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1994-05-02
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<text>
<title>
France: Economy
</title>
<article><hdr>The World Factbook 1993: France
Economy</hdr><body>
<p>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.
</p>
<p>National product: GDP - purchasing power equivalent - $1.08
trillion (1992)
</p>
<p>National product real growth rate: 1.1% (1992)
</p>
<p>National product per capita: $18,900 (1992)
</p>
<p>Inflation rate (consumer prices): 2.1% (1992 est.)
</p>
<p>Unemployment rate: 10.5% (end 1992)
</p>
<p>Budget: revenues $220.5 billion; expenditures $249.1 billion,
including capital expenditures of $47 billion (1993 budget)
</p>
<list>
<l>Exports: $212.7 billion (f.o.b., 1991)</l>
<l> commodities: machinery and transportation equipment,
chemicals, foodstuffs, agricultural products, iron and steel
products, textiles and clothing</l>
<l> 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.)</l>
<l>Imports: $230.3 billion (c.i.f., 1991)</l>
<l> commodities: crude oil, machinery and equipment,
agricultural products, chemicals, iron and steel products</l>
<l> 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.)</l>
</list>
<p>External debt: $270 billion (December 1992)
</p>
<p>Industrial production: growth rate 0.2% (1992 est.)
</p>
<p>Electricity: 110,000,000 kW capacity; 426,000 million kWh
produced, 7,430 kWh per capita (1992)
</p>
<p>Industries: steel, machinery, chemicals, automobiles,
metallurgy, aircraft, electronics, mining, textiles, food
processing, tourism
</p>
<p>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
</p>
<p>Economic aid: donor - ODA and OOF commitments (1970-89), $75.1
billion
</p>
<p>Currency: 1 French franc (F)=100 centimes
</p>
<p>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)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>