[28] Its foreign trade balance for goods had been in surplus from 1992 until 2001, reaching $25.4 billion (25.4 G$) in 1998; however, the French balance of trade was hit by the economic downturn, and went into the red in 2000, reaching a US$15bn deficit in 2003. [57], The following table shows the main economic indicators in 1980–2018.Inflation below 2% is in green. In 2010, the French had an estimated wealth of US$14.0 trillion for a population of 63 million. France GDP (Gross Domestic Product) was INT$2,582.82billion for 2019 in PPP terms. US agricultural exports to France, totaling some $600 million annually, consist primarily of soybeans and soybean products, feeds and fodders, seafood, and consumer products, especially snack foods and nuts. The 1981 election of president François Mitterrand saw a short-lived increase in governmental control of the economy, nationalizing many industries and private banks. The economic disparity between French regions is not as high as that in other European countries such as the UK, Italy or Germany, and higher than in countries like Sweden or Denmark, or even Spain. Rankings: 1st: United States with $54.6 trillion for 318 million inhabitants; 2nd: Japan with $21 trillion for 127 million inhabitants; 3rd: China with $16.5 trillion for 1.331 billion inhabitants; 4th: France with $14.0 trillion for 63 million inhabitants. " According to figures from 2003, some popular tourist sites include (in visitors per year):[68] Eiffel Tower (6.2 million), Louvre Museum (5.7 million), Palace of Versailles (2.8 million), Cité des Sciences et de l'Industrie (2.6 million), Musée d'Orsay (2.1 million), Arc de Triomphe (1.2 million), Centre Pompidou (1.2 million), Mont-Saint-Michel (1 million), Château de Chambord (711,000), Sainte-Chapelle (683,000), Château du Haut-Kœnigsbourg (549,000), Puy de Dôme (500,000), Musée Picasso (441,000), Carcassonne (362,000). In terms of income, important inequalities can be observed among the French départements. Science performance (PISA), Mean score, 2018, Air and GHG emissions, Carbon dioxide (CO2), latest available year, Gross domestic product (GDP), US dollars/capita, 2019, Household debt, % of net disposable income, 2018 [81] Charles de Gaulle airport is third globally in the number of destinations served, and first in the number of countries served with non-stop flights.[82]. However, Europe's wealthiest and second largest regional economy, Ile-de-France (the region surrounding Paris), has long profited from the capital city's economic hegemony. [31], France was in 2020 the largest Foreign Direct Investment recipient in Europe,[32] Europe's second largest spender in Research and development,[33] ranked among the 10 most innovative countries in the world by the 2020 Bloomberg Innovation Index,[34] as well as the 15th most competitive nation globally, according to the 2019 Global Competitiveness Report (up 2 notches compared to 2018). [76][77], The French tradition for haute couture has been estimated to start as early as the era of Louis XIV, the Sun King.[78]. General government debt, % of GDP, 2019, Household debt: [39] Paris has been ranked as the 2nd most attractive global city in the world in 2019 by KPMG. France embarked on an ambitious and very successful program of modernization under state coordination. This article is about the current economic situation of France. The government continues to own shares in corporations in several sectors, including energy production and distribution, automobiles, transportation, and telecommunications. International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. Selected Countries and Economies. DataBank. Population, Annual growth rate (%), 2018, Income inequality, 0 = complete equality; 1 = complete inequality, latest available year, Mathematics performance (PISA), Mean score, 2018 Almost every French household has at least $1,000 in assets. According to a study conducted by Ernst & Young, France was in 2020 the largest Foreign Direct Investment recipient in Europe, ahead of the UK and Germany. The dashboard should have a minimum width of 768px to be displayed properly. Copy the URL to open this chart with all your selections. Use this code to embed the visualisation into your website. % of GDP 2019 France (red) Find all indicators on Economy. Transportation in France relies on one of the densest networks in the world with 146 km of road and 6.2 km of rail lines per 100 km2. Organisation for Economic Co-operation and Development (OECD), Snapshot of data for a fixed period (data will not change even if updated on the site). [citation needed], During the 2000–2015 period, France was the fourth largest weapons exporter in the world.