Economy of France

Economy of France

La Défense is the financial hub of France

ency Euro (EUR, €)
al year 1 January – 31 December
e organisations EU, WTO and OECD
ntry group Developed/Advanced[1]
High-income economy[2]
Statistics
lation 67,098,824 (1 January 2020, provisional)[3]
$2.707 trillion (nominal; 2019 est.)[4]
$3.062 trillion (PPP; 2019 est.)[5]
rank 7th (nominal, 2019)
10th (PPP, 2020)
growth 1.7% (2018) 1.5% (2019)
−12.5% (2020e) 7.3% (2021e)[6]
per capita $41,761 (nominal; 2019 est.)[4]
$47,223 (PPP; 2019 est.)[4]
per capita rank 20th (nominal, 2019)
26th (PPP, 2019)
by sector agriculture: 1.7%
industry: 19.5%
services: 78.8%
(2017 est)[7]
ion (CPI) 0.3% (2020 est.)[5]
1.3% (2019)[5]
 2.1% (2018)[5]
lation below 5.5% or 13.2% with DOM-TOM
rty line
17.4% at risk of poverty or social exclusion (2018)[8]
coefficient 28.5 low (2018)[9]
an Development 0.891 very high (2018)[10] (26th)
x
0.809 very high IHDI (2018)[11]
ur force 30,316,795 (2019)[12]
71.3% employment rate (Target: 75%; 2018)[13]
ur force by agriculture: 2.8%
pation
industry: 20%
services: 77.2%
(2016 est.)[7]
mployment 8.1% (May 2020)[14]
8.1% with DOM-TOM (Q4, 2019)[15]
20.2% youth unemployment (Q4-2019)[16]
age gross salary €35,484 / $42,300 annually (2017)[17]
age net salary €26,700 / $30,840 annually (2017)[18]
industries Machinery · chemicals · automobiles · metallurgy · aircraft · electronics · textiles · food
processing · tourism
-of-doing-business 32nd (very easy, 2020)[19]

External
rts $549.9 billion (2017 est.)[7]
rt goods machinery and equipment, aircraft, plastics, chemicals, pharmaceutical products, iron
and steel, beverages
export partners Germany 14.8%
Spain 7.7%
Italy 7.5%
United States 7.2%
Belgium 7%
United Kingdom 6.7%
(2017)[7]
rts $601.7 billion (2017 est.)[7]
rt goods machinery and equipment, vehicles, crude oil, aircraft, plastics, chemicals
import partners Germany 18.5%
Belgium 10.2%
Netherlands 8.3%
Italy 7.9%
Spain 7.1%
 United Kingdom 5.3%
United States 5.2%
China 5.1%
(2017)[7]
tock $858.3 billion (31 December 2017 est.)[7]
Abroad: $1.429 trillion (31 December 2017 est.)[7]
ent account −$14.83 billion (2017 est.)[7]
s external debt $5.250 trillion (31 March 2017)[20]
Public finances
c debt 98.1% of GDP (2019)[21]
€2.380 trillion (2019)[21]
get balance €72.8 billion deficit (2019)[21]
−3.0% of GDP (2019)[21]
nues 52.6% of GDP (2019)[21]
nses 55.6% of GDP (2019)[21]
omic aid donor: ODA, $9.50 billion (2016)[22]
t rating Standard & Poor's:[23]
AA · Outlook: Stable
Moody's:[24]
Aa2 · Outlook: Stable
Fitch:[25]
AA · Outlook: Stable
gn reserves $237.83 Billion (April 2020)
Main data source:
World Fact Book (https://www.cia.gov/library/publications/resources/the-world-factbook/geos/fr.html)
All values, unless otherwise stated, are in US dollars.

The economy of France is highly developed and free-market-oriented.[26] It is the world's 7th largest
economy by 2019 nominal figures and the 10th largest economy by PPP figures. It is the 2nd largest economy
in the European Union after Germany.[27]

France has a diversified economy. The chemical industry is a key sector for France, helping to develop other
manufacturing activities and contributing to economic growth.[28] France's tourism industry is a major
component of the economy, as France is the most visited destination in the world.[29][30] Sophia Antipolis is
the major technology hub for the economy of France. Paris is ranked as the most elegant city in the world,
which propels the agglomeration of the fashion industry.[31] According to the IMF, in 2018, France was the
world's 19th country by GDP per capita with $42,878 per inhabitant. 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.[32][33] The OECD is headquartered in Paris, the nation's
financial capital.

