France - Real Net Exports





France: Real Net Exports

Mnemonic NETEX$.IFRA
Unit Mil. Ch. 2014 EUR, WDASA
Adjustments Working Day Adjusted and Seasonally Adjusted
Quarterly 19.42 %
Data 2019 Q3 -9,137
2019 Q2 -7,651

Series Information

Source French National Institute of Statistics and Economic studies (insee)
Release National Accounts
Frequency Quarterly
Start Date 3/31/1949
End Date 9/30/2019

France: Trade

Reference Last Previous Units Frequency
Balance of Goods Oct 2019 -4,730 -5,417 Mil. EUR, SA Monthly
Current Account Balance Oct 2019 -3,172 -3,608 Mil. EUR, NSA Monthly
Exports of Goods Oct 2019 43,004 41,596 Mil. EUR, SA Monthly
Imports of Goods Oct 2019 47,735 47,014 Mil. EUR, SA Monthly
Exports of Goods and Services 2019 Q3 189,065 189,677 Mil. EUR, WDASA Quarterly
Imports of Goods and Services 2019 Q3 193,538 192,947 Mil. EUR, WDASA Quarterly
Net Exports 2019 Q3 -4,473 -3,269 Mil. EUR, WDASA Quarterly
Real Exports of Goods and Services 2019 Q3 185,809 185,904 Mil. Ch. 2014 EUR, WDASA Quarterly
Real Imports of Goods and Services 2019 Q3 194,946 193,555 Mil. Ch. 2014 EUR, WDASA Quarterly
Real Net Exports 2019 Q3 -9,137 -7,651 Mil. Ch. 2014 EUR, WDASA Quarterly

Release Information

The accounts for each quarter are released in two forms:The first, entitled "preliminary figures" (premiers résultats), is issued 45 days after the end of the quarter.It provides an early estimate of GDP as well of goods and services transactions (trade, production,consumption, gross fixed capital formation, change in inventories).

The second publication, called "detailed figures" (résultats détaillés), is issued 90 days after the end of the quarter and provides full information on goods and services transactions, and on households and
corporations accounts.

Main items include: External Trade, Production, Gross Fixed Capital Formation, Household consumption, other items of the input-output tabel (IOT), Taxes, Wages and salaries, legal weekly worked hours and total worked hours, Social contributions and benefits, Integrated economic accounts table.

The national economy can be divided into homogeneous economic units, ie that produce goods (or provide services) within the same activity as defined in the nomenclature of French activities NAF Revision 2 (NAF rev. 2) .

The combination of these economic units is consistent lines of business. These branches are distinct industries, which include autonomous economic units that can produce goods or services in different activities, but whose main activity is classified.

The activity of branches is explored through the accounts of production and operation. The production account shows the relationship between output and intermediate inputs needed for production. Its net value added measures the wealth created during the production process.

The income statement describes how the value added includes compensation paid to employees and taxes on production. Its balance of the gross operating surplus measures the benefit of operating branches.

The combination of value and number of branches used to calculate the apparent productivity of labor. The payroll and workforce (or hours worked) to calculate the average wage per head (or the average hourly wage).

Balance of the production account. It is equal to the value of production minus intermediate consumption.

Output

As regards goods, the main sources are the industrial production indices (indicators in volume for industry, excluding water, gas and electricity). Agriculture and transport statistics cover the outputs of the eponymous sectors. The turnover indices (from VAT returns) are used more marginally. In this field, 96% of output is estimated on the basis of indicators (only crop production and forestry are extrapolated and smoothed). For the other sectors (services excluding transport, energy-water-waste), output is obtained indirectly from uses. For accounts in value, the producer price indices in industry cover a wider scope than in the 2000 base.

MINUS

Intermediate consumption and inventory change

Mostly unobserved, intermediate consumption is usually obtained from the output of the corresponding sector with assumptions on the trend stability of the technical coefficients in volume. Similarly, as there is no directly available information, inventory changes are obtained through the balance between supplies and uses excluding stocks (intermediate consumption, final consumption, GFCF, exports) for virtually all goods.

