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Is the recent import dynamism in France surprising?
[Le dynamisme récent des importations est-il surprenant ?]

Author

Listed:
  • Guillaume Gaulier
  • Jean-François Ouvrard

Abstract

The upturn in economic activity in France has been accompanied by an acceleration in imports. This dynamism reflects the opening up of economies and the cyclical nature of components of demand. Over the medium term, a one-euro increase in demand generates no more than 0.33 euro of imports (their share in GDP); but import growth of two to three percentage points of GDP since mid-2016 remains difficult to explain. Le rebond d’activité en France s’est accompagné d’une accélération des importations. Ce dynamisme traduit l’ouverture des économies et la cyclicité des composantes de la demande. À moyen terme 1 euro supplémentaire de demande ne génère pas plus de 0,33 euro d’importations (leur poids dans le PIB) ; mais deux à trois points de croissance des importations restent difficiles à expliquer depuis mi-2016.

Suggested Citation

  • Guillaume Gaulier & Jean-François Ouvrard, 2017. "Is the recent import dynamism in France surprising? [Le dynamisme récent des importations est-il surprenant ?]," Eco Notepad 36, Banque de France.
    • Handle: RePEc:bfr:econot:36
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