France/

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. 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. 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. 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.

$2.16 trillion (2010 est.)

$2.126 trillion (2009 est.)

$2.18 trillion (2008 est.)

$2.555 trillion (2010 est.)

1.6% (2010 est.)

-2.5% (2009 est.)

0.1% (2008 est.)

$33,300 (2010 est.)

$33,000 (2009 est.)

$34,000 (2008 est.)

28.21 million (2010 est.)

9.5% (2010 est.)

9.1% (2009 est.)

6.2% (2004)

32.7 (2008)

32.7 (1995)

19.9% of GDP (2010 est.)

83.5% of GDP (2010 est.)

77.6% of GDP (2009 est.)

1.5% (2010 est.)

0.1% (2009 est.)

1.75% (31 December 2009)

3% (31 December 2008)

7.46% (31 December 2009 est.)

8.13% (31 December 2008 est.)

$858.6 billion (31 December 2010 est)

$862.3 billion (31 December 2009 est)

$2.292 trillion (31 December 2010 est.)

$2.306 trillion (31 December 2009 est.)

$4.319 trillion (31 December 2009 est.)

$4.121 trillion (31 December 2008 est.)

$1.972 trillion (31 December 2009)

$1.492 trillion (31 December 2008)

$2.771 trillion (31 December 2007)

wheat, cereals, sugar beets, potatoes, wine grapes; beef, dairy products; fish

machinery, chemicals, automobiles, metallurgy, aircraft, electronics; textiles, food processing; tourism

3.5% (2010 est.)

535.7 billion kWh (2007 est.)

447.2 billion kWh (2007 est.)

58.69 billion kWh (2008 est.)

10.68 billion kWh (2008 est.)

70,820 bbl/day (2009 est.)

1.875 million bbl/day (2009 est.)

597,800 bbl/day (2008 est.)

2.386 million bbl/day (2008 est.)

101.2 million bbl (1 January 2010 est.)

877 million cu m (2009 est.)

44.84 billion cu m (2009 est.)

1.931 billion cu m (2009 est.)

45.85 billion cu m (2009 est.)

7.079 billion cu m (1 January 2010 est.)

-$53.29 billion (2010 est.)

-$51.86 billion (2009 est.)

$508.7 billion (2010 est.)

$473.9 billion (2009 est.)

machinery and transportation equipment, aircraft, plastics, chemicals, pharmaceutical products, iron and steel, beverages

Germany 15.88%, Italy 8.16%, Spain 7.8%, Belgium 7.44%, UK 7.04%, US 5.65%, Netherlands 3.99% (2009)

$577.7 billion (2010 est.)

$535.8 billion (2009 est.)

machinery and equipment, vehicles, crude oil, aircraft, plastics, chemicals

Germany 19.41%, Belgium 11.61%, Italy 7.97%, Netherlands 7.15%, Spain 6.68%, UK 4.9%, US 4.72%, China 4.44% (2009)

$NA (31 December 2010 est.)

$133.1 billion (31 December 2009 est.)

$4.698 trillion (30 June 2010)

$4.935 trillion (31 December 2008)

$1.207 trillion (31 December 2010 est.)

$1.151 trillion (31 December 2009 est.)

$1.837 trillion (31 December 2010 est.)

$1.711 trillion (31 December 2009 est.)

euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)