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.[34] However, France experienced stagnant
growth between 2012 and 2014, with the economy expanding by 0% in 2012, 0.8% in 2013 and 0.2% in
2014, though growth picked up in 2015 with a growth of 0.8% and a growth of 1.1% for 2016, to a growth of
2.2% for 2017 and to later reach 2.1% for 2018.[35] According to the OFCE, the expected 2019 growth rate is
1.3%[36].

Contents
Corporations
Rise and decline of dirigisme
Government finance
National debt
Data
Economic sectors
Industry
Energy
Agriculture
Tourism
Arms industry
Fashion
Transport
Labour market
External trade
Régions economy
Departments economy and cities
Departmental income inequalities
Urban income inequalities
Wealth
Overview
Millionaires
See also
Notes and references
External links

Corporations
With 28 of the 500 biggest companies of the world in 2018, France ranks 5th in the Fortune Global 500,
behind the USA, China, Japan and Germany

Several French corporations rank amongst the largest in their industries such as AXA in insurance and Air
France in air transportation.[37] 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. In energy and utilities, GDF-Suez and EDF are amongst the largest energy companies in the
world, and Areva is a large nuclear-energy company; Veolia Environnement is the world's largest
environmental services and water management company; Vinci SA, Bouygues and Eiffage are large
construction companies; Michelin ranks in the top 3 tire manufacturers; JCDecaux is the world's largest
outdoor advertising corporation; BNP Paribas, Credit Agricole and Société Générale rank amongst the largest
in the world by assets.

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.

Rise and decline of dirigisme

France embarked on an ambitious and very successful program of modernization under state coordination.
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.

The 1981 election of president François Mitterrand saw a short-lived increase in governmental control of the
economy, nationalizing many industries and private banks. This form of increased dirigisme, was criticized as
early as 1982. By 1983, the government decided to renounce dirigisme and start an era of rigueur ("rigor") or
corporation. As a result, the government largely retreated from economic intervention; dirigisme has now
essentially receded, though some of its traits remain. The French economy grew and changed under
government direction and planning much more than in other European countries.

Despite being a widely liberalized economy, the government continues to play a significant role in the
economy: government spending, at 56% of GDP in 2014, is the second highest in the European Union. Labor
conditions and wages are highly regulated. The government continues to own shares in corporations in several
sectors, including energy production and distribution, automobiles, transportation, and telecommunications.
However these shareholdings are being rapidly sold, the state keeping mostly symbolic stakes in those
companies (aside rail transportation and energy).

Government finance

French Government borrowing (budget France's public debt from 1978 to 2009
deficits) as a percentage of GNP, 1960–
2009.
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. 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.
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. French government bond interest rates fell
30% to record lows,[38] less than 50 basis points above German
government bond rates.[39]

National debt

The Government of France has run a budget deficit each year

since the early 1970s. As of 2019, French government debt
reached €2,331 billion an equivalent of 99.2% of French Composition of the French economy
GDP.[40] (GDP) in 2016 by expenditure type

Under European Union rules, member states are supposed to

limit their debt to 60% of output or be reducing the ratio structurally towards this ceiling, and run public
deficits of no more than 3.0% of GDP.[41]

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.[42] In 2012 France was downgraded by ratings agencies Moody's, Standard&Poor's, and
Fitch to the AA+ credit rating.[43][44]

In December 2014 France's credit rating was further downgraded by Fitch (and S&P) to the AA credit
rating.[45]

Data
The following table shows the main economic indicators in 1980–2018.Inflation below 2% is in green.[46]
 GDP GDP per capita GDP growth Inflation rate Unemployment Budget balance
Year
(in bil. Euro) (in Euro) (real) (in Percent) (in Percent) (in % of GDP)

