Main article: France
GDP
Main article: French GDP
Financial system
Sovereign Wealth Fund
Non-financial debt
2022: Aggregate non-financial debt
National debt
2024: Servicing public debt costs France €51bn a year
2023: State debt - 112% of GDP
2022: €2.95 trillion or 111% of GDP
2021:113% OF GDP
2018: State debt $51.8 thousand per capita
Foreign exchange reserves
Bank of France
2023: Losses of €12.44 billion
The bank France tapped dollars a special reserve fund to cover losses of €12.44 billion (13.5 billion) in 2023 after soaring interest rates ECB pushed up the cost of servicing deposits.
Villeroy promises that the Bank of France will not need taxpayer help. Future losses could be covered by about 18 billion euros held in another reserve fund and a potential asset sale.
Inflation
Main article: Inflation in France
Key rate
Budget
2024: Budget deficit rises to 6% of GDP
In November 2024, the head of the state audit service France , Pierre Moscovici, said that the country needs political stability to cope with a high budget deficit, and warned against holding an early presidential election before the end of Emmanuel Macron's term in 2027.
We have reached such a level of deficit and debt that reduction is needed, a clear impetus is needed to reduce debt and deficits.
In October 2024, the government presented a budget for 2025, which is designed to rectify the situation with public finances in an attempt to restore investor confidence.
Earlier, amid continued stagnation To Europe in Finance Minister France Bruno Le Maire in February, he lowered his forecast for economic growth in 2024 to 1% from 1.4%. The weakening forecast also led him to announce spending cuts of 10 billion euros (10.8 billion) dollars to meet commitments to reduce the country's budget deficit.
France has been forced to impose a tax on business, the rich and power to tackle colossal debt.
2023: Budget deficit 5.5% of GDP. For more than 45 years in a row, France has been living with a deficit
France's budget deficit ended up at 5.5% of GDP in 2023, compared to the government's target of 4.9%.
France has the second largest deficit in the Eurozone (-5.5%), behind only Italy (-7.2%). At the same time, on average in the Eurozone, the budget deficit is -3.5%.
2021: EU support program after COVID-19 pandemic
EU The Next Generation program - 750 billion euros (915 billion) dollars in grants and loans aimed at stimulating economic recovery - will begin in June 2021, with Southern countries receiving the lion's share. Europe
According to Bloomberg Economics, the program will allocate funding equivalent to almost 1% of the eurozone's GDP annually from 2022 to 2024, with spending gradually increasing from the second half of 2021.
Taxes
2022: Top spot for tax share of GDP - over 45%
France is the leader in the share of taxes in GDP, which leads to the inability to raise taxes higher and forcing future authorities to reduce spending, which will inevitably reduce economic growth.
Investment in France
2023: Reduced foreign investment
2022: Lead in attracting foreign direct investment in Europe thanks to cheap electricity
Investment abroad
2020: Fourth largest investment in Africa
Credit ratings
2024: Country ratings decline by all agencies
In December 2024, ratings agency Moody's cut France's credit rating, pressuring a new government to take control of a growing budget deficit after far-right leader Marine Le Pen ousted the previous prime minister as a result of budget differences.
Unscheduled, Moody's downgraded the Eurozone's second-largest economy to Aa3 from Aa2, three levels below the top rating. Fitch and the S&P have previously cut France's ratings to similar levels.
Stock market
2024: Issuers capitalization 120% of GDP
Electronic Payment Systems
2020:67% of Internet users prefer cashless payment
Home Appliances and Electronics Market
2023: French authorities begin to pay people 90 euros for the repair of household appliances
At the end of April 2023, it became known that the French authorities decided to expand the compensation program for the repair of household appliances and computer equipment.
The initiative in question aims to ensure that citizens more often turn to certified workshops to repair failed devices, and not throw them away. This will help reduce the volume of "electronic garbage," reduce the cost of its disposal and reduce the accompanying damage caused to the environment. Consumers, in turn, will be able to extend the life of existing equipment and save money on the purchase of new household appliances, computers and mobile gadgets.
The program began to operate in December 2022: the maximum compensation depending on the type of device being repaired ranged from €10 to €45. But, as noted, in the first four months, out of €62 million allocated for this scheme, only approximately €500 thousand was spent. Therefore, the French authorities decided to double the amount of maximum payments.
From July 1, 2023, users when repairing household appliances, computer equipment and other electronics will be able to return up to €90. For example, in the case of smartphones and tablets, compensation will increase from €25 to €50. In addition, the replacement of the display of mobile devices is now covered by the program - previously this service was not available according to this scheme. The maximum reward of €90 can be obtained when repairing a PC. In parallel, the network of certified workshops is expanding, in which repairs are carried out with the possibility of receiving compensation. If at the time of the launch of the initiative there were about 400 such salons, then by the beginning of May 2023 their number reached 1200. By the end of 2023, the number of repair points will be brought to 4000.[1]
R&D
2020: R&D spending - $60.8 billion
2019: Sixth most patented in the world
At the end of April 2020, the World Intellectual Property Organization (WIPO) ranked countries by the number of new patents. In 2019, France accounted for 7,934 patents. Read more here.
