France: Economy

The World Factbook 1993: France Economy

Overview: One of the world's most developed economies, France has substantial agricultural resources and a highly diversified modern industrial sector. Large tracts of fertile land, the application of modern technology, and subsidies have combined to make it the leading agricultural producer in Western Europe. France is largely self-sufficient in agricultural products and is a major exporter of wheat and dairy products. The industrial sector generates about one-quarter of GDP, and the growing services sector has become crucial to the economy. The French economy is entering its fourth consecutive year of sluggish growth after a strong expansion in the late 1980s. Growth averaged only 1.3% in 1990-92 and is expected to drop to between zero and -0.5% in 1993. The government budget deficit rose to 3.2% of GDP in 1992 and is expected to be far larger than planned in the 1993 budget. Paris remains committed to maintaining the franc-deutsch mark parity, which has kept French interest rates high despite France's low inflation. Although the pace of economic integration within the European Community has slowed down, integration presumably will remain a major force shaping the fortunes of the various economic sectors.

National product: GDP - purchasing power equivalent - $1.08 trillion (1992)

National product real growth rate: 1.1% (1992)

National product per capita: $18,900 (1992)

Inflation rate (consumer prices): 2.1% (1992 est.)

Unemployment rate: 10.5% (end 1992)

Budget: revenues $220.5 billion; expenditures $249.1 billion, including capital expenditures of $47 billion (1993 budget)

Exports: $212.7 billion (f.o.b., 1991) commodities: machinery and transportation equipment, chemicals, foodstuffs, agricultural products, iron and steel products, textiles and clothing partners: Germany 18.6%, Italy 11.0%, Spain 11.0%, Belgium-Luxembourg 9.1%, UK 8.8%, Netherlands 7.9%, US 6.4%, Japan 2.0%, former USSR 0.7% (1991 est.) Imports: $230.3 billion (c.i.f., 1991) commodities: crude oil, machinery and equipment, agricultural products, chemicals, iron and steel products partners: Germany 17.8%, Italy 10.9%, US 9.5%, Netherlands 8.9%, Spain 8.8%, Belgium-Luxembourg 8.5%, UK 7.5%, Japan 4.1%, former USSR 1.3% (1991 est.)

External debt: $270 billion (December 1992)

Industrial production: growth rate 0.2% (1992 est.)

Electricity: 110,000,000 kW capacity; 426,000 million kWh produced, 7,430 kWh per capita (1992)

Industries: steel, machinery, chemicals, automobiles, metallurgy, aircraft, electronics, mining, textiles, food processing, tourism

Agriculture: accounts for 4% of GDP (including fishing and forestry); one of the world's top five wheat producers; other principal products - beef, dairy products, cereals, sugar beets, potatoes, wine grapes; self-sufficient for most temperate-zone foods; shortages include fats and oils and tropical produce, but overall net exporter of farm products; fish catch of 850,000 metric tons ranks among world's top 20 countries and is all used domestically

Economic aid: donor - ODA and OOF commitments (1970-89), $75.1 billion

Currency: 1 French franc (F)=100 centimes

Exchange rates: French francs (F) per US$1 - 5.4812 (January 1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990), 6.3801 (1989), 5.9569 (1988)

Fiscal year: calendar year