Quarterly accounts (base 2005) - Gross fixed capital formation of households (including sole proprietorships) - Values at current prices - SA-WDA series - Stopped series

Time series
Date of last update : 2014-03-31

Identifier 001615486

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in millions of euros
Year Quarter Value
2013 4 sd 28,881
2013 3 sd 28,899
2013 2 sd 29,212
2013 1 sd 29,694
2012 4 sd 29,986
2012 3 sd 30,313
2012 2 sd 30,610
2012 1 sd 30,373
2011 4 sd 30,379
2011 3 sd 30,179
2011 2 sd 29,708
2011 1 sd 29,005
2010 4 sd 28,691
2010 3 sd 28,375
2010 2 sd 27,828
2010 1 sd 27,439
2009 4 sd 27,226
2009 3 sd 27,372
2009 2 sd 27,940
2009 1 sd 28,846
2008 4 sd 30,305
2008 3 sd 32,306
2008 2 sd 33,040
2008 1 sd 32,778
2007 4 sd 32,326
2007 3 sd 31,504
2007 2 sd 31,029
2007 1 sd 30,131
2006 4 sd 29,758
2006 3 sd 28,864
2006 2 sd 28,179
2006 1 sd 27,395
2005 4 sd 26,665
2005 3 sd 25,775
2005 2 sd 25,304
2005 1 sd 24,847
2004 4 sd 24,359
2004 3 sd 23,904
2004 2 sd 23,396
2004 1 sd 22,702
2003 4 sd 22,360
2003 3 sd 22,093
2003 2 sd 21,821
2003 1 sd 21,498
2002 4 sd 21,149
2002 3 sd 20,899
2002 2 sd 20,628
2002 1 sd 20,482
2001 4 sd 20,194
2001 3 sd 20,059
2001 2 sd 19,964
2001 1 sd 19,814
2000 4 sd 19,674
2000 3 sd 19,332
2000 2 sd 19,176
2000 1 sd 19,093
1999 4 sd 18,647
1999 3 sd 19,069
1999 2 sd 18,843
1999 1 sd 18,399
1998 4 sd 17,965
1998 3 sd 17,569
1998 2 sd 17,302
1998 1 sd 17,076
1997 4 sd 16,965
1997 3 sd 16,750
1997 2 sd 16,526
1997 1 sd 16,352
1996 4 sd 16,340
1996 3 sd 16,186
1996 2 sd 16,026
1996 1 sd 16,165
1995 4 sd 16,120
1995 3 sd 16,287
1995 2 sd 16,442
1995 1 sd 16,365
1994 4 sd 16,495
1994 3 sd 16,243
1994 2 sd 15,862
1994 1 sd 15,478
1993 4 sd 15,050
1993 3 sd 14,916
1993 2 sd 14,950
1993 1 sd 15,221
1992 4 sd 15,435
1992 3 sd 15,714
1992 2 sd 15,757
1992 1 sd 15,948
1991 4 sd 15,844
1991 3 sd 16,085
1991 2 sd 16,201
1991 1 sd 16,405
1990 4 sd 16,661
1990 3 sd 16,891
1990 2 sd 17,067
1990 1 sd 17,002
1989 4 sd 17,019
1989 3 sd 16,671
1989 2 sd 16,524
1989 1 sd 16,064
1988 4 sd 15,669
1988 3 sd 15,154
1988 2 sd 14,740
1988 1 sd 14,492
1987 4 sd 13,992
1987 3 sd 13,849
1987 2 sd 13,602
1987 1 sd 13,441
1986 4 sd 13,144
1986 3 sd 12,845
1986 2 sd 12,712
1986 1 sd 12,567
1985 4 sd 12,320
1985 3 sd 12,118