1980 453.2 8,435 1.8 % 13.1 % 6.2 % −0.4 %

1981 511.7 9,470 1.1 % 13.3 % 7.4 % −2.4 %
1982 587.9 10.821 2.5 % 12.0 % 8.1 % −2.8 %
1983 652.8 11,945 1.2 % 9.5 % 7.4 % −2.5 %
1984 709.6 12,927 1.5 % 7.7 % 8.5 % −2.7 %
1985 760.5 13,788 1.6 % 5.8 % 8.7 % −2.9 %
1986 817.8 14,759 2.4 % 2.5 % 8.9 % −3.2 %
1987 859.8 15,442 2.6 % 3.3 % 9.2 % −2.0 %
1988 929.4 16,607 4.7 % 2.7 % 8.8 % −2.5 %
1989 1,001.8 17,805 4.4 % 6.6 % 8.7 % −1.8 %
1990 1,058.6 18,711 2.9 % 0.3 % 8.4 % −2.4 %
1991 1,097.1 19,304 1.0 % 3.4 % 8.6 % −2.8 %
1992 1,136.8 19,906 1.6 % 2.5 % 9.4 % −4.6 %
1993 1,148.4 20,018 −0.6 % 2.2 % 10.3 % −6.3 %
1994 1,186.3 20,609 2.3 % 1.7 % 10.7 % −5.4 %
1995 1,225.0 21,211 2.1 % 1.8 % 10.5 % −5.1 %
1996 1,259.0 21,730 1.4 % 2.1 % 10.8 % −3.9 %
1997 1,299.7 22,365 2.3 % 1.3 % 10.9 % −3.6 %
1998 1,358.8 23.307 3.6 % 0.7 % 10.7 % −2.4 %
1999 1,408.1 24,072 3.4 % 0.6 % 10.4 % −1.6 %
2000 1,485.3 25,235 3.9 % 1.8 % 9.2 % −1.3 %
2001 1,544.6 26,026 2.0 % 1.8 % 8.5 % −1.4 %
2002 1,594.3 26,711 1.1 % 1.9 % 8.3 % −3.1 %
2003 1,637.4 27,244 0.8 % 2.2 % 8.5 % −3.9 %
2004 1,710.7 28,274 2.8 % 2.3 % 8.8 % −3.5 %
2005 1,772.0 29,066 1.7 % 1.9 % 8.9 % −3.2 %
2006 1,853.2 30,184 2.4 % 1.9 % 8.8 % −2.3 %
2007 1,945.7 31,486 2.4 % 1.6 % 8.0 % −2.5 %
2008 1,995.8 32,121 0.3 % 3.2 % 7.5 % −3.2 %
2009 1,939.0 31,041 −2.9 % 0.1 % 9.1 % −7.2 %
2010 1,998.4 31,841 1.9 % 1.7 % 9.3 % −6.8 %
2011 2,059.3 32,651 2.2 % 2.3 % 9.2 % −5.1 %
2012 2,086.9 32,929 0.3 % 2.2 % 9.8 % −4.8 %
2013 2,115.3 33,208 0.6 % 1.0 % 10.3 % −4.0 %
2014 2,149.8 33,575 1.0 % 0.6 % 10.3 % −3.9 %
2015 2,198.4 34,190 1.1 % 0.1 % 10.4 % −3.6 %
2016 2,234.1 34,654 1.1 % 0.3 % 10.0 % −3.5 %
 2017 2,295.1 35,309 2.3 % 1.2 % 9.4 % −2.8 %
2018 2,353.1 36,355 1.8 % 2.1 % 9.1 % −2.5 %

Economic sectors

Industry

The leading industrial sectors in France are telecommunications

(including communication satellites), aerospace and defense, ship
building (naval and specialist ships), pharmaceuticals, construction and
civil engineering, chemicals, textiles, and automobile production.

Research and development spending is also high in France at 2.26% of

GDP, the fourth-highest in the OECD.[47]

Energy

France is the world-leading country in nuclear energy, home of global

energy giants Areva, EDF and GDF Suez: nuclear power now accounts 2006 electricity production
for about 78% of the country's electricity production, up from only 8% in of France
1973, 24% in 1980, and 75% in 1990. Nuclear waste is stored on site at
Nuclear power (78.1%)
reprocessing facilities. Due to its heavy investment in nuclear power,
France is the smallest emitter of carbon dioxide among the seven most Hydroelectric power (11.1%)
industrialized countries in the world.[48] Fossil fuel power (9.5%)
Other (1.3%)
In 2006 electricity generated in France amounted to 548.8 TWh, of
which:[49]

428.7 TWh (78.1%) were produced by nuclear power

generation
60.9 TWh (11.1%) were produced by hydroelectric power
generation
52.4 TWh (9.5%) were produced by fossil-fuel power
generation
21.6 TWh (3.9%) by coal power
20.9 TWh (3.8%) by natural-gas power A Citroën C5 Aircross
9.9 TWh (1.8%) by other fossil fuel generation (fuel oil
and gases by-products of industry such as blast
furnace gases)
6.9 TWh (1.3%) were produced by other types of power generation (essentially waste-to-energy
and wind turbines)
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).

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.
Notwithstanding, the French state still retains 70% of the capital.
Other electricity providers include Compagnie nationale du Rhône (CNR) and Endesa (through SNET).

