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France Economy 2011
https://theodora.com/wfb2011/france/france_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

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 the relative resilience of domestic consumer spending, a large public sector, and less exposure to the downturn in global demand than in some other countries. Nonetheless, France's real GDP contracted 2.5% in 2009, but recovered somewhat in 2010, while the unemployment rate increased from 7.4% in 2008 to 9.5% in 2010. The government pursuit of aggressive stimulus and investment measures in response to the economic crisis, however, are contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.8% of GDP in 2010, while France's public debt rose from 68% of GDP to 84% over the same period. Paris is terminating stimulus measures, eliminating tax credits, and freezing most government spending 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 - who secured passage of pension reform in 2010 - is expected to seek passage of some tax reforms in 2011, but he may delay additional, more costly, reforms until after the 2012 election.

GDP (purchasing power parity):
$2.16 trillion (2010 est.)
country comparison to the world: 10

$2.126 trillion (2009 est.)
$2.18 trillion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$2.555 trillion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.6% (2010 est.)
country comparison to the world: 165

-2.5% (2009 est.)
0.1% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$33,300 (2010 est.)
country comparison to the world: 40

$33,000 (2009 est.)
$34,000 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 19.2%
[see also: GDP - composition by sector - industry country ranks ]
services: 79% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
28.21 million (2009 est.)
country comparison to the world: 20
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 71.8% (2005)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.5% (2010 est.)
country comparison to the world: 106

9.1% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
6.2% (2004)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24.8% (2004)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
32.7 (2008)
country comparison to the world: 98

32.7 (1995)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
19.9% of GDP (2009 est.)
country comparison to the world: 87
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $1.241 trillion
[see also: Budget - revenues country ranks ]
expenditures: $1.441 trillion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
83.5% of GDP (2010 est.)
country comparison to the world: 14

77.6% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.5% (2010 est.)
country comparison to the world: 40

0.1% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2009)
country comparison to the world: 116

3% (31 December 2008)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.46% (31 December 2009 est.)
country comparison to the world: 117

8.13% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$858.6 billion (31 December 2010 est)

$862.3 billion (31 December 2009 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 16 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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.292 trillion (31 December 2010 est.)

$2.306 trillion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.319 trillion (31 December 2009 est.)
country comparison to the world: 7

$4.121 trillion (31 December 2008 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.972 trillion (31 December 2009)
country comparison to the world: 6

$1.492 trillion (31 December 2008)
$2.771 trillion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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:
3.5% (2009 est.)
country comparison to the world: 93
[see also: Industrial production growth rate country ranks ]

Electricity - production:
535.7 billion kWh (2007 est.)
country comparison to the world: 9
[see also: Electricity - production country ranks ]

Electricity - consumption:
447.2 billion kWh (2007 est.)
country comparison to the world: 9
[see also: Electricity - consumption country ranks ]

Electricity - exports:
58.69 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
10.68 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
70,820 bbl/day (2009 est.)
country comparison to the world: 57
[see also: Oil - production country ranks ]

Oil - consumption:
1.875 million bbl/day (2009 est.)
country comparison to the world: 13
[see also: Oil - consumption country ranks ]

Oil - exports:
597,800 bbl/day (2008 est.)
country comparison to the world: 24
[see also: Oil - exports country ranks ]

Oil - imports:
2.386 million bbl/day (2008 est.)
country comparison to the world: 9
[see also: Oil - imports country ranks ]

Oil - proved reserves:
101.2 million bbl (1 January 2010 est.)
country comparison to the world: 67
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
877 million cu m (2009 est.)
country comparison to the world: 64
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
44.84 billion cu m (2009 est.)
country comparison to the world: 18
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
1.931 billion cu m (2009 est.)
country comparison to the world: 33
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
45.85 billion cu m (2009 est.)
country comparison to the world: 5
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
7.079 billion cu m (1 January 2010 est.)
country comparison to the world: 83
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$53.29 billion (2010 est.)
country comparison to the world: 187

-$51.86 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$508.7 billion (2010 est.)
country comparison to the world: 6

$473.9 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Germany 15.88%, Italy 8.16%, Spain 7.8%, Belgium 7.44%, UK 7.04%, US 5.65%, Netherlands 3.99% (2009)

Imports:
$577.7 billion (2010 est.)
country comparison to the world: 6

$535.8 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Germany 19.41%, Belgium 11.61%, Italy 7.97%, Netherlands 7.15%, Spain 6.68%, UK 4.9%, US 4.72%, China 4.44% (2009)

Reserves of foreign exchange and gold:
$NA (31 December 2010 est.)

$133.1 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.698 trillion (30 June 2010)
country comparison to the world: 5

$4.935 trillion (31 December 2008)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.207 trillion (31 December 2010 est.)
country comparison to the world: 2

$1.151 trillion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.837 trillion (31 December 2010 est.)
country comparison to the world: 2

$1.711 trillion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)


NOTE: The information regarding France on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of France Economy 2011 information contained here. All suggestions for corrections of any errors about France Economy 2011 should be addressed to the CIA.



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