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France Economy 2010
http://www.workmall.com/wfb2010/france/france_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
France is in the midst of transition from a well-to-do modern economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms. 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 has weathered the global economic crisis better than most other big EU economies because of more resilient consumer and government spending, and lower exposure to the downturn in global demand. Nonetheless, France's real GDP contracted 2.1% in 2009, while the unemployment rate increased from 7.4% in 2008 to nearly 10%. In response to the economic crisis the government passed a $35 billion stimulus plan in February 2009 centered on investment in infrastructure and tax breaks for small businesses. Paris also created a $25 billion strategic investment fund to protect French companies from foreign takeovers, and President Nicolas SARKOZY proposed a $52 billion plan for strategic investments in science and technology. These various stimulus and investment measures are contributing to a deterioration of France's public finances. France's tax burden remains one of the highest in Europe - at nearly 50% of GDP. The government budget deficit rose sharply from 3.4% of GDP in 2008 to over 8% of GDP in 2009, topping the 3% euro-zone ceiling in both years. SARKOZY is expected to seek passage of some structural reforms - notably to the pension system and government bureaucracy - which have the potential to cut public expenditures, while he may delay additional, more costly, reforms.

GDP (purchasing power parity):
$2.113 trillion (2009 est.)

$2.158 trillion (2008 est.)
$2.152 trillion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$2.635 trillion (2009 est.)

GDP - real growth rate:
-2.1% (2009 est.)

0.3% (2008 est.)
2.3% (2007 est.)

GDP - per capita (PPP):
$32,800 (2009 est.)

$33,700 (2008 est.)
$33,800 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 2.1%
industry: 19%
services: 78.9% (2009 est.)

Labor force:
27.99 million (2009 est.)

Labor force - by occupation:
agriculture: 3.8%
industry: 24.3%
services: 71.8% (2005)

Unemployment rate:
9.7% (2009 est.)

7.4% (2008 est.)

Population below poverty line:
6.2% (2004)

Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 24.8% (2004)

Distribution of family income - Gini index:
32.7 (2008)

32.7 (1995)

Investment (gross fixed):
20.8% of GDP (2009 est.)

Budget:
revenues: $1.229 trillion
expenditures: $1.445 trillion (2009 est.)

Public debt:
79.7% of GDP (2009 est.)

68.1% of GDP (2008 est.)

Inflation rate (consumer prices):
0.1% (2009 est.)

2.8% (2008 est.)

Central bank discount rate:
3% (31 December 2008)

5% (31 December 2007)
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:
8.13% (31 December 2008)

Stock of money:
$NA

$NA (31 December 2007)
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 quasi money:
$NA

$NA (31 December 2007)

Stock of domestic credit:
$4.102 trillion (31 December 2008)

$3.397 trillion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$2.771 trillion (31 December 2007)
$2.429 trillion (31 December 2006)

Agriculture - products:
wheat, cereals, sugar beets, potatoes, wine grapes; beef, dairy products; fish

Industries:
machinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism

Industrial production growth rate:
-9% (2009 est.)

Electricity - production:
535.7 billion kWh (2007 est.)

Electricity - consumption:
447.2 billion kWh (2007 est.)

Electricity - exports:
58.69 billion kWh (2008 est.)

Electricity - imports:
10.68 billion kWh (2008 est.)

Oil - production:
70,800 bbl/day (2008 est.)

Oil - consumption:
1.986 million bbl/day (2008 est.)

Oil - exports:
554,100 bbl/day (2008 est.)

Oil - imports:
2.346 million bbl/day (2008 est.)

Oil - proved reserves:
103.3 million bbl (1 January 2009 est.)

Natural gas - production:
920 million cu m (2008 est.)

Natural gas - consumption:
49.27 billion cu m (2008 est.)

Natural gas - exports:
1 billion cu m (2008 est.)

Natural gas - imports:
49.35 billion cu m (2008 est.)

Natural gas - proved reserves:
6.937 billion cu m (1 January 2009 est.)

Current account balance:
$-43.67 billion (2009 est.)

$-52.91 billion (2008 est.)

Exports:
$456.8 billion (2009 est.)

$601.9 billion (2008 est.)

Exports - commodities:
machinery and transportation equipment, aircraft, plastics, chemicals, pharmaceutical products, iron and steel, beverages

Exports - partners:
Germany 14.3%, Italy 8.7%, Spain 8.3%, UK 7.8%, Belgium 7.6%, US 5.8%, Netherlands 4.2% (2008)

Imports:
$532.2 billion (2009 est.)

$692 billion (2008 est.)

Imports - commodities:
machinery and equipment, vehicles, crude oil, aircraft, plastics, chemicals

Imports - partners:
Germany 17.9%, Belgium 11.7%, Italy 8.3%, Spain 6.9%, Netherlands 6.8%, UK 5.1%, US 4.3% (2008)

Reserves of foreign exchange and gold:
$NA (31 December 2009 est.)

$102.9 billion (31 December 2008 est.)

Debt - external:
$5.021 trillion (30 June 2009 est.)

$4.935 trillion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$1.202 trillion (31 December 2009 est.)

$1.147 trillion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$1.759 trillion (31 December 2009 est.)

$1.624 trillion (31 December 2008 est.)

Exchange rates:
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005)


NOTE: The information regarding France on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of France Economy 2010 information contained here. All suggestions for corrections of any errors about France Economy 2010 should be addressed to the CIA.



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