Agriculture

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. In the early 1980's, France was the
leading producer of the three principal grains of wheat, barley, and
maize. 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.[50]

Northern France is characterized by large wheat farms. Dairy

products, pork, poultry, and apple production are concentrated in the A wheat field in Île-de-France region.
western region. Beef production is located in central France, while the France is the EU's largest
production of fruits, vegetables, and wine ranges from central to agricultural producer.
southern France. France is a large producer of many agricultural
products and is currently expanding its forestry and fishery industries.
The implementation of the Common Agricultural Policy (CAP) and
the Uruguay Round of the General Agreement on Tariffs and Trade
(GATT) have resulted in reforms in the agricultural sector of the
economy.

As the world's second-largest agricultural exporter, France ranks just

after the United States.[51] The destination of 49% of its exports is
other EU members states. France also provides agricultural exports to
many poor African countries (including its former colonies) which
Roquefort cheese
face serious food shortages. Wheat, beef, pork, poultry, and dairy
products are the principal exports.

Exports from the United States face stiff competition from domestic production, other EU member states, and
third-world countries in France. 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. French exports to the United States are much more high-value products such as its
cheese, processed products and its wine.

The French agricultural sector receives almost €11 billion in EU subsidies. France's competitive advantage is
mostly linked to the high quality and global renown of its produce, such as cheese and wine.

Tourism

France is the world's most popular tourist destination with more than 83.7 million foreign tourists in 2014,[2]
(http://www.lefigaro.fr/societes/2015/04/08/20005-20150408ARTFIG00013-la-france-toujours-premiere-desti
nation-touristique-au-monde.php) ahead of Spain (58.5 million in 2006) and the United States (51.1 million in
2006). This figure excludes people staying less than 24 hours in France, such as northern Europeans crossing
France on their way to Spain or Italy during the summer.

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. France also attracts many religious
pilgrims to Lourdes, a town in the Hautes-Pyrénées département, which hosts several million visitors a year.
According to figures from 2003, some popular tourist sites
include (in visitors per year):[52] 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 The Palace of Versailles is one of the
Haut-Kœnigsbourg (549,000), Puy de Dôme (500,000), Musée most popular tourist destinations in
Picasso (441,000), Carcassonne (362,000). However, the most France. France is the top tourist
popular site in France is Disneyland Paris, with 9.7 million destination in the world.
visitors in 2017 [53]

Arms industry

The French arms industry's main customer, for whom they

mainly build warships, guns, nuclear weapons and equipment, is
the French government.

Record high defence expenditure (currently at €35 billion),

which was considerably increased under the government of
Prime Minister Jean-Pierre Raffarin, goes largely to the French
arms industries.

During the 2000–2015 period, France was the fourth largest

weapons exporter in the world[54][55] Dassault Rafale

French manufacturers export great quantities of weaponry to

Saudi Arabia, the United Arab Emirates, Brazil, Greece, India, Pakistan, Taiwan, Singapore and many others.

It was reported that in 2015, French arms sales internationally amounted to 17.4 billion U.S. dollars,[56] more
than double the figure of 2014.[57] 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."[58]

Fashion

Transport
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 . It is
built as a web with Paris at its Two high-speed TGV trains at Paris-
center.[59] The highly Gare de l'Est
subsidised rail transport
network makes up a
A double-decker TGV train crossing relatively small portion of travel, most of which is done by car.
the Cize–Bolozon viaduct
However the high-speed TGV trains make up a large proportion of long-distance travel, partially because
intercity buses were prevented from operating until 2015.

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. There are approximately 470 airports in France and by a 2005 estimate, there are three
heliports. 288 of the airports have paved runways, with the remaining 199 being unpaved. The national carrier
of France is Air France, a full service global airline which flies to 20 domestic destinations and 150
international destinations in 83 countries (including Overseas France) across all 6 major continents.