1985 2 sd 11,941
1985 1 sd 11,956
1984 4 sd 11,895
1984 3 sd 11,964
1984 2 sd 12,016
1984 1 sd 11,881
1983 4 sd 11,753
1983 3 sd 11,714
1983 2 sd 11,523
1983 1 sd 11,401
1982 4 sd 11,160
1982 3 sd 11,284
1982 2 sd 11,170
1982 1 sd 11,028
1981 4 sd 10,895
1981 3 sd 10,661
1981 2 sd 10,435
1981 1 sd 10,307
1980 4 sd 10,093
1980 3 sd 10,049
1980 2 sd 9,844
1980 1 sd 9,590
1979 4 sd 9,125
1979 3 sd 8,684
1979 2 sd 8,364
1979 1 sd 8,180
1978 4 sd 7,993
1978 3 sd 7,639
1978 2 sd 7,335
1978 1 sd 7,111
1977 4 sd 6,784
1977 3 sd 6,627
1977 2 sd 6,453
1977 1 sd 6,303
1976 4 sd 6,329
1976 3 sd 6,129
1976 2 sd 6,047
1976 1 sd 5,693
1975 4 sd 5,474
1975 3 sd 5,395
1975 2 sd 5,379
1975 1 sd 5,436
1974 4 sd 5,482
1974 3 sd 5,352
1974 2 sd 5,099
1974 1 sd 4,916
1973 4 sd 4,598
1973 3 sd 4,376
1973 2 sd 4,176
1973 1 sd 3,979
1972 4 sd 3,822
1972 3 sd 3,672
1972 2 sd 3,543
1972 1 sd 3,427
1971 4 sd 3,255
1971 3 sd 3,190
1971 2 sd 3,159
1971 1 sd 3,093
1970 4 sd 2,819
1970 3 sd 2,840
1970 2 sd 2,732
1970 1 sd 2,630
1969 4 sd 2,699
1969 3 sd 2,540
1969 2 sd 2,471
1969 1 sd 2,420
1968 4 sd 2,377
1968 3 sd 2,323
1968 2 sd 2,160
1968 1 sd 2,145
1967 4 sd 2,065
1967 3 sd 2,039
1967 2 sd 1,979
1967 1 sd 1,918
1966 4 sd 1,854
1966 3 sd 1,847
1966 2 sd 1,832
1966 1 sd 1,764
1965 4 sd 1,720
1965 3 sd 1,602
1965 2 sd 1,592
1965 1 sd 1,561
1964 4 sd 1,549
1964 3 sd 1,483
1964 2 sd 1,418
1964 1 sd 1,373
1963 4 sd 1,292
1963 3 sd 1,315
1963 2 sd 1,194
1963 1 sd 1,103
1962 4 sd 1,038
1962 3 sd 1,024
1962 2 sd 1,015
1962 1 sd 1,009
1961 4 sd 1,008
1961 3 sd 995
1961 2 sd 971
1961 1 sd 936
1960 4 sd 892
1960 3 sd 856
1960 2 sd 830
1960 1 sd 812
1959 4 sd 802
1959 3 sd 794
1959 2 sd 786
1959 1 sd 778
1958 4 sd 769
1958 3 sd 755
1958 2 sd 738
1958 1 sd 717
1957 4 sd 693
1957 3 sd 666
1957 2 sd 636
1957 1 sd 605
1956 4 sd 574
1956 3 sd 551
1956 2 sd 534
1956 1 sd 524
1955 4 sd 518
1955 3 sd 511
1955 2 sd 500
1955 1 sd 484
1954 4 sd 464
1954 3 sd 442
1954 2 sd 420
1954 1 sd 401
1953 4 sd 387
1953 3 sd 377
1953 2 sd 371
1953 1 sd 369
1952 4 sd 367
1952 3 sd 362
1952 2 sd 351
1952 1 sd 333
1951 4 sd 310
1951 3 sd 283
1951 2 sd 257
1951 1 sd 231
1950 4 sd 207
1950 3 sd 190
1950 2 sd 178
1950 1 sd 172
1949 4 sd 169
1949 3 sd 166
1949 2 sd 164
1949 1 sd 159
sd : Semi-final

