France Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

GEOGRAPHICAL NAMES  Spanish Simplified Chinese French German Russian Hindi Arabic Portuguese

Economic 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.

Real GDP growth rate

1.49% (2019 est.)

1.81% (2018 est.)

2.42% (2017 est.)

country comparison to the world: 155

Inflation rate (consumer prices)

1.1% (2019 est.)

1.8% (2018 est.)

1% (2017 est.)

country comparison to the world: 72

Credit ratings

Fitch rating: AA (2014)

Moody's rating: Aa2 (2015)

Standard & Poors rating: AA (2013)

Real 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

country comparison to the world: 9

GDP (official exchange rate)

$2,715,574,000,000 (2019 est.)

Real GDP per capita

$46,184 (2019 est.)

$45,561 (2018 est.)

$44,827 (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 37

Gross national saving

23.4% of GDP (2019 est.)

23.1% of GDP (2018 est.)

22.8% of GDP (2017 est.)

country comparison to the world: 80

GDP - composition, by sector of origin

agriculture: 1.7% (2017 est.)

industry: 19.5% (2017 est.)

services: 78.8% (2017 est.)

GDP - composition, by end use

household 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.)

Ease of Doing Business Index scores

Overall score: 76.8 (2020)

Starting a Business score: 93.1 (2020)

Trading score: 100 (2020)

Enforcement score: 73.5 (2020)

Agricultural products

wheat, sugar beet, milk, barley, maize, potatoes, grapes, rapeseed, pork, apples

Industries

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

Industrial production growth rate

2% (2017 est.)

country comparison to the world: 130

Labor force

27.742 million (2020 est.)

country comparison to the world: 19

Labor force - by occupation

agriculture: 2.8% (2016 est.)

industry: 20% (2016 est.)

services: 77.2% (2016 est.)

Unemployment rate

8.12% (2019 est.)

8.69% (2018 est.)

note: includes overseas territories

country comparison to the world: 129

Population below poverty line

13.6% (2018 est.)

Gini Index coefficient - distribution of family income

31.6 (2017 est.)

29.2 (2015)

country comparison to the world: 142

Household income or consumption by percentage share

lowest 10%: 3.6%

highest 10%: 25.4% (2013)

Budget

revenues: 1.392 trillion (2017 est.)

expenditures: 1.459 trillion (2017 est.)

Taxes and other revenues

53.8% (of GDP) (2017 est.)

country comparison to the world: 10

Budget surplus (+) or deficit (-)

-2.6% (of GDP) (2017 est.)

country comparison to the world: 116

Public debt

96.8% 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

country comparison to the world: 20

Fiscal year

calendar year

Current account balance

-$18.102 billion (2019 est.)

-$16.02 billion (2018 est.)

country comparison to the world: 197

Exports

$969.077 billion (2019 est.)

$952.316 billion (2018 est.)

$910.613 billion (2017 est.)

country comparison to the world: 5

Exports - partners

Germany 14%, United States 8%, Italy 7%, Spain 7%, Belgium 7%, United Kingdom 7% (2019)

Exports - commodities

aircraft, packaged medicines, cars and vehicle parts, gas turbines, wine (2019)

Imports

$1,021,633,000,000 (2019 est.)

$995.937 billion (2018 est.)

$965.949 billion (2017 est.)

country comparison to the world: 5

Imports - partners

Germany 18%, Belgium 9%, Italy 9%, Spain 7%, China 7%, Netherlands 6%, United Kingdom 5% (2019)

Imports - commodities

cars, crude petroleum, refined petroleum, packaged medicines, aircraft machinery (2019)

Reserves of foreign exchange and gold

$156.4 billion (31 December 2017 est.)

$138.2 billion (31 December 2015 est.)

country comparison to the world: 15

Debt - external

$6,356,459,000,000 (2019 est.)

$6,058,438,000,000 (2018 est.)

country comparison to the world: 3

Exchange rates

euros (EUR) per US dollar -

0.82771 (2020 est.)

0.90338 (2019 est.)

0.87789 (2018 est.)

0.885 (2014 est.)

0.7634 (2013 est.)

NOTE: The information regarding France on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of France 2021 information contained here. All suggestions for corrections of any errors about France 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.