Labour market
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.[60] 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". According to Krugman, the
difference is due to the French making "different choices about retirement and leisure".[61]

Keynesian economists sought out different solutions to the

unemployment issue in France, and their theories led to the
introduction of the 35-hour workweek law in 1999. Between
2004 and 2008, the government attempted to combat
unemployment with supply-side reforms, but was met with fierce
resistance;[63] the contrat nouvelle embauche and the contrat
première embauche (which allowed more flexible contracts)
were of particular concern, and both were eventually
repealed.[64] 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
The labour productivity level of France is
contributions, unlike normal unemployment benefits in France)
one of highest in Europe. OECD, 2015[62]
on the incentive to accept even jobs which are insufficient to earn
a living.[65]

French employment rates for 15–64 years is one of the lowest of the OECD countries: in 2012, only 71% of
the French population aged 15–64 years were in employment, compared to 74% in Japan, 77% in the UK,
73% in the US and 77% in Germany.[66] This gap is due to the low employment rate for 15–24 years old: 38%
in 2012, compared to 47% in the OECD. Neoliberal economists attribute the low employment rate, particularly
evident among young people, to allegedly high minimum wages that would prevent low productivity workers
from easily entering the labour market.[67]

A December 2012 New York Times article reported on an allegedly "floating generation" in France that formed
part of the 14 million unemployed young Europeans documented by the Eurofound research agency.[68] In the
same article, Anne Sonnet, a senior economist studying unemployment at the OECD claimed that nearly two
million young people in France had given up looking for employment at that time, while French labour
minister Michel Sapin said that 82 percent of people hired were only on temporary contracts. Sapin further
explained that, in his opinion, the challenge at that time was to create a more flexible system, in which greater
trust existed between unions and companies, and "partial unemployment" was accommodated during difficult
periods. The so-called floating generation was attributed to an allegedly dysfunctional system: "an elitist
educational tradition that does not integrate graduates into the work force, a rigid labour market that is hard to
enter for newcomers, and a tax system that makes it expensive for companies to hire full-time employees and
both difficult and expensive to lay them off".[69] In July 2013, the unemployment rate for France was 11%.[70]

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. 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.[71]

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.[72] 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.

External trade
France is the second-largest trading nation in Europe (after Germany).[73] 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. Total trade for 1998 amounted to $730 billion, or 50% of GDP—imports plus exports of goods and
services. Trade with European Union countries accounts for 60% of French trade.

In 1998, US–France trade stood at about $47 billion – goods only. According to French trade data, US exports
accounted for 8.7% – about $25 billion – of France's total imports. US industrial chemicals, aircraft and
engines, electronic components, telecommunications, computer software, computers and peripherals, analytical
and scientific instrumentation, medical instruments and supplies, broadcasting equipment, and programming
and franchising are particularly attractive to French importers.

The principal French exports to the US are aircraft and engines, beverages, electrical equipment, chemicals,
cosmetics, luxury products and perfume. France is the ninth-largest trading partner of the US.

Export in Billion US-Dollar Import in Billion US-Dollar

Export Import
Rank Country[74] Rank Country[74]
(2016) (2016)

1. Germany 70.1 1. Germany 99.8

2. United States 40.4 2. China 47.9

Belgium 3. Italy 43.7

3. 36.7
Luxembourg
Belgium
4. Italy 35.3 4. 41.6
Luxembourg
5. United Kingdom 35.3 5. United States 37.9
6. Spain 34.6 6. Spain 37.1

7. China 18.6 7. Netherlands 26.4

8. Netherlands 16.8 8. United Kingdom 22.4

9. Switzerland 16.2 9. Switzerland 15.8

10. Japan 8.9 10. Poland 10.4

 11. Poland 7.9 11. Japan 10.1

12. Singapore 7.8 12. Ireland 7.6

13. Turkey 7.5 13. Czech Republic 7.6

14. Hong Kong 6.4 14. Turkey 7.5

15. Ireland 6.3 15. Norway 6.4

16. Russia 6.1 16. Portugal 6.3

17. Sweden 5.7 17. Sweden 6.0

18. South Korea 5.7 18. Austria 5.6

19. Algeria 5.3 19. India 5.1

20. Portugal 5.3 20. Vietnam 5.0

Total Trade in Billion US-Dollar

Total Trade
Rank Country[74]
(2016)

1. Germany 169.9

2. Italy 79.0

3. United States 78.3

Belgium
4. 78.3
Luxembourg

5. Spain 71.7

6. China 66.5

7. United Kingdom 57.7

8. Netherlands 43.2

9. Switzerland 32.0

10. Japan 19.0

Régions economy
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.
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.

The most important régions are Île-de-France (world's 4th and Europe
2nd wealthiest and largest regional economy), Rhône-Alpes (Europe's
Nominal GDP per capita, 2015 5th largest regional economy thanks to its services, high-technologies,
Eurostat 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). 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.

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.

The Bordeaux wine region is world-

famous for its high-end wines.

