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. France has weathered the global economic crisis better than most other big EU economies because of the relative resilience of domestic consumer spending, a large public sector, and less exposure to the downturn in global demand than in some other countries. Nonetheless, France's real GDP contracted 2.5% in 2009, but recovered somewhat in 2010, while the unemployment rate increased from 7.4% in 2008 to 9.5% in 2010. The government pursuit of aggressive stimulus and investment measures in response to the economic crisis, however, are contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.8% of GDP in 2010, while France's public debt rose from 68% of GDP to 84% over the same period. Paris is terminating stimulus measures, eliminating tax credits, and freezing most government spending to bring the budget deficit under the 3% euro-zone ceiling by 2013, and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro zone debt levels. President SARKOZY - who secured passage of pension reform in 2010 - is expected to seek passage of some tax reforms in 2011, but he may delay additional, more costly, reforms until after the 2012 election.
GDP (purchasing power parity):
$2.16 trillion (2010 est.) country comparison to the world: 10 $2.126 trillion (2009 est.)
$2.18 trillion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$2.555 trillion (2010 est.)
GDP - real growth rate:
1.6% (2010 est.) country comparison to the world: 165 −2.5% (2009 est.)
0.1% (2008 est.)
GDP - per capita (PPP):
$33,300 (2010 est.) country comparison to the world: 40 $33,000 (2009 est.)
$34,000 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 1.8%
industry: 19.2%
services: 79% (2010 est.)
Labor force:
28.21 million (2010 est.) country comparison to the world: 20
Labor force - by occupation:
agriculture: 3.8%
industry: 24.3%
services: 71.8% (2005)
Unemployment rate:
9.5% (2010 est.) country comparison to the world: 106 9.1% (2009 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:
32.7 (2008) country comparison to the world: 98 32.7 (1995)
Investment (gross fixed):
19.9% of GDP (2010 est.) country comparison to the world: 87
Public debt:
83.5% of GDP (2010 est.) country comparison to the world: 14 77.6% of GDP (2009 est.)
Inflation rate (consumer prices):
1.5% (2010 est.) country comparison to the world: 39 0.1% (2009 est.)
Central bank discount rate:
1.75% (31 December 2009) country comparison to the world: 116 3% (31 December 2008)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
Commercial bank prime lending rate:
7.46% (31 December 2009 est.) country comparison to the world: 116 8.13% (31 December 2008 est.)
Stock of narrow money:
$858.6 billion (31 December 2010 est) country comparison to the world: 8 $862.3 billion (31 December 2009 est)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money:
$2.292 trillion (31 December 2010 est.) country comparison to the world: 8 $2.306 trillion (31 December 2009 est.)
Stock of domestic credit:
$4.319 trillion (31 December 2009 est.) country comparison to the world: 7 $4.121 trillion (31 December 2008 est.)
Market value of publicly traded shares:
$1.972 trillion (31 December 2009) country comparison to the world: 6 $1.492 trillion (31 December 2008)
$2.771 trillion (31 December 2007)
Agriculture - products:
wheat, cereals, sugar beets, potatoes, wine grapes; beef, dairy products; fish
Industries:
machinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism
Industrial production growth rate:
3.5% (2010 est.) country comparison to the world: 93
Electricity - production:
535.7 billion kWh (2007 est.) country comparison to the world: 9
Electricity - consumption:
447.2 billion kWh (2007 est.) country comparison to the world: 9
Electricity - exports:
58.69 billion kWh (2008 est.)
Electricity - imports:
10.68 billion kWh (2008 est.)
Oil - production:
70,820 bbl/day (2009 est.) country comparison to the world: 57
Oil - consumption:
1.875 million