[70][71]. [97] In July 2013, the unemployment rate for France was 11%. By 1983, the government decided to renounce dirigisme and start an era of rigueur ("rigor") or corporation. According to the 2008 statistics of the INSEE, the Yvelines is the highest income department of the country with an average income of €4,750 per month. Huge inequalities can also be found among cities. France is the 5th largest trading nation in the world, as well as the second-largest trading nation in Europe (after Germany). 288 of the airports have paved runways, with the remaining 199 being unpaved. Alsace comes second, Rhône-Alpes third, Picardy fourth, and Upper Normandy fifth. The French are also among the least indebted populations in the developed world with, Officially the Republic of China, participates as ", This page was last edited on 17 November 2020, at 09:05. France gdp per capita for 2019 was $40,494, a 2.73% decline from 2018. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). 119.1 % of disposable income. The chemical industry is a key sector for France, helping to develop other manufacturing activities and contributing to economic growth. According to Krugman, the difference is due to the French making "different choices about retirement and leisure". The principal French exports to the US are aircraft and engines, beverages, electrical equipment, chemicals, cosmetics, luxury products and perfume. [54] In 2012 France was downgraded by ratings agencies Moody's, Standard&Poor's, and Fitch to the AA+ credit rating. In April and May 2012, France held a presidential election in which the winner François Hollande had opposed austerity measures, promising to eliminate France's budget deficit by 2017. [63], In 2006 electricity generated in France amounted to 548.8 TWh, of which:[64]. This programm of dirigisme, mostly implemented by governments between 1944 and 1983, involved the state control of certain industries such as transportation, energy and telecommunications as well as various incentives for private corporations to merge or engage in certain projects. Find all indicators on Innovation and Technology. Exports from the United States face stiff competition from domestic production, other EU member states, and third-world countries in France. Revenue Statistics 2019 - France Tax-to-GDP ratio over time Tax-to-GDP ratio compared to the OECD, 2018 In the OECD classification the term “taxes” is confined to compulsory unrequited payments to general government. [73] Vice News explained that "While the United Kingdom has lapsed somewhat in this regard, France has maintained a high-level of production of military equipment for land, air, and sea defense – an expensive approach that relies on the export of arms and technology. [90] In late 2019, the French unemployment rate, though still high compared to other developed economies, was the lowest in a decade. France also boasts a number of seaports and harbours, including Bayonne, Bordeaux, Boulogne-sur-Mer, Brest, Calais, Cherbourg-Octeville, Dunkerque, Fos-sur-Mer, La Pallice, Le Havre, Lorient, Marseille, Nantes, Nice, Paris, Port-la-Nouvelle, Port-Vendres, Roscoff, Rouen, Saint-Nazaire, Saint-Malo, Sète, Strasbourg and Toulon. [51], The Government of France has run a budget deficit each year since the early 1970s. [98], In early April 2014, employers' federations and unions negotiated an agreement with technology and consultancy employers, as employees had been experiencing an extension of their work time through smartphone communication outside of official working hours. There were 1.617 million millionaire households (measured in terms of US dollars) living in France in 2017, behind the UK (2.225M) and Germany (1.637).[113]. [55][56], In December 2014 France's credit rating was further downgraded by Fitch (and S&P) to the AA credit rating. This site uses cookies to optimize functionality and give you the best possible experience. As a result, the government largely retreated from economic intervention; dirigisme has now essentially receded, though some of its traits remain. The Gross Domestic Product (GDP) in France was worth 2715.52 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. [43] According to the OFCE, the expected 2019 growth rate is 1.3%[44][circular reference]. How can Europe reset the investment agenda now to rebuild its future? The French arms industry's main customer, for whom they mainly build warships, guns, nuclear weapons and equipment, is the French government. For cities of over 50,000 inhabitants, Neuilly-sur-Seine, a western suburb of Paris, is the wealthiest city in France with an average household income of €5,939, and 35% earning more than €8,000 per month. "[32], France scored 5th in the 2019 AT Kearney FDI Confidence Index, up 2 notches from its 2017 ranking. France is home to cities of much cultural interest (Paris being the foremost), beaches and seaside resorts, ski resorts, and rural regions that many enjoy for their beauty and tranquillity. Record high defence expenditure (currently[when?] [66] The destination of 49% of its exports is other EU members states. Beef production is located in central