|---|---|---|---|---|---|---|---|
| Growth Quality | External-sector-led growth | Primary driver: Net exports | 0.5 | Real GDP growth | 2026-Q2 | Mixed / neutral | External sector supporting growth; Inventories materially subtracting from growth |
| Investment Quality | Productive-capital intensive | Productive-capital proxy: 46.0% | 22.2 | GFCF / GDP | 2026-Q2 | Favourable | High intellectual-property share; Real GFCF contracting |
| Competitiveness | Mixed / broadly neutral | Prod gap vs EU: +0.0 pp | NULC gap: -1.2 pp | 0.8 | Latest productivity/hour | 2026-Q2 | Mixed / neutral | None |
| Household Demand | Durable-led discretionary demand | Primary category: Durables | 0.5 | Real household consumption | 2026-Q2 | Mixed / neutral | None |
| External Sector | Export-supported external contribution | Net exports: +0.90 pp | 0.9 | Net exports contribution | 2026-Q2 | Favourable | None |
Quarterly scorecard
Each indicator uses its own latest available observation. EU-27 is compared in the same quarter shown for the selected country.
| Indicator | Measure | Quarter | France | EU-27 | Gap vs EU |
|---|---|---|---|---|---|
| Real GDP growth | % YoY | 2026-Q2 | 0.50 | 1.40 | -0.90 |
| Real GDP growth | % QoQ | 2026-Q2 | 0.00 | 0.70 | -0.70 |
| Productivity per person | % YoY | 2026-Q2 | 0.50 | 0.90 | -0.40 |
| Productivity per hour | % YoY | 2026-Q2 | 0.80 | 0.80 | +0.00 |
| Nominal unit labour cost | % YoY | 2026-Q2 | 1.60 | 2.80 | -1.20 |
| Gross fixed capital formation | % GDP | 2026-Q2 | 22.20 | 21.50 | +0.70 |
| Household & NPISH consumption | % YoY | 2026-Q2 | 0.40 | 1.20 | -0.80 |
| Exports | % YoY | 2026-Q2 | 3.70 | 4.20 | -0.50 |
| Imports | % YoY | 2026-Q2 | 1.00 | 3.90 | -2.90 |
Growth anatomy
Expenditure-side percentage-point contributions used for the growth-mix classification. Imports are already signed in Eurostat's contribution measure.
| Engine | Contribution (pp) |
|---|---|
| Household consumption | +0.19 |
| Government consumption | +0.34 |
| Investment | -0.05 |
| Inventories & valuables | -0.85 |
| Exports | +1.23 |
| Imports | -0.33 |
| Net exports | +0.90 |
| Domestic demand | -0.37 |
| Residual / reconciliation | -0.03 |
Investment structure & quality
The fixed-investment mix in 2026-Q2 is classified as productive-capital intensive. GFCF stood at 22.2% of GDP versus 21.5% for EU-27. Machinery/equipment plus intellectual property accounted for 46.0% of GFCF, while construction accounted for 53.8%. Total real GFCF growth was -0.2% year-on-year in 2026-Q2. Watchpoints: High intellectual-property share; Real GFCF contracting.
| Asset | Code | Level (€m) | Share of GFCF | EU-27 share | Gap vs EU (pp) | Real growth (% YoY) |
|---|---|---|---|---|---|---|
| Dwellings | N111G | 45,578.6 | 27.0% | 23.1% | +4.0 | -1.1 |
| Other buildings & structures | N112G | 45,082.6 | 26.8% | 26.8% | -0.1 | -1.6 |
| Machinery & equipment | N11MG | 37,362.6 | 22.2% | 29.8% | -7.6 | +0.2 |
| Cultivated biological resources | N115G | 341.8 | 0.2% | 0.2% | +0.0 | +0.1 |
| Intellectual property products | N117G | 40,145.5 | 23.8% | 20.2% | +3.7 | +2.1 |
Productivity, labour cost & competitiveness
The current structural signal is classified as mixed / broadly neutral. On the latest common comparison quarter (2026-Q2), real labour productivity per hour grew +0.8% year-on-year versus +0.8% in EU-27. Nominal unit labour cost per hour increased +1.6% versus +2.8% in EU-27.
