Final data from INSEE showed that in the last three months of 2022, the economy grew by 0.1%, which coincided with the preliminary estimate and forecasts of economists, but was weaker than growth in the 3rd quarter (+0.2%). Household consumption decreased by 1.2%, offsetting an increase in the third quarter (+0.4%), while gross fixed capital accumulation increased by 0.3% after an increase of 2.3%. In total, final domestic demand excluding inventory contributed negatively, by -0.4% to GDP growth (after +0.8% in the previous quarter). Meanwhile, imports decreased by 0.4% after an increase of 4.2% in the 3rd quarter, and import growth slowed by half, to 0.5%. The contribution of foreign trade to GDP growth is therefore positive (+0.3% after -1.1%). The data also showed that total hours worked increased by 0.4% after an increase of 0.3% in the 3rd quarter. Total employment slowed down slightly (+0.3% after +0.4%) but the number of hours per job increased a little bit, as the number of sick days decreased this quarter.
In annual terms, GDP growth slowed to 0.5%, also confirming the preliminary estimate and forecasts of economists. In the 3rd quarter, the economy expanded by 1% per annum.
For the whole of 2022, the French economy rose 2.6%, after a 6.8% increase in 2021.