The rebound in French GDP was stronger than expected, reaching an average of 7% last year, according to initial estimates from INSEE published on January 28, 2022.
This historic figure, not seen in 52 years, is due in particular to the sudden recovery in activity, up 3.1%, in the third quarter of 2021.
Although the average level of annual GDP is 1.6% below the average level for 2019, quarterly GDP returned to its pre-crisis level in the third quarter of 2021 and clearly exceeded it in the fourth quarter (+0 .9% compared with the fourth quarter of 2019).
Thanks to this strong increase in its annual growth, the French economy is one of the most dynamic in Europe. By comparison, eurozone GDP grew 5.2% last year, according to Eurostat. While European economic growth has caught up in part following the pandemic, France and Italy (+6.5%) have seen the highest rebound. Germany, which had presented a more measured fall in its GDP in 2020 (-4.6%), saw its economy grow by 2.8% in 2021.
The International Monetary Fund (IMF) expects a further strong rebound this year in the eurozone, with GDP growth expected of 3.9%. The IMF forecasts growth of 3.5% for France in 2022.