According to the report from Insee, in Q4 2019, GDP in volume terms fell slightly: -0.1%, after +0.3% in Q3 2019. On average over the year, activity slowed down in 2019: +1.2% after +1.7% in 2018.

Household consumption expenditures slowed down slightly (+0.2% after +0.4%), and total gross fixed capital formation decelerated in a more pronounced manner (GFCF: +0.3% after +1.3%). Overall, final domestic demand excluding inventory changes slowed down compared with the previous quarter: it contributed to +0.3 points to GDP growth, after +0.7 points.

Imports fell back this quarter (-0.2% after +0.6%) as well as exports (-0.2% after -0.3%). All in all, the contribution of foreign trade balance to GDP growth was zero, after a negative contribution (-0.3 points) in the previous quarter. Changes in inventories contributed negatively to GDP growth (-0.4 points after -0.1 points).