France, while the production of fruits, vegetables, and wine ranges from central to southern France. Dairy products, pork, poultry, and apple production are concentrated in the western region. at €35 billion), which was considerably increased under the government of Prime Minister Jean-Pierre Raffarin, goes largely to the French arms industries. [75], Paris is considered one of the world's foremost fashion capitals, or even "the world's fashion capital". Find Out, Online tool for visualization and analysis. Due to its heavy investment in nuclear power, France is the smallest emitter of carbon dioxide among the seven most industrialized countries in the world. Several French corporations rank amongst the largest in their industries such as AXA in insurance and Air France in air transportation. Although it has just 1.1% of the world’s adults, France ranks fourth among nations in aggregate household wealth – behind China and just ahead of Germany". Everyday, about 80,000 French citizens are commuting to work in neighbouring Luxembourg, making it the biggest cross-border workforce group in the whole of the European Union. ... 1960 - 2019 GDP growth (annual %) ... GDP per capita growth (annual %) Download. [47] Luxury and consumer good are particularly relevant, with L'Oreal being the world's largest cosmetic company while LVMH and Kering are the world's two largest luxury product companies. Back in 1983, France produced around 24.8 million tonnes, which was a long way ahead of the United Kingdom and West Germany, the next two largest wheat producers.[65]. Regions like Alsace, which has a rich past in industry (machine tool) and currently stands as a high income service-specialized region, are very wealthy without ranking very high in absolute terms. French manufacturers export great quantities of weaponry to Saudi Arabia, the United Arab Emirates, Brazil, Greece, India, Pakistan, Taiwan, Singapore and many others. … The wealthiest man in France is the LVMH CEO and owner Bernard Arnault. [89] This gap is due to the low employment rate for 15–24 years old: 38% in 2012, compared to 47% in the OECD. WDI Tables. [105] [45], As of August 2020, France was also the country that weighed the most on the Eurozone's EURO STOXX 50 (representing 36.4% of all total assets), ahead of Germany (35.2%).[46]. France produced, in 2018, 39.5 million tons of sugar beet (2nd largest producer in the world, just behind Russia), which serves to produce sugar and ethanol; 35.8 million tons of wheat (5th largest producer in the world); 12.6 million tons of maize (11th largest producer in the world); 11.2 million tons of barley (2nd largest producer in the world, only behind Russia); 7.8 million tons of potato (8th largest producer in the world); 6.2 million tons of grape (5th largest producer in the world); 4.9 million tons of rapeseed (4th largest producer in the world, behind Canada, China and India); 2.2 million tons of sugarcane; 1.7 million tons of apple (9th largest producer in the world); 1.3 million tons of triticale (4th largest producer in the world, only behind Poland, Germany and Belarus); 1.2 million tons of sunflower seed (9th largest producer in the world); 712 thousand tons of tomatoes; 660 thousand tons of linen; 615 thousand tons of dry pea; 535 thousand tons of carrot; 427 thousand tons of oats; 400 thousand tons of soy; in addition to smaller productions of other agricultural products.[67]. In terms of aggregate wealth, the French are the wealthiest Europeans, accounting for more than a quarter of wealthiest European households. 2010's Global Wealth Report. Total trade for 1998 amounted to $730 billion, or 50% of GDP—imports plus exports of goods and services. The electricity produced by wind turbines increased from 0.596 TWh in 2004, to 0.963 TWh in 2005, and 2.15 TWh in 2006, but this still accounts only for 0.4% of the total production of electricity (as of 2006). [93] The Sarkozy government used the revenu de solidarité active (in-work benefits) to redress the allegedly negative effect of the revenu minimum d'insertion (unemployment benefits which do not depend on previous contributions, unlike normal unemployment benefits in France) on the incentive to accept even jobs which are insufficient to earn a living. According to a 2011 report by the American Bureau of Labor Statistics (BLS), France's GDP per capita at purchasing power parity is similar to that of the UK, with just over US$35,000 per head. Under a new, legally binding labour agreement, around 250,000 employees will avoid handling work-related matters during their leisure time and their employers will, in turn, refrain from engaging with staff during this time.[99]. In 2018, France was listed on the United Nations's Human Development Index with a value of 0.891 (indicating very high human development) and 21st on the Corruption Perceptions Index in 2018.