Businessmen
2023: 55.5 thousand companies go bankrupt - record since 2017
In France, in 2023, a record number of enterprises since 2017 closed: about 55.5 thousand companies went bankrupt.
The reason is a significant increase in energy prices, as well as an increase in interest rates, the Central Bank notes.
The bulk of bankruptcies are made up of small enterprises in the trading and construction sectors, but many large companies have also closed - 72% more than in the previous decade.
2022: Record wave of company bankruptcies as pressure attempts on Russia
In the summer of 2022, against the background of sanctions against Russia due to the crisis in Ukraine, almost 9 thousand companies in France declared bankruptcy, which became an absolute record for 25 years, the Franceinfo radio station reported, citing data from the Altares agency. Compared to the summer of 2021, the number of closed beauty salons and hairdressers increased 2 times, and restaurants - 2.5 times.
2021: The richest 1% of citizens account for 21.9% of the population's assets
2020: 3rd in the world in the number of billionaires - 107
2014:1% of the wealthiest citizens control 23% of the country's wealth
Energy carriers
Gas imports
Petrol and diesel
The fall in demand for diesel fuel in France indicates a disadvantage in the economy. In September 2023, diesel sales on French roads decreased by 13% compared to the same period last year.
Power
2024: France is 60.5% dependent on Russian uranium
In September 2024, it became known that France was the country with the greatest dependence on the supply of Russian uranium among unfriendly countries. According to Eurostat and UN Comtrade, from January 2023 to June 2024, 60.5% of France's uranium imports fell on Russia, which is equivalent to $428.6 million. This figure makes France the leader in dependence on Russian supplies of enriched uranium among other countries, such as South Korea, Germany and the United States. Read more here
2023: Government contributions to pay for energy by citizens and companies reached 3% of GDP
2022: Rise in electricity prices due to pressure on Russia
2021: Electric energy prices rise by 200%
Europe never paid as much for electricity as in 2021. The average cost of electricity in, Germany, and by France Spain Britain the end of 2021 reached a record level, rising by more than 200%.
2020: Average energy consumption per capita
and
NPP
2022: Half of the 56 nuclear reactors shut down. Kazakhstan supplies 40% of uranium
By June 2022, half of the 56 nuclear reactors had been shut down in France. Of these, 12 were stopped due to corrosion, the elimination of which can take several years.
The shutdown of reactors will affect about 35% of all electricity generation in France in the short term and 15% in the medium term.
At this time, Kazakhstan provides about 40% of France's uranium needs.
2021: Nuclear power is the main source of energy in the country
Transport infrastructure
2021: Average train speed - 195.9 km/h
Ports
2021: Marseille is the 10th port in Europe in terms of cargo turnover
Information Technology
France IT Market
Main article: IT market in France
Information security
2019: France strikes cybersecurity pact with country's biggest companies
On November 14, 2019, the French government signed a three-year pact with eight cyber security leading companies in the country. The initiative came at a time when the world's largest countries are strengthening security measures amid high-profile incidents. More. here
Semiconductors (French market)
2024: $3.1 billion allocated to boost semiconductor industry
Video Surveillance (French Market)
2022: More than 3 thousand CCTV cameras on the roads
Sectors of the economy
Retail
2023: Retail slump as pressure attempts on Russia
2018: Carrefour is the biggest retail chain
Foreign trade
Main article: French Foreign Trade
Agriculture
2023: France leads EU in agricultural output with 18% share
France is the largest producer of agricultural products in the EU, accounting for about 100 billion euros per year, or about 18% of total production in 2023.
2020: France - in the top ten exporters of wheat with an indicator of 19.8 million tons
2019: Average use of pesticides in agriculture
Car market
2023: Eighth in the world in terms of the number of cars sold - 2.2 million units
2022
85 public ESVs per 1,000 electric vehicles
13.3% of new cars are fully electric
2021:920 thousand cars produced
1941
Construction
In the second quarter of 2012, the construction of new houses in France collapsed by 14 percent compared to the same period of the previous year.
Real estate
2023: Commercial property deal volume collapse
In the second quarter of 2023, the volume of commercial real estate transactions in Europe fell by 58% to the lowest level since 2010.
The office segment suffered the most - the fall was 68%, while in the hotel segment the fall was 36%. In all major markets, there was a significant decrease in the volume of transactions.
