Is France a rich country?
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 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 its 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 the corporate tax rate for businesses from 33.3% to 25% by 2022.
What is the GDP of France?
|Currency Name and Code||Euro (EUR)|
|GDP - Gross Domestic Product (PPP)||$2,832,170,000,000 (USD)|
|GDP - per capita (PPP) note||Note: data are in 2017 dollars|
|GDP - note||Note: data are in 2017 dollars|
|GDP - official exchange rate||$2,588,000,000,000 (USD)|
|GDP - real growth rate||2.3%|
|GDP Per Capita||$44,100.00 (USD)|
|GDP by Sector- agriculture||1.7%|
|GDP by Sector- Industry||19.5%|
|GDP by Sector- services||78.8%|
|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.)
|Population Below Poverty Line||14.2%|
|Labor Force By Occupation- agriculture||2.8%|
|Labor Force By Occupation- industry||20%|
|Labor Force By Occupation- services||77.2%|
|Unemployment - note||Note: includes overseas territories|
|Fiscal Year||Calendar Year|
|Annual Budget||$1,392,000,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-2.6%|
|Public Debt (% of GDP)||96.8%|
|Taxes and other revenues - percent of GDP||53.8%|
|Major Industries||Machinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism|
|Industrial Growth Rate||2%|
|Agriculture Products||Wheat, cereals, sugar beets, potatoes, wine grapes; beef, dairy products; fish|
|Exchange Rate per US Dollar||.885|
|Commercial Bank Prime Lending Rate||1.29%|