| Metric | Quarter | Country | EU-27 | Euro area | Gap vs EU | Gap vs EA | Latest country quarter | Latest country value |
|---|---|---|---|---|---|---|---|---|
| Productivity per hour | 2026-Q2 | +0.80 | +0.80 | +0.60 | +0.00 | +0.20 | 2026-Q2 | 0.8 |
| Productivity per person | 2026-Q2 | +0.50 | +0.90 | +0.60 | -0.40 | -0.10 | 2026-Q2 | 0.5 |
| NULC per hour | 2026-Q2 | +1.60 | +2.80 | +2.60 | -1.20 | -1.00 | 2026-Q2 | 1.6 |
| NULC per person | 2026-Q2 | +1.60 | +2.80 | +2.70 | -1.20 | -1.10 | 2026-Q2 | 1.6 |
Household demand & consumption mix
The current household-demand mix is classified as durable-led discretionary demand. Real household consumption grew +0.5% year-on-year in 2026-Q2. Durables accounted for 7.1% of nominal household expenditure and services for 58.2% in 2026-Q2.
| Category | Code | Level (€m) | Share of consumption | EU-27 share | Gap vs EU (pp) | Real growth (% YoY) | Real growth quarter |
|---|---|---|---|---|---|---|---|
| Durable goods | P311_S14 | 28,445.3 | 7.1% | 8.1% | -1.0 | +4.2 | 2026-Q2 |
| Semi-durable goods | P312_S14 | 29,702.3 | 7.4% | 7.6% | -0.2 | +1.9 | 2026-Q2 |
| Non-durable goods | P313_S14 | 109,458.1 | 27.3% | 29.9% | -2.6 | -1.0 | 2026-Q2 |
| Services | P314_S14 | 233,367.5 | 58.2% | 54.4% | +3.8 | +0.6 | 2026-Q2 |
External sector & trade contribution
The external-sector contribution is classified as export-supported external contribution. Net exports contributed +0.90 percentage points to GDP growth in 2026-Q2. Exports contributed +1.23 pp and imports -0.33 pp. Real exports grew +3.7% YoY while real imports grew +1.0% YoY.
| Metric | Contribution (pp) | Real growth (% YoY) | Quarter |
|---|---|---|---|
| Exports | +1.23 | +3.70 | 2026-Q2 |
| Imports | -0.33 | +1.00 | 2026-Q2 |
| Net exports | +0.90 | — | 2026-Q2 |
| Domestic demand | -0.37 | — | 2026-Q2 |
A-CLUSTER Quarterly National Accounts — Structural Macro Monitor Summary
Executive structural synthesis across growth, investment, competitiveness, household demand and the external sector.
Executive Dashboard
One-page synthesis of the growth mix, structural pulse and EU comparison.
Real GDP Growth
Year-on-year real GDP growth for the selected country, EU-27 and euro area.
Productivity per Hour
Real labour productivity per hour worked, year-on-year.
GDP Growth Contributions
Percentage-point expenditure contributions to annual real GDP growth.
European GDP Ranking
Cross-country comparison of real GDP growth for the latest available ranking quarter.
Household Consumption
Quarterly household consumption expenditure in current prices, by durability category where available.
Investment Structure & Quality
Composition of fixed investment, structural shares, EU comparison and investment-quality assessment.
Productivity, Labour Cost & Competitiveness
Productivity growth, nominal unit labour costs and relative performance versus EU-27 and the euro area.
Household Demand & Consumption Mix
Household expenditure composition and real demand momentum across durables, non-durables and services.
External Sector & Trade Contribution
Export, import and net-export contributions, trade growth and the source of external-sector support.
