France has what type of economy
Contribution by sector to the national GDP is valued as follows: services The country recorded a GDP growth rate of 1. The inflation rate in France stands at 0. A labor force of 30 million is distributed as follows: agriculture 3.
The unemployment rate stands at 9. The leading industries in the country are dominated by products ranging from machinery, metals, chemicals, automobiles, aircraft, textiles, cosmetic and luxury goods, and electronics. Food processing is also a major industry in France for products such as wine and cheese.
France has one of the biggest tourism industries in Europe, attracting more than 80 million tourists every year. The top export goods are aircraft, machinery, chemicals, equipment, iron and steel, plastics, pharmaceuticals, and beverages.
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What do they eat for breakfast in Paris? Is water free in France? This, coupled with healthy investment growth amid incoming EU funds, will buoy the economy. The presidential elections are a key factor to watch. Our analysts see the economy expanding 3. France Economy Data Population million Sample Report 5 years of France economic forecasts for more than 30 economic indicators.
In manufacturing, France is one of the global leaders in the automotive, aerospace and railway sectors as well as in cosmetics and luxury goods. Furthermore, France has a highly educated labor force and the highest number of science graduates per thousand workers in Europe. Additionally, France is the most visited country in the world, making tourism a prominent sector in the economy.
Compared to its peers, the French economy endured the economic crisis relatively well. However, recovery has been rather slow and high unemployment rates, especially among youth, remain a growing concern for policymakers. After the start of the crisis the economy stagnated and the country has had to face several economic challenges.
Government tax revenue has dwindled and consumer purchasing power has declined. Policy makers have attempted to modernize the economy; however, this has been a difficult process. The former Sarkozy government became deeply unpopular, partially due to its reform agenda. The state took control of certain key industries, including transportation, energy and communications, and set up a planning agency to regulate economic activity. In addition, De Gaulle began the construction of a welfare state in France and established key institutions such as social security and works councils that remain today.
The government began retreating from direct economic intervention, privatizing some state companies and adopting more market-orientated policies. Throughout this time period, the French government, along with principal trade partner Germany, advocated increased European economic integration.
Further, France was one of the first countries to adopt the euro and the French economy remains highly integrated with Europe today. In recent years, France, similar to many European nations, has experienced stagnating growth and fiscal challenges.
Under former President Sarkozy, the country implemented austerity measures to tackle the budget deficit and public debt. To reinvigorate the French economy, current President Hollande faces the task of cutting public spending while spurring job creation.
Balance of payments Since , France has maintained a current account deficit, predominantly driven by trade in goods. Correspondingly, capital inflows have also fluctuated in the past, typically driven by large amounts of Foreign Direct Investment FDI. Trade Structure France is the second-largest exporter in Europe after its largest trading partner Germany. France is a member of the European Union EU and follows a trade policy similar to other member states with a common EU weighted average tariff rate.
France is a relatively open economy; however, some barriers to trade are present. Among goods, many agricultural products are protected at the European level, a policy that France advocated, and French farmers have historically been dependent on government subsidies. France receives large amounts of FDI and investment regulations are generally transparent, although many bureaucratic impediments persist.