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France Economy Profile

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Economy - overview

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. France is the most visited country in the world with 89 million foreign tourists in 2017. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality.

France's real GDP grew by 1.9% in 2017, up from 1.2% the year before. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2015, before falling to 9.0% in 2017. Youth unemployment in metropolitan France decreased from 24.6% in the fourth quarter of 2014 to 20.6% in the fourth quarter of 2017.

France’s public finances have historically been strained by high spending and low growth. In 2017, the budget deficit improved to 2.7% of GDP, bringing it in compliance with the EU-mandated 3% deficit target. Meanwhile, France's public debt rose from 89.5% of GDP in 2012 to 97% in 2017.

Since entering office in May 2017, President Emmanuel MACRON launched a series of economic reforms to improve competitiveness and boost economic growth. President MACRON campaigned on reforming France’s labor code and in late 2017 implemented a range of reforms to increase flexibility in the labor market by making it easier for firms to hire and fire and simplifying negotiations between employers and employees. In addition to labor reforms, President MACRON’s 2018 budget cuts public spending, taxes, and social security contributions to spur private investment and increase purchasing power. The government plans to gradually reduce corporate tax rate for businesses from 33.3% to 25% by 2022.

GDP (purchasing power parity)$3,097,061,000,000 (2019 est.)

$3,051,034,000,000 (2018 est.)

$2,997,296,000,000 (2017 est.)

note: data are in 2010 dollars
GDP (official exchange rate)$2,715,574,000,000 (2019 est.)
GDP - real growth rate1.49% (2019 est.)

1.81% (2018 est.)

2.42% (2017 est.)
GDP - per capita (PPP)$46,184 (2019 est.)

$45,561 (2018 est.)

$44,827 (2017 est.)

note: data are in 2010 dollars
Gross national saving23.4% of GDP (2019 est.)

23.1% of GDP (2018 est.)

22.8% of GDP (2017 est.)
GDP - composition, by end usehousehold consumption: 54.1% (2017 est.)

government consumption: 23.6% (2017 est.)

investment in fixed capital: 22.5% (2017 est.)

investment in inventories: 0.9% (2017 est.)

exports of goods and services: 30.9% (2017 est.)

imports of goods and services: -32% (2017 est.)
GDP - composition by sectoragriculture: 1.7% (2017 est.)

industry: 19.5% (2017 est.)

services: 78.8% (2017 est.)
Ease of Doing Business Index scoresOverall score: 76.8 (2020)

Starting a Business score: 93.1 (2020)

Trading score: 100 (2020)

Enforcement score: 73.5 (2020)
Population below poverty line13.6% (2018 est.)
Labor force27.742 million (2020 est.)
Labor force - by occupationagriculture: 2.8% (2016 est.)

industry: 20% (2016 est.)

services: 77.2% (2016 est.)
Unemployment rate8.12% (2019 est.)

8.69% (2018 est.)

note: includes overseas territories
Unemployment, youth ages 15-24total: 19.6%

male: 20.8%

female: 18.2% (2019 est.)
Household income or consumption by percentage sharelowest 10%: 3.6%

highest 10%: 25.4% (2013)
Distribution of family income - Gini index31.6 (2017 est.)

29.2 (2015)
Budgetrevenues: 1.392 trillion (2017 est.)

expenditures: 1.459 trillion (2017 est.)
Taxes and other revenues53.8% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-2.6% (of GDP) (2017 est.)
Public debt96.8% of GDP (2017 est.)

96.6% of GDP (2016 est.)

note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Inflation rate (consumer prices)1.1% (2019 est.)

1.8% (2018 est.)

1% (2017 est.)
Credit ratingsFitch rating: AA (2014)

Moody's rating: Aa2 (2015)

Standard & Poors rating: AA (2013)
Agriculture - productswheat, sugar beet, milk, barley, maize, potatoes, grapes, rapeseed, pork, apples
Industriesmachinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism
Industrial production growth rate2% (2017 est.)
Current Account Balance-$18.102 billion (2019 est.)

-$16.02 billion (2018 est.)
Exports$969.077 billion (2019 est.)

$952.316 billion (2018 est.)

$910.613 billion (2017 est.)
Exports - commoditiesaircraft, packaged medicines, cars and vehicle parts, gas turbines, wine (2019)
Exports - partnersGermany 14%, United States 8%, Italy 7%, Spain 7%, Belgium 7%, United Kingdom 7% (2019)
Imports$1,021,633,000,000 (2019 est.)

$995.937 billion (2018 est.)

$965.949 billion (2017 est.)
Imports - commoditiescars, crude petroleum, refined petroleum, packaged medicines, aircraft machinery (2019)
Imports - partnersGermany 18%, Belgium 9%, Italy 9%, Spain 7%, China 7%, Netherlands 6%, United Kingdom 5% (2019)
Reserves of foreign exchange and gold$156.4 billion (31 December 2017 est.)

$138.2 billion (31 December 2015 est.)
Debt - external$6,356,459,000,000 (2019 est.)

$6,058,438,000,000 (2018 est.)
Exchange rateseuros (EUR) per US dollar -

0.82771 (2020 est.)

0.90338 (2019 est.)

0.87789 (2018 est.)

0.885 (2014 est.)

0.7634 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on September 18, 2021

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