| Economy | France |
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Economy - overview:
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France is transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms, but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 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 reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Paris is implementing austerity measures that eliminate tax credits and freeze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013, and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. President SARKOZY secured passage of pension reform in 2010, but Paris may delay additional, potentially unpopular, reforms until after the 2012 election. |
GDP (purchasing power parity):
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$2.214 trillion (2011 est.)
$2.178 trillion (2010 est.)
$2.148 trillion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$35,000 (2011 est.)
$34,600 (2010 est.)
$34,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$2.808 trillion (2011 est.) |
GDP - real growth rate:
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1.7% (2011 est.)
1.4% (2010 est.)
-2.6% (2009 est.) |
GDP - composition by sector:
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agriculture: 1.7%
industry: 18.5%
services: 79.8% (2011 est.) |
Investment (gross fixed):
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19% of GDP (2011 est.) |
Population below poverty line:
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6.2% (2004) |
Household income or consumption by percentage share:
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lowest 10%: 3%
highest 10%: 24.8% (2004) |
Distribution of family income - Gini index:
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32.7 (2008)
32.7 (1995) |
Inflation rate (consumer prices):
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2% (2011 est.)
1.7% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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3.6% (31 December 2011 est.)
3.373% (31 December 2010 est.) |
Stock of money:
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$NA
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
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void |
Stock of quasi money:
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$NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$4.319 trillion (31 December 2009 est.)
$4.121 trillion (31 December 2008 est.) |
Stock of domestic credit - per capita:
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66,129 USD per capita |
Stock of narrow money:
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$951.3 billion (31 December 2011 est.)
$887.3 billion (31 December 2010 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:
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$2.62 trillion (30 October 2011 est.)
$2.336 trillion (31 December 2010 est.) |
Labor force:
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29.56 million (2011 est.) |
Labor force participation rate:
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45.26 % of population |
Labor force - by occupation:
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agriculture: 3.8%
industry: 24.3%
services: 71.8% (2005) |
Unemployment rate:
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9.1% (2011 est.)
9.3% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 22.6%
male: 23.4%
female: 21.7% (2009) |
Budget:
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revenues: $1.383 trillion
expenditures: $1.547 trillion (2011 est.) |
Budget revenues per capita:
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21,176 USD per capita |
Taxes and other revenues:
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49.2% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-5.8% of GDP (2011 est.) |
Public debt:
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85.5% of GDP (2011 est.)
82.4% of GDP (2010 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 |
Industries:
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machinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism |
Industrial production growth rate:
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3.7% (2011 est.) |
Electricity - production:
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510 billion kWh (2009 est.) |
Electricity - production per capita:
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7,809 kWh per capita |
Electricity - consumption:
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460.9 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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7,057 kWh per capita |
Electricity - exports:
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44.91 billion kWh (2009 est.) |
Electricity - imports:
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25.7 billion kWh (2009 est.) |
Oil - production:
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84,820 bbl/day (2010 est.) |
Oil - production per capita:
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1,299 bbl/day per capita |
Oil - consumption:
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1.861 million bbl/day (2010 est.) |
Oil - consumption - per capita:
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10.40 bbl/year per capita |
Oil - exports:
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487,200 bbl/day (2009 est.) |
Oil - imports:
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2.22 million bbl/day (2009 est.) |
Oil - proved reserves:
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91.63 million bbl (1 January 2011 est.) |
Natural gas - production:
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721 million cu m (2010 est.) |
Natural gas - production per capita:
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12 cu m per capita |
Natural gas - consumption:
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49.78 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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763 cu m per capita |
Natural gas - exports:
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2.945 billion cu m (2010 est.) |
Natural gas - imports:
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46.2 billion cu m (2010 est.) |
Natural gas - proved reserves:
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6.796 billion cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, cereals, sugar beets, potatoes, wine grapes; beef, dairy products; fish |
Current account balance:
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-$74.3 billion (2011 est.)
-$44.5 billion (2010 est.) |
Current account balance - per capita:
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-1,137 USD per capita |
Exports:
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$578.4 billion (2011 est.)
$517.2 billion (2010 est.) |
Exports per capita:
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8,856 USD per capita |
Exports - commodities:
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machinery and transportation equipment, aircraft, plastics, chemicals, pharmaceutical products, iron and steel, beverages |
Exports - partners:
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Germany 16.4%, Italy 8.2%, Belgium 7.7%, Spain 7.6%, UK 6.8%, US 5.1%, Netherlands 4.2% (2010) |
Imports:
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$684.6 billion (2011 est.)
$588.4 billion (2010 est.) |
Imports per capita:
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10,482 USD per capita |
Imports - commodities:
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machinery and equipment, vehicles, crude oil, aircraft, plastics, chemicals |
Imports - partners:
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Germany 19.3%, Belgium 11.4%, Italy 8%, Netherlands 7.5%, Spain 6.8%, China 5.1%, UK 5% (2010) |
Reserves of foreign exchange and gold:
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$166.2 billion (31 December 2010 est.)
$166.2 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
2,545 USD per capita |
Debt - external:
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$5.633 trillion (30 June 2011)
$4.698 trillion (30 June 2010) |
Debt - external - per capita:
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86,248 USD per capita |
Stock of direct foreign investment - at home:
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$1.186 trillion (31 December 2011 est.)
$1.161 trillion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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18,159 USD per capita |
Stock of direct foreign investment - abroad:
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$1.787 trillion (31 December 2011 est.)
$1.746 trillion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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27,361 USD per capita |
Market value of publicly traded shares:
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$1.926 trillion (31 December 2010)
$1.972 trillion (31 December 2009)
$1.492 trillion (31 December 2008) |
Market value of publicly traded shares - per capita:
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29,490 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
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