[36][37]. [100] They are attracted by much higher wages for the different job groups than in their own country and the lack of skilled labour in the booming Luxembourgish economy. EY attributed this as a "direct result of President Macron’s reforms of labor laws and corporate taxation, which were well received by domestic and international investors alike. [88] 2010's Global Wealth Report, p. 32: "The proportion with assets over $10,000 is double the world average, and the proportion with more than $100,000 is four times the global figure". [106], France has the third-highest number of millionaires in Europe as of 2017. In the Paris metropolitan area, significant differences exist between the higher standard of living of Paris Ouest and lower standard of living in areas in the northern banlieues of Paris such as Seine-Saint-Denis. France is a large producer of many agricultural products and is currently expanding its forestry and fishery industries. If you continue to navigate this website beyond this page, cookies will be placed on your browser. These are the world's most innovative countries, "Human Development Index 2018 Statistical Update", "Corruption Perceptions Index 2018 Executive summary p. 2", The attractiveness of world-class business districts: Paris La Défense vs. its global competitors, "5. Keynesian economists's theories led to the introduction of the 35-hour workweek law in 1999. Education Latest Trend Ranking; Education spending Indicator: 16 145 Tertiary US dollars/student 2015 France US dollars/student: Tertiary US dollars/student 2000-2015 France (red) Tertiary US dollars/student 2016 France (red) Mathematics performance (PISA) Indicator: 499 Boys Mean score According to this ratio, the French are the wealthiest in Europe. "Europe as a whole accounts for 35% of the individuals in the global top 1% (of wealthiest households), but France itself contributes a quarter of the European contingent." France also provides agricultural exports to many poor African countries (including its former colonies) which face serious food shortages. With 31 companies that are part of the world's biggest 500 companies, France was in 2020 the most represented European country in the 2020 Fortune Global 500, ahead of Germany (27 companies) and the UK (22). Organisation for Economic. However, the most popular site in France is Disneyland Paris, with 9.7 million visitors in 2017[69]. The rural areas are mainly in Auvergne, Limousin, and Centre-Val de Loire, and wine production accounts for a significant proportion of the economy in Aquitaine (Bordeaux (or claret)), Burgundy, and champagne produced in Champagne-Ardennes. Île-de-France is the wealthiest region in the country with an average income of €4,228 per month (and is also the wealthiest region in Europe) compared to €3,081 at the national level. The most important régions are Île-de-France (world's 4th and Europe 2nd wealthiest and largest regional economy), Rhône-Alpes (Europe's 5th largest regional economy thanks to its services, high-technologies, chemical industries, wines, tourism), Provence-Alpes-Côte d'Azur (services, industry, tourism and wines), Nord-Pas-de-Calais (European transport hub, services, industries) and Pays de la Loire (green technologies, tourism). France's economy entered the recession of the late 2000s later and appeared to leave it earlier than most affected economies, only enduring four-quarters of contraction. Report for Selected Countries and Subjects", fr:Observatoire français des conjonctures économiques, France issues first 10-year bond at negative interest rate, Top 10 Countries with Largest Gold Reserves, "World Economic Outlook (April 2019) – General government gross debt", "French debt jumps, minister promises to meet deficit target", "Analysis: Low French borrowing costs risk negative reappraisal", "France loses AAA rating as euro governments downgraded", "France Loses Top Credit Rating as Fitch Cites Lack of Growth", "France's Credit Rating Cut by Fitch to 'AA'; Outlook Stable", "Report for Selected Countries and Subjects", "Manufacturing, value added (current US$) | Data", Arms trade: One chart that shows the biggest weapons exporters of the last five years. In the early 1980s, France was the leading producer of the three principal grains of wheat, barley, and maize. Thematic data tables from WDI. In November 2004, EDF (which stands for Electricité de France), the world's largest utility company and France's largest electricity provider, was floated with huge success on the French stock market. France is also the most visited destination in the world, List of French regions and overseas collectivities by GDP, List of French inventions and discoveries, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2020", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income – EU-SILC survey", "Employment rate by sex, age group 20–64", "Unemployment by sex and age – monthly average", "The unemployment rate fell from 8.5 % to 