The Château de Chambord is one of the

most popular tourist destinations in
France.
 Rank Region GDP GDP per GDP GDP per
(in million euros, capita (in million US Dollars, capita
2009) (euros, 2009) (US Dollars,
2009) 2009)
1 Île-de-France 552,052 51,101 769,705 69,973
2 Rhône-Alpes 181,810 29,420 253,491 41,019
Provence-Alpes-Côte
3 138,002 27,855 192,411 38,837
d'Azur
4 Nord-Pas de Calais 96,839 24,025 135,019 33,497
5 Pays de la Loire 94,032 26,481 131,105 36,921
6 Aquitaine 85,693 26,710 119,478 37,241
7 Brittany 81,632 25,739 113,816 35,887
8 Midi-Pyrénées 76,522 26,628 106,692 37,126
9 Centre-Val de Loire 65,173 25,571 90,868 35,653
10 Languedoc-Roussillon 60,523 22,984 84,385 32,046
11 Lorraine 55,396 23,653 77,237 32,978
12 Alsace 50,701 27,322 70,690 38,094
13 Upper Normandy 48,555 26,599 67,698 37,086
14 Picardy 43,725 22,894 60,964 31,920
15 Poitou-Charentes 42,379 24,046 59,087 33,526
16 Burgundy 41,805 25,516 58,287 35,576
17 Champagne-Ardenne 35,779 26,768 49,885 37,322
18 Lower Normandy 34,869 23,737 48,617 33,096
19 Auvergne 33,174 24,680 46,253 34,410
20 Franche-Comté 28,083 24,042 39,155 33,521
21 Limousin 17,509 23,637 24,412 32,956
22 Corsica 7,279 23,800 10,149 33,183

Source : INSEE. Source : fxtop.com.

Departments economy and cities

Departmental income inequalities

In terms of income, important inequalities can be observed among the French départements.

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. Hauts-de-Seine comes second, Essonne third, Paris fourth,
Seine-et Marne fifth. 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. Alsace comes
second, Rhône-Alpes third, Picardy fourth, and Upper Normandy fifth.
The poorest parts of France are the French overseas
departments, French Guiana being the poorest
department with an average household income of €1,826.
In Metropolitan France it is Creuse in the Limousin
region which comes bottom of the list with an average
household income of €1,849 per month.[75]

Paris is France's largest urban economy (and the

Urban income inequalities world's third)

Huge inequalities can also be found among cities. 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.

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.[76] But
within Paris, four arrondissements surpass wealthy Neuilly-sur-Seine in household income: the 6th, the 7th,
the 8th and the 16th; the 8th "arrondissement" being the wealthiest district in France (the other three following
it closely as 2nd, 3rd and 4th wealthiest ones).

Wealth

Overview

In 2010, the French had an estimated wealth of US$14.0 trillion for a population of 63 million.[77]

In terms of aggregate wealth, the French are the wealthiest Europeans, accounting for more
than a quarter of wealthiest European households.[78] Globally, the French nation ranks fourth-
wealthiest.[79][80]
In 2010, wealth per French adult was a little higher than $290,000, down from a pre-crisis high
of $300,000 in 2007. According to this ratio, French are the wealthiest in Europe. The tax on
wealth is paid by 1.1M of people in France, the payment of this tax starts when a €1.3M of
assets is reached (there is a discount on the principal residence value).
Almost every French household has at least $1,000 in assets.[81] Proportionally, there are twice
as many French with assets of over $10,000 and four times as many French with assets of over
$100,000 than the world average.[82]
The French are also among the least indebted populations in the developed world with
personal debt accounting for "little more than 10% of household assets".[83]

Millionaires

France has the third highest number of millionaires in Europe as of 2017. 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).[84]

The wealthiest man in France is the LVMH CEO and owner Bernard Arnault.

See also
 Economy of France in French Guiana, French Polynesia, Guadeloupe, Martinique, Mayotte,
New Caledonia, Réunion, Saint Barthélemy, Saint Martin, Saint Pierre and Miquelon, Wallis
and Futuna
Taxation in France
List of French inventions and discoveries
Economic history of France
Economy of Paris
Poverty in France

General

France
Economy of Europe
Economy of the European Union

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External links
National Institute of Statistics and Economic Studies - Insee (https://www.insee.fr/en/accueil)
Banque de France (https://www.banque-france.fr/en)
World Bank: France Trade Statistics (https://wits.worldbank.org/CountryProfile/en/FRA)
France - OECD (http://www.oecd.org/france/)
France profile (https://www.cia.gov/library/publications/the-world-factbook/geos/fr.html) at the
CIA World Factbook
France profile (http://www.worldbank.org/en/country/france) at The World Bank

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