Similarly,
Moderate growth 0.3 % t2:
French growth records a slight acceleration: +0.3 % between April and June 2025, according to figures published on July 30, 2025 by INSEE. Meanwhile, It is better than the +0.2 % expected. Nevertheless, And that’s enough to restore a little spotlight to an economy that has been putting forward in crab for. Meanwhile, several months. For example, The figure remains modest, but in the current context, that’s already it.
French growth: a boost from stocks. Therefore, no demand – Moderate growth 0.3 % t2
It is clear: if growth is there, it is not thanks to households or businesses. These are the variations in stocks which alone ensure +0.5 growth point, as in the previous quarter. In other words, the economy has mainly turned because the warehouses have filled.
The final domestic demand, excluding stocks, is stopped (zero contribution). Household consumption dates barely (+0.1 %), the investment further fell moderate growth 0.3 % t2 (–0.3 %). Suffice to say that the classic engines remain seized.
Foreign trade remains a dead weight for growth : –0.2 contribution point, after –0.5 point in early 2025. Exports straighten the head (+0.2 %after –1.1 %) but imports explode (+0.8 %). Result: the trade balance remains unfavorable.
In detail, it is the refining that torches (+11.8 % of imports), and also transport equipment (+5.6 %). Aeronautics, always very demanding in foreign components, remains a key factor.
Lombard sees it as a good signal, economists remain cautious
Good news on the industrial production side: +0.2 % in the quarter, as at the start of the year. But it is above all aeronautics that derives growth, with a leap of +4.8 % for transport equipment. Conversely, refineries plunge (–10.6 %) and the food industry fell (–2.0 %).
Construction remains stable, and market services are progressing well (+0.6 %): accommodation-restaurant, commerce and business moderate growth 0.3 % t2 services are recovered. What support the activity a little, without completely compensating for weaknesses elsewhere.
Éric Lombard. Minister of the Economy, sees it as an encouraging signal: “ It’s really good news “He said on RTL, greeting the” résistance »French companies. He adds: ” The way is released so that they continue to invest and develop ».
More Stéphane Colliaceconomist at BNP Paribas. tempers for Le Figaro : « This figure remains the sign of relatively low growth He says, recalling that household confidence remains fragile. The savings rate also reaches 18.8 %, high level outside COVID period.
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