last values

File format

In SDMX-ML format (user guide available here)

Producing organisation: INSEE

Characteristics

  • Correction : Seasonally- and Working Day- Adjusted (SA-WDA)
  • Periodicity : Quarterly
  • Geographical area : Whole France (Metropolitan France + French Overseas Departments)
  • Unit : in millions of euros

Publication

For a given quarter, two exercises are performed:

  • The first, “preliminary results”, is published less than 45 days after the end of the quarter.

    It provides an initial estimate of quarterly growth in GDP and in operations in goods and services (foreign trade, production, consumption, gross fixed capital formation, change in inventories).

  • The second, “detailed results”, is published less than 90 days after the end of the quarter.

    It updates the initial estimate of quarterly growth in GDP and in operations in goods and service.
    It also provides an initial estimate of the accounts for households and enterprises.

In addition to the quarterly growth rates, these publications also include the calculation of “growth overhang” for the different aggregates for the current year. The growth overhang of a variable for year N corresponds to the growth rate of the variable between year N-1 and year N that would be obtained if the variable remained at the same level as in the last known quarter through to the end of year N.

For example, when the last known quarter for year N is Q2, the growth overhang of the variable for year N is equal to the growth rate that would be obtained between N-1 and N if the variable remained at the same level as in Q2 right the way through Q3 and Q4.

Calculation procedure

The national quarterly accounts aim to provide comprehensive macro-economic information at sub-annual intervals in a form that is relatively detailed and consistent with past national accounts. This information (in value, volume and price) is adjusted for seasonal variations and trading days to ensure that any trends from one quarter to another only reflect changes in the short-term economic outlook.

The quarterly accounts and annual accounts share the same conceptual framework, that of the national accounts system defined on the European level (SEC 1995). When annualised, the quarterly data is consistent with that in the annual accounts. The annual and quarterly accounts are published in chain-linked volumes at the previous year’s prices. The “2005” base year is the reference year for volume calculations.

The quarterly accounts are constructed on the basis of sub-annual indicators, using three approaches:

  1. If the indicator is a volume (eg. number of new vehicle registrations):
    • elaboration of the account by volume:

      gross volume indicator → corrected for seasonal variations (CVS) and trading days (CJO) → seasonally and trading-day adjusted volume indicator → calibration (econometric adjustment to convert the indicator into the corresponding series of accounts) → adjustment (adjustment in relation to the results of the annual accounts) → account by volume

    • price indicator:

      gross price indicator → correction for seasonal variations → seasonally-adjusted price indicator

    • calculation of the account by value:

      indicator value = account by volume × price indicator → calibration → adjustment → account by value

    • price account = account by value / account by volume
  2. If the indicator is a value (e.g. turnover index), we begin by calculating the account by value. The indicator of the account by volume is then the account by value deflated by the price indicator.
  3. If an indicator exists in value and in volume, the two accounts are established separately by the calibration-adjustment scheme. The account by price is deducted as the ratio of the accounts in value and volume.

The estimation method is the same for the “preliminary results” and “detailed results”. Only the number of extrapolated indicators and the number of series published for the last quarter distinguishes between the two estimates. In particular, between these two publications, the turnover indices for the last month of the quarter and the health insurance indicators for the last two months (by healthcare date) become available. The missing indicators are usually extrapolated by statistical processes (such as ARIMA).

For certain series whose weight is generally small, no cyclical data is available. The annual accounts are then extended by an extrapolation of the current year, most often based on ad hoc assessments (such as the forecasts of the Social Security Commissions) and the quarterly accounts result from a “quarterly smoothing” of the annual series. This smoothing consists in estimating a quarterly series that minimises the quarter on quarter variability of the series.

Main indicators

  • Foreign trade

    Sources: Customs statistics, balance of payments, import and export price indices in industry, unit value indices for external trade in agricultural produce, foreign physical trading of electricity.

  • Production

    Sources: industrial production index (industry except water, gas and electricity); agricultural and transportation statistics; turnover index (based on VAT returns), industrial producer price index. For the other branches, (services excluding transport, energy-water-waste), production is obtained directly from the uses.

  • Gross fixed capital formation

    Sources: vehicle registrations; turnover indices (taken from VAT returns) in industry, wholesale trade and services; building starts, statistics from the National Public Works Federation (FNTP).

  • Household consumption

    Sources: trade surveys conducted by the Banque de France; statistics from public bodies (ARCEP, CNAMTS…); statistics from professional bodies; turnover indices (taken from VAT returns); consumer price indices

    Household consumption of goods is published monthly (cf. outlook indicators).