The labor productivity is defined as the ratio of value added and a measure of labor input. The three types of accounts can therefore calculate productivity and changes. If the first is sometimes the only available for comparisons across time and space, the third is the most accurate and suitable. 

Estimates of employment individuals are, in INSEE, mainly made by the department of employment and earnings. The national accounts from those estimates. The field chosen is that of domestic employment and employment of non-resident. It includes all workers who are engaged in producing "falls within the production boundary of the system." 

The accounts are in two parts: 

First are made simultaneously in individual accounts and full-time equivalent. These accounts detail the work factor or by sector or by industry. 
Then calculated the accounts of hours worked and hourly productivity. These accounts are detailed by industry. 

The transition of individuals to full-time equivalent is based primarily on data from hours of work, either full time or part time. These data, taken in the second part of the accounts are provided by the Statistical Directorate of the Ministry of Labor. These data are combined with others from the national accounts, such as production or wages. They enable the accounts of employment consistent with other accounts, first full-time equivalent, then, by the way just mentioned, but reversed in individuals. 

Accounts full time equivalent are still useful for accounts of hours worked, which refine the estimates of labor through the inclusion of significant adjustments (statutory holidays, including sickness). 

The quarterly national accounts are designed to provide, at an intra-year frequency, a comprehensive set of macroeconomic information that is relatively detailed and consistent with past annual accounts. The information (in value, volume, and price series) is seasonally and working-days adjusted in order to highlight significant cyclical movements.

The quarterly accounts are consistent with the data of past annual accounts: they have the same conceptual framework, the national accounting system (ESA 95). As well as for annual accounts, quarterly accounts volume are chain-linked volumes at previous year prices.

The methodology is the same for the “preliminary figures” and for the “detailed results”. The number of forecasted indicators alone distinguishes the two estimations. In particular, between these estimations, the last month of turnover indexes and the last two months of health insurance payments. The missing indicators are calculated either from statistical processes (ARIMA) or by modeling business surveys.

General government expenditure and revenue are simplified to represent the actual cash flows and removes most of the flow allocated to the national accounts. In accordance with the European System of Accounts 2010 (ESA 2010), three cash flows are preserved:

  1. Imputed social contributions
  2. Production for own final use
  3. Returnable Taxes

Imputed social contributions is reported for comparable labor cost data amongst countries. Production for own final use shows the extent gross formation position of fixed capital (P51g) government. Returnable tax credits are recorded as expenditure and government revenue. 

Under the Treaty on European Union (Maastricht Treaty), public finances are considered on the basis of data from national accounts. In the case of France, the government accounts are published by Insee on its website and discussed in the Insee first annual accounting of the APU. To do this, Insee working closely with the Directorate General of Public Accountancy (DGCP), responsible for collecting and formatting data, DGTPE, responsible for the preparation and formatting of data interim account and the Bank of France, head of the financial accounts of government in market value.

Government debt sub-sector breakdown are as follows:

  1. S1311 Headquarters (APUC)
    • S13111 State
    • S13112 Miscellaneous government bodies (ODAC)
  2. S1313 Local Authorities (LUFA)
    • S13131 Local authorities
    • S13132 Various bodies of local government (ODAL)
  3. S1314 Social Security Administrations (ASSO)
    • S13141 Social Insurance Plans
    • S13142 Organizations dependent on social insurance (ODASS)

In national accounts, GVA is output minus intermediate consumption; it is a balancing item of the national accounts' production account. Both GVA and Gross Domestic Product (GDP) are measures of output. Their relationship is defined as:

GVA + taxes on products - subsidies on products = GDP

Because taxes less subsidies on products are only available at the national level, Gross Value Added is used  as the primary measurement for output for entities smaller than a national economy.

Data may be revised. Therefore, the quarterly data can be modified from the beginning of the series, but the annual gross data, which result from them, are not revised because they fit the annual accounts until the semi-definitiveaccounts (and until the provisional account for public administrations data). The quarterly accounts integrate the data of the last annual campaign in May of each year, when the preliminary results for the first quarter of the year are released.