8.1 % in Q4 2019", Institut national de la statistique et des études économiques, "Average wage in France: net, gross, by sex, by CSP", "Salary after Tax Calculator – France (FR)", "Euro area and EU27 government deficit both at 0.6% of GDP", "Development aid rises again in 2016 but flows to poorest countries dip", "Moody's downgrades France's government bond ratings to Aa2 from Aa1; outlook changed to stable from negative", "France's credit downgraded to AA at Fitch Ratings – MarketWatch", "Tourism industry sub-sectors: COUNTRY REPORT – FRANCE". The new government stated that it aimed to cancel recently enacted tax cuts and exemptions for the wealthy, raising the top tax bracket rate to 75% on incomes over a million euros, restoring the retirement age to 60 with a full pension for those who have worked 42 years, restoring 60,000 jobs recently cut from public education, regulating rent increases; and building additional public housing for the poor. Carrefour is the world's second-largest retail group in terms of revenue; Total is the world's fourth-largest private oil company; Danone is the world's fifth-largest food company and the world's largest supplier of mineral water; Sanofi Aventis is the world's fifth-largest pharmaceutical company; Publicis is the world's third-largest advertising company; PSA is the world's 6th and Europe's 2nd largest automaker; Accor is the leading European hotel group; Alstom is one of the world's leading conglomerates in rail transport. [84] To explain why French per capita GDP is lower than that of the United States, the economist Paul Krugman stated that "French workers are roughly as productive as US workers", but that the French have allegedly a lower workforce participation rate and "when they work, they work fewer hours". [53], In late 2012, credit-rating agencies warned that growing French government debt levels risked France's AAA credit rating, raising the possibility of a future credit downgrade and subsequent higher borrowing costs for the French government. [91], During the 2000s and 2010s, classical liberal and Keynesian economists sought out different solutions to the unemployment issue in France. Labor conditions and wages are highly regulated. To explain why French per capita GDP is lower than that of the United States, the economist Paul Krugmanstated that "French workers are roughly as productive as US workers", but that the French have allegedly a lower workforce participation rate and "when they work, they work fewer hours". GDP (current US$) - France from The World Bank: Data. Reading performance (PISA), Mean score, 2018 [75] Moreover, France also possesses 3 of the top 10 luxury goods companies by sales (LVMH, Kering SA, L'Oréal), more than any other country in the world. France is the world's sixth largest agricultural producer and EU's leading agricultural power, accounting for about one-third of all agricultural land within the EU. French government bond interest rates fell 30% to record lows,[48] less than 50 basis points above German government bond rates. According to French trade data, US exports accounted for 8.7% – about $25 billion – of France's total imports. In June 2012, Hollande's Socialist Party won an overall majority in the legislative elections, giving it the capability to amend the French Constitution and allowing immediate enactment of the promised reforms. [83], According to a 2011 report by the American Bureau of Labor Statistics (BLS), France's GDP per capita at purchasing power parity is similar to that of the UK, with just over US$35,000 per head. Sophia Antipolis is the major technology hub for the economy of France. [35], According to the IMF, in 2018, France was the world's 19th country by GDP per capita with $42,878 per inhabitant. [25], France has a diversified economy,[26] that is dominated by the service sector (which represented in 2017 78.8% of its GDP), whilst the industrial sector accounted for 19.5% of its GDP and the primary sector accounted for the remaining 1.7%[27] The fifth largest trading nation in the world (and second in Europe after Germany),[28] France is also the most visited destination in the world,[29][30] as well the European Union's leading agricultural power. [41] The OECD is headquartered in Paris, the nation's financial capital. However these shareholdings are being rapidly sold, the state keeping mostly symbolic stakes in those companies (aside from rail transportation and energy). Other electricity providers include Compagnie nationale du Rhône (CNR) and Endesa (through SNET). [85], France has long suffered a relatively high unemployment rate,[87] even during the years when its macroeconomic performances compared favorably with other advanced economies. It was reported that in 2015, French arms sales internationally amounted to 17.4 billion U.S. dollars,[72] more than double the figure of 2014.
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