Conjuncture and GDP

## The Rapid Economic Accounts of French Polynesia In 2024, growth remains positive in French Polynesia but moderates. Gross domestic product (GDP) growth in volume terms is 1.1%, following an updated growth gain of 2.8% for 2023. Household consumption continues to be a key driver of this growth, together with government consumption (the effect of the Olympic Games) and strong private investment. On the other hand, the decline in exports and the slight increase in imports weigh negatively on growth. At the same time, the labour market situation continues to improve, supporting most of the purchasing power gains of Polynesian households. The model used to build fast accounts is a macro-econometric model, Keynesian type, so-called "quasi-accounting" model. It makes it possible to project the economic accounts for a year on the basis of hypotheses of changes in the supply of and demand for goods and services. In French Polynesia, this model is built with 19 branches and 20 products. The model is based on the TES 2011 (Table of OutgoingInputs) of the Definitive National Accounts. These accounting relationships make it possible to ensure the consistency of the model by describing the necessary balances between resources and uses for each operation.\ Consequently, the model mechanically reproduces the accounting structure determined in the past, i.e. that provided by the final economic accounts. ## National Accounts A statistical synthesis technique, National Accounts (NA) provides a quantified representation of the economy within an accounting framework. The advantages due to the consistency of the accounting framework and the figures presented are often rightly emphasised; it is undoubtedly the latter that makes CN a first-class tool for economic analysis. The need for coherence is also a way to improve statistical sources, because it reveals gaps and contradictions. An evaluation tool for decision-makers, both political and economic, the CN will only be useful if it is documented and accompanied methodologically in order to explain its construction. Admittedly, the national accountants have endeavoured faithfully to transcribe an eminently complex economic reality into an accounting framework which constitutes the synthesis of actual quantities observed and which appears to be an objective representation of the economy. But it is only a representation. It is set in a formal framework (which allows comparability) and is inspired by theoretical models. Finally, it should be borne in mind that the economy as presented in the national accounts is not the reality but a simplified construction to account for it. It can therefore only be subjective: it is a question of perspective. But, let the reader be reassured, the Polynesian system of accounts makes international and historical comparisons possible because only the perspective changes: the object is always the same and if, in an account system, there is economic growth there are other methods that will lead to the same conclusion.