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France:
Economy

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Economy - overview
Definition
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. Widespread opposition to labor reform has in recent years hampered the government's ability to revitalize the economy. In 2007, the government launched divisive labor reform efforts that will continue into 2008. France's tax burden remains one of the highest in Europe (nearly 50% of GDP in 2005). France brought the budget deficit within the eurozone's 3%-of-GDP limit for the first time in 2007 and has reduced unemployment to roughly 8%. 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 (purchasing power parity)
Definition - World rank and map
$2.047 trillion (2007 est.)
GDP (official exchange rate)
Definition
$2.56 trillion (2007 est.)
GDP - real growth rate
Definition - World rank and map
1.9% (2007 est.)
GDP - per capita
Definition - World rank and map
$33,200 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.2%
industry: 21%
services: 76.7% (2007 est.)
Labor force
Definition
27.81 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 4.1%
industry: 24.4%
services: 71.5% (1999)
Unemployment rate
Definition - World rank and map
8.3% (2007 est.)
Population below poverty line
Definition
6.2% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 3%
highest 10%: 24.8% (2004)
Distribution of family income - Gini index
Definition - World rank and map
28 (2005)
Inflation rate (consumer prices)
Definition - World rank and map
1.6% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
21.7% of GDP (2007 est.)
Budget
Definition
revenues: $1.288 trillion
expenditures: $1.358 trillion (2007 est.)
Public debt
Definition - World rank and map
64% of GDP (2007 est.)
Agriculture - products
Definition
wheat, cereals, sugar beets, potatoes, wine grapes; beef, dairy products; fish
Industries
Definition
machinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism
Industrial production growth rate
Definition - World rank and map
2% (2007 est.)
Electricity - production
Definition - World rank and map
543.6 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
451.5 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
7,048.4 kWh (2005)
Electricity - exports
Definition
68.33 billion kWh (2005)
Electricity - imports
Definition
8.035 billion kWh (2005)
Oil - production
Definition - World rank and map
73,180 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
1.999 million bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
31.2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
474,200 bbl/day (2005)
Oil - imports
Definition - World rank and map
1.89 million bbl/day (2005)
Oil - proved reserves
Definition - World rank and map
158.4 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
1.4 billion cu m (2004 est.)
Natural gas - consumption
Definition - World rank and map
47.26 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
738 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
863.2 million cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
47.02 billion cu m (2005 est.)
Natural gas - proved reserves
Definition - World rank and map
341 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$33.39 billion (2007 est.)
Exports
Definition - World rank and map
$548 billion f.o.b. (2007 est.)
Exports - commodities
Definition
machinery and transportation equipment, aircraft, plastics, chemicals, pharmaceutical products, iron and steel, beverages
Exports - partners
Definition
Germany 14.9%, Spain 9.3%, Italy 8.9%, UK 8.2%, Belgium 7.3%, US 6.1%, Netherlands 4.1% (2006)
Imports
Definition - World rank and map
$600.1 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, vehicles, crude oil, aircraft, plastics, chemicals
Imports - partners
Definition
Germany 18.9%, Belgium 11.3%, Italy 8.4%, Spain 7.1%, Netherlands 7%, UK 5.6%, US 4.4%, China 4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$98.24 billion (2006 est.)
Debt - external
Definition - World rank and map
$4.396 trillion (30 June 2007)
Stock of direct foreign investment - at home
Definition
$872.4 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$1.211 trillion (2007 est.)
Market value of publicly traded shares
Definition
$1.71 trillion (2005)
Economic aid - donor
Definition
ODA, $10.6 billion (2006)
Currency (code)
Definition
euro (EUR)
Exchange rates
Definition
euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year
Definition
calendar year


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