unbekannter Gast

France: Economy#

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. With at least 82 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. 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 stagnated in 2012 and 2013. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2013. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 22.8% in the fourth quarter of 2013. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.1% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. In accordance with its EU obligations, France is targeting a deficit of 3.6% of GDP in 2014 and 2.8% in 2015. The administration of President Francois HOLLANDE has implemented greater state support for employment, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, including a temporary 75% tax on wages over one million euros, and hiring an additional 60,000 teachers during his five-year term. In January 2014 HOLLANDE proposed a “Responsibility Pact” aimed primarily at lowering labor costs in return for businesses’ commitment to create jobs. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds.

Economic Facts#

GDP (purchasing power parity)$2.276 trillion (2013 est.)
$2.269 trillion (2012 est.)
$2.268 trillion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate0.3% (2013 est.)
0% (2012 est.)
2% (2011 est.)
GDP - per capita (PPP)$35,700 (2013 est.)
$35,800 (2012 est.)
$36,000 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 1.9%
industry: 18.7%
services: 79.4% (2013 est.)
Population below poverty line7.9% (2011)
Household income or consumption by percentage sharelowest 10%: 3.5%
highest 10%: 25.4% (2011)
Labor force - by occupationagriculture: 2.9%
industry: 20.6%
services: 76.4% (2012 est.)
Exports - commoditiesmachinery and transportation equipment, aircraft, plastics, chemicals, pharmaceutical products, iron and steel, beverages
Exports - partnersGermany 16.7%, Belgium 7.5%, Italy 7.5%, Spain 6.9%, UK 6.9%, US 5.6%, Netherlands 4.3% (2012)
Agriculture - productswheat, cereals, sugar beets, potatoes, wine grapes; beef, dairy products; fish
Budgetrevenues: $1.41 trillion
expenditures: $1.522 trillion (2013 est.)
Imports - commoditiesmachinery and equipment, vehicles, crude oil, aircraft, plastics, chemicals
Imports - partnersGermany 19.5%, Belgium 11.3%, Italy 7.6%, Netherlands 7.4%, Spain 6.6%, UK 5.1%, China 4.9% (2012)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$578.6 billion (2013 est.)
$567.1 billion (2012 est.)
Debt - external$5.371 trillion (31 December 2012 est.)
$5.004 trillion (31 December 2011)
Fiscal yearcalendar year
Imports$659.8 billion (2013 est.)
$653.4 billion (2012 est.)
Industrial production growth rate-0.4% (2013 est.)
Industriesmachinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism
Inflation rate (consumer prices)0.9% (2013 est.)
2% (2012 est.)
Labor force29.94 million (2013 est.)
Unemployment rate10.2% (2013 est.)
10.2% (2012 est.)
note: includes overseas territories
Distribution of family income - Gini index30.6 (2011)
27.9 (1996)
Public debt93.4% of GDP (2013 est.)
90.2% of GDP (2012 est.)
note: data cover general government debt, and includes 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 intra-governmental debt; intra-governmental 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
Current account balance-$58.97 billion (2013 est.)
-$45.22 billion (2012 est.)
Reserves of foreign exchange and gold$198.7 billion (31 December 2012 est.)
$188.4 billion (31 December 2011 est.)
GDP (official exchange rate)$2.739 trillion (2013 est.)
Stock of direct foreign investment - at home$1.103 trillion (31 December 2013 est.)
$1.095 trillion (31 December 2012 est.)
Stock of direct foreign investment - abroad$1.489 trillion (31 December 2013 est.)
$1.497 trillion (31 December 2012 est.)
Market value of publicly traded shares$1.762 trillion (31 December 2012 est.)
$1.538 trillion (31 December 2011)
$1.983 trillion (31 December 2010 est.)
Central bank discount rate0.75% (31 December 2013)
1.75% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
Commercial bank prime lending rate3.1% (31 December 2013 est.)
3.44% (31 December 2012 est.)
Stock of domestic credit$3.687 trillion (31 December 2013 est.)
$3.631 trillion (31 December 2012 est.)
Stock of narrow money$810.1 billion (31 December 2013 est.)
$738.8 billion (31 December 2012 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money$2.299 trillion (31 December 2013 est.)
$2.273 trillion (31 December 2012 est.)
Taxes and other revenues51.5% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-4.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 57.6%
government consumption: 25.1%
investment in fixed capital: 18.7%
investment in inventories: 0.1%
exports of goods and services: 27.3%
imports of goods and services: -28.8%
(2013 est.)
Gross national saving18.2% of GDP (2013 est.)
17.6% of GDP (2012 est.)
19% of GDP (2011 est.)