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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. 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 - $2.047 trillion (2007 est.)
GDP - real growth rate: 1.9% (2007 est.)
GDP - per capita: purchasing power parity - $33,200 (2007 est.)
GDP - composition by sector:
agriculture: 2.2%
industry: 21%
services: 76.7% (2007 est.)
Labor force:
27.81 million (2007 est.)
Labor force - by occupation:
agriculture: 4.1%
industry: 24.4%
services: 71.5% (1999)
Unemployment rate:
8.3% (2007 est.)
Population below poverty line: 6.2% (2004)
Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 24.8% (2004)
Distribution of family income: Gini index: 28 (2005)
Inflation rate (consumer prices): 1.6% (2007 est.) Budget:
revenues: $1.288 trillion
expenditures: $1.358 trillion (2007 est.) Industries:
machinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles,
food processing; tourism
Industrial production growth rate: - 2% (2007)
Electricity - production: 543.6 billion kWh (2005)
Electricity - consumption: 451.5 billion kWh (2005)
Electricity - exports: 68.33 billion kWh (2005)
Electricity - imports: 8.035 billion kWh (2005)
Oil - production: 73,180 bbl/day (2005 est.)
Oil - consumption: 1.999 million bbl/day (2005 est.)
Oil - exports: 474,200 bbl/day (2005)
Oil - imports: 1.89 million bbl/day (2005)
Oil - proved reserves: 158.4 million bbl (1 January 2006 est.)
Natural gas - production: 1.4 billion cu m (2004 est.)
Natural gas - consumption: 47.26 billion cu m (2005 est.)
Natural gas - exports: 863.2 million cu m (2005 est.)
Natural gas - imports: 47.02 billion cu m (2005 est.)
Natural gas - proved reserves: 341 billion cu m (1 January 2006 est.)
Agriculture - products: wheat, cereals, sugar beets, potatoes, wine
grapes; beef, dairy products; fish
Exports: $548 billion f.o.b. (2007 est.)
Exports - commodities: machinery and transportation equipment,
aircraft, plastics, chemicals, pharmaceutical products, iron and steel,
beverages
Exports - partners: Germany 14.9%, Spain 9.3%, Italy 8.9%, UK 8.2%,
Belgium 7.3%, US 6.1%, Netherlands 4.1% (2006)
Imports - commodities: machinery and equipment, vehicles, crude oil,
aircraft, plastics, chemicals
Imports - partners: Germany 18.9%, Belgium 11.3%, Italy 8.4%, Spain
7.1%, Netherlands 7%, UK 5.6%, US 4.4%, China 4% (2006)
Debt - external: $4.396 trillion (30 June 2007)
Economic aid - donor: ODA, $10.6 billion (2006)
Currency (code): euro (EUR)
Exchange rates: euros per US dollar - 0.7345 (2007), 0.7964 (2006),
0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year: calendar year
This information comes from the CIA
World Factbook August 2008.
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