Other items in the input-output table

  • Intermediate consumption:

    Usually obtained on the basis of the production of the corresponding branch and the application of technical coefficients.

  • Change in inventories (agriculture, industry excluding energy-water-waste):

    Obtained by calculating the balance between resources and uses, excluding inventories (intermediate consumption, final consumption, GFCF, exports).

  • Taxes

    Sources: monthly collection of State revenues and local tax issue statements (DGFIP), data from the ACOSS (Accounting Agency of the Social Security Organisations) for taxes allocated to Social Security (CSG, etc.).

  • Employment, Wages, Duration on Work

    Sources: quarterly statistics on salaried employment (DARES-INSEE), ACEMO survey (Labour Activity and Employment conditions survey) by the DARES (Ministry for Labour, Employment and Health), ACOSS, DGFIP (General Department for Public Finances). Statistics on days of sick leave, maternity leave and occupational accidents (National health Insurance Fund) and on overtime (ACOSS).

  • Welfare contributions and benefits

    Sources: ACOSS (contributions to the general Social Security regime); statistics of the national health insurance, old age insurance and family benefit funds; Employment Centres (unemployment benefit); other welfare organisations, DGFIP.

  • General economic table

    The accounts for households and non-financial enterprises are published. The accounts of the other institutional sectors (general government, financial enterprises, non-profit institutions at the service of households (NPISH) are more fragile and certain operations or balances cannot be published until the annual accounts of those agents are known, in May of year N+1).

Revisions

From one publication of the quarterly accounts to the next

In the course of successive publications, the quarterly accounts may be revised on account of:

  • the replacement of extrapolations by indicators that were not initially available;
  • trevisions of gross indicators, over the last quarter or previous quarters;
  • trevisions of seasonal variation corrections;
  • tonce a year, in May, revisions of the annual accounts;
  • tabout every five years, a change of base.

Integration of the annual accounts

As a general rule, while the quarterly profile of the series may be modified from their origin, the annual aggregations of their raw data are not, as they are adjusted to the annual accounts through to the latest published provisional account. Once a year, the final (year N-3), semi-final (year N-2) and provisional (year N-1) accounts are published in May of year N and revise the annual estimates of the macro-economic aggregates. The quarterly accounts integrate this data from the new annual accounts campaign on publication of the “first results” of Q1 of year N.

The revisions of the annual accounts of year (N-1) come mainly from three sources:

  • re-estimation of the seasonal variation and working day correction models;
  • re-estimation of the calibration relationships, integrating the latest two annual reviews: the final and semi-final accounts of the current campaign (in the case at hand, the 2008 final and 2009 semi-final accounts). This modifies the dynamics of the macro-economic aggregates over the end of the period;
  • calibration to take account of certain annual data becoming known for the first time or being defined more precisely: notably the accounts of general government, that of financial enterprises, that for agriculture, certain items in household final consumption.

Changes of base

The national accounts also carry out regular changes of base. After the “95 base” and the “2000 base”, since 13 May 2011 the national accounts have been on a “2005 base”. It is an important source of revisions of macroeconomic aggregates published until then; on the recent years and the whole period published (new backward extrapolation). Compared to the previous base, the national accounts in “base 2005” are in particular produced in a new nomenclature (NAF rev. 2). This modification led to the reconstruction of all the quarterly national accounts, that is to say re-estimating all the models in this new nomenclature, from the annual accounts and economic indicators throughout the period 1980-2010.

Substantial changes were thus added to the more usual revisions due to the introduction of the final and semi-final annual accounts. A memo can be viewed on the INSEE website giving the details of the main points in this change of base.

Study of revisions

Between 1999 and 2010, the average absolute gap was 0.05 points between the initial estimate of quarterly growth in GDP (published in the “first results”) and the second one (published in the “detailed results”).

The average absolute revision in quarterly growth in GDP between the initial estimate and that published one year later was 0.16 points (calculation over the period 1991-2010). The average absolute revision was 0.21 points after two years and 0.25 points after three years.

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