| Consensus | Consensus Range | Actual | Previous | Revised | |
| Quarter over Quarter | 0.2% | 0.2% to 0.3% | 0.2% | 0.2% | |
| Year over Year | 0.7% | 1.1% | 0.8% |
Highlights
France’s 0.2 percent GDP growth in the second quarter of 2026 represents a welcome but fragile rebound from the 0.1 percent contraction in the first quarter. The composition of growth reveals that the economy was supported principally by foreign trade rather than broad-based domestic momentum. Net exports contributed 0.6 percentage points, driven largely by recovering aerospace exports, but this was almost entirely offset by a 0.6-point reduction in inventories.
Underlying domestic demand contributed only 0.1 points. Household consumption recovered modestly, while public consumption strengthened; however, investment declined again, reflecting weakness in construction, capital goods and real estate. Production growth also concealed a widening sectoral divide: market services expanded strongly, whereas manufacturing barely grew, construction remained in decline and agricultural output contracted further.
Consequently, the figures suggest a technical recovery rather than a decisive economic acceleration. Its sustainability will depend on stabilising investment, strengthening household demand and extending export growth beyond volatile aerospace deliveries. These latest updates take the RPI to minus 11 and the RPI-P to minus 10, meaning that economic activities are now behind market expectations in France.
Market Consensus Before Announcement
Growth expected at 0.2 percent in Q2 from Q1 after declining 0.1 percent in Q1.