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World > Europe > France > Economy (Facts)

France - Economy (Facts)
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. The telecommunications sector is gradually being opened to competition. 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. The government in 2006 focused on introducing measures that attempt to boost employment through increased labor market flexibility; however, the population has remained opposed to labor reforms, hampering the government's ability to revitalize the economy. The tax burden remains one of the highest in Europe (nearly 50% of GDP in 2005). The lingering economic slowdown and inflexible budget items probably pushed the budget deficit above the eurozone's 3%-of-GDP limit in 2006; unemployment hovers near 9%. 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.
GDP - real growth rate: 2.1% (2006 est.)
GDP (purchasing power parity): $1.891 trillion (2006 est.)
GDP (official exchange rate): $2.149 trillion (2006 est.)
GDP - per capita (PPP): $31,100 (2006 est.)
GDP - composition by sector: agriculture: 2.2%
industry: 20.6%
services: 77.2% (2006 est.)
Population below poverty line: 6.2% (2004)
Household income or consumption by percentage share: lowest 10%: 3%
highest 10%: 24.8% (2004)
Inflation rate (consumer prices): 1.5% (2006 est.)
Labor force: 27.88 million (2006 est.)
Labor force - by occupation: agriculture: 4.1%
industry: 24.4%
services: 71.5% (1999)
Unemployment rate: 8.7% (December 2006 est.)
Budget: revenues: $1.15 trillion
expenditures: $1.211 trillion; including capital expenditures of NA (2006 est.)
Industries: machinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism
Industrial production growth rate: 0.2% (2006 est.)
Electricity - production: 549.4 billion kWh (2005)
Electricity - consumption: 482.4 billion kWh (2005)
Electricity - exports: 68.3 billion kWh (2005)
Electricity - imports: 8 billion kWh (2005)
Oil - production: 73,500 bbl/day (2005 est.)
Oil - consumption: 1.97 million bbl/day (2005 est.)
Oil - exports: 474,200 bbl/day (2005)
Oil - imports: 1.89 million bbl/day (2005)
Oil - proved reserves: 159 million bbl (1 January 2006)
Natural gas - production: 1.4 billion cu m (2004 est.)
Natural gas - exports: 770 million cu m (2004 est.)
Natural gas - imports: 44.78 billion cu m (2004 est.)
Agriculture - products: wheat, cereals, sugar beets, potatoes, wine grapes; beef, dairy products; fish
Exports: $490 billion f.o.b. (2006 est.)
Exports - commodities: machinery and transportation equipment, aircraft, plastics, chemicals, pharmaceutical products, iron and steel, beverages
Exports - partners: Germany 15.6%, Spain 9.6%, Italy 8.9%, UK 8.2%, Belgium 7.2%, US 6.7%, Netherlands 4% (2006)
Imports: $529.1 billion f.o.b. (2006 est.)
Imports - commodities: machinery and equipment, vehicles, crude oil, aircraft, plastics, chemicals
Imports - partners: Germany 19%, Belgium 11%, Italy 8.3%, Spain 7%, Netherlands 6.7%, UK 6.5%, US 4.6% (2006)
Debt - external: $3.461 trillion (30 June 2006)
Currency: Euro (EUR)

Current Euro Exchange Rates
Historical Euro Exchange Rates
Chart Euro Exchange Rates
Currency code: EUR
Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Euro Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Euro Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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