Industry
2021:163 robots for 10,000 employees
Food industry
2021: Cheese production - 27.4 kg per capita
Tourism
2022: Reduction in the number of foreign tourists to 79 million people
2020:45 UNESCO-protected World Heritage Sites
2019: More than 15% of the population went on tourist trips. Spain is the most popular country
2018: France is among the top countries in terms of tourism revenue
1980: The French euthanizing hundreds of dogs who had no one to leave with while on holiday
Labour market
2024: Highest unemployment among G7 nations
2023: Slump in 15 to 64-year-olds
2022: Proportion of workers aged 65 or over - less than 5%
2019: Average labor productivity - $68.63 per hour
Working hours
2022: The average annual number of working hours per person is about 1,505
2015: More than 4.9% of workers work 60 or more hours a week
Pensions
2023: Minimum retirement age is 62
2020: Average retirement age for women is 61, for men it is 60
Unemployment
2023: Youth unemployment - 16.9%
2022: Unemployment rate - 7.2%
2020: Unemployment rate - 8.9%
2012: Unemployment rate - 10%
In the second quarter of 2012, the unemployment rate in France reached 10 percent, and another 5 percent of the active population believe that they work less time than they would like.
Incomes of the population
2023: Minimum wage - $1,380
2022
Real salary growth by 20% over 22 years
Decrease in real income per employee in the third quarter by 0.8%
in
2018: Salaries of top officials in government management
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2017: Average monthly salary - €2,225
Consumption
2023: Fish consumption is higher than meat consumption
2019
Pork is the most consumed type of meat
Consumption of 50 litres of beer per year per person
2018
Consumption of 30 litres of beer per year per person
Low per capita tea consumption per year
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Milk consumption in liters per year per person
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Alcohol market
2024: Overabundance of wine in global market forces farmers in France to stop business and destroy their vineyards
In early March 2024, it became known that farmers in various regions were forced to destroy healthy vineyards and stop business. The reason is that an overabundance of wine has formed on the world market.
According to Bloomberg, the oversaturation of the wine market forces entrepreneurs to take extreme measures. For example, Australian winegrower Tony Townsend in 2023 destroyed half of his 14-hectare vineyard, which is located in Riverland in the south of the country. According to him, conservation and harvesting were economically unprofitable: financial losses would have amounted to about $23 thousand. Therefore, the vines had to be simply burned. In the future, Townsend intends to completely curtail the corresponding business.
 | I liked to do wine business, but to continue this in this situation is financially meaningless, says an Australian farmer. |  |
Lyndall Rowe, CEO of Riverland Wine, an industry group representing growers and winemakers, notes that many entrepreneurs see no future in the wine industry. Although global production reached a 60-year low in 2023, an oversupply of wine remains, which means that difficulties will remain with the sale of existing stocks.
The situation in the wine industry is deteriorating due to the formed geopolitical situation, which provoked an increase in energy and fertilizer prices. Christophe Chateau, spokesman for the Bordeaux Wine Council in France, says consumer preferences are changing at the same time. In particular, more people consume low-alcohol sparkling, pink or white wines, which leads to a decrease in sales of red wine. As a result, an overabundance of the latter is created.[2]
2023: France will pay farmers €200 million to destroy wine that no one needs
At the end of August 2023, it became known that the government France European Union had agreed on the allocation of €200 million to help French winemakers. These funds will be used to destroy large excess alcoholic beverages.
In 2023, French winemakers faced a drop in demand for products. Therefore, the excess wine is either disposed of or distilled into ethanol, which is then directed to the needs of industry. Ethanol is used in the production of perfume and water-alcohol gels.
French Agriculture Minister Marc Fesno announced on August 25, 2023 that the initial amount of assistance from the EU in the amount of €160 million, approved back in February 2023, was eventually supplemented by €40 million from the French authorities.
The measure will be part of a broader program to support France's winemakers amid falling domestic demand, competition in global markets and declining sales in China. The authorities also provide for a scheme to pay compensation for felling vineyards. A thousand farmers in the Bordeaux region have already turned for such help, 9.2 thousand hectares of vines, or about 8 percent of the total growing area in the region, are subject to cutting down.
France is one of the largest countries - wine producers in the world, ranks second after Italy (by August 2023). According to the research company IBIS World, the French wine market is estimated at about $15.6 billion. More than 200 local wine grapes are grown in the country, including "chardonnay" and "cabernet sauvignon." In 2022, French winemakers released 46.6 million hectoliters of wine, according to the International Organization for Viticulture and Winemaking (OIV).
In 2023, the wine surplus will be 3 million hectoliters, producers expect. The share of unclaimed products will be 7% of the total volume of products produced in 2022.[3]
2018: Minimum age to purchase alcoholic beverages
Notes
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