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France Economy 1996

Overview:

One of the world's most highly developed economies, France has substantial agricultural resources and a 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. Largely self-sufficient in agricultural products, France 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. Following stagnation and recession in 1991-93, French GDP in 1994 expanded 2.4%. Growth in 1995 is expected to be in the 3.0% to 3.5% range. Persistently high unemployment will still pose a major problem for the government. Paris remains committed to maintaining the franc-deutsche mark parity, which has kept French interest rates high despite France's low inflation. Although the pace of economic and financial integration within the European Union has slowed down, integration presumably will remain a major force shaping the fortunes of the various economic sectors over the next few years.

National product:

GDP - purchasing power parity - $1.0801 trillion (1994 est.)

National product real growth rate:

2.4% (1994 est.)

National product per capita:

$18,670 (1994 est.)

Inflation rate (consumer prices):

1.6% (1994)

Unemployment rate:

12.6% (yearend 1994)

Budget:

revenues:

$220.5 billion

expenditures:

$249.1 billion, including capital expenditures of $47 billion (1993 budget)

Exports:

$249.2 billion (f.o.b., 1994 est.)

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%, FSU 0.7% (1991 est.)

Imports:

$238.1 billion (c.i.f., 1994 est.)

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%, FSU 1.3% (1991 est.)

External debt:

$300 billion (1993 est.)

Industrial production:

growth rate 2.6% (1994 est.)

Electricity:

capacity:

105,250,000 kW

production:

447 billion kWh

consumption per capita:

6,149 kWh (1993)

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 - 5.9243 (January 1995), 5.5520 (1994), 5.6632 (1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990)

Fiscal year:

calendar year

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