In 2008, France is the 5th world economic power, behind the United States, Japan, China, Germany and in front of UK. In 2009, the value of its Gross domestic product (GDP) is 1 950,1 billions Euros. France is classified in the 38th rank for the GDP per capita at the exchange rate nominal, slightly below the average of the EU, which is 37th.
In classification by GDPin PPA, France is the 9th economic power. France is a part of founding countries of the European Union and of the Euro zone. In the heart of an economically very developed zone, its economy benefited from the implementation of the European common market. The intervention of the State in the economy is traditionally important. The level of public spending and thus taxation is among the highest inthe world. From 1986, the State privatized a large number of public companies but its influence on the economy remains strong.
The economy of France is a mixed economy which is the sixth largest in the world in nominal terms, behind the United States, Japan, China, Germany and the United Kingdom and the 8th largest by purchasing power parity.
It is the fourth largest economy in Europebehind Germany, the United Kingdom and Russia in GDP terms.
On May 15, 2009, the INSEE announced that France has officially entered a recession after its GDP decreased by 1.2% of Q1 in 2009.
The French economy is mainly an economy of services: the tertiary sector occupies 77,6 % of the working population, whereas the primary sector agriculture, fishing represents no more than 2 %, and thesecondary sector (essentially the industry) 20,4 %.
The French economy is a more and more an open economy, occupying an important place in the international trades. France is the 5th country for its exports and the 6th for its imports. In 2009, the exports represent 26 % of the GDP and the imports 27%. The balance of trade (goods and services) became overdrawn in 2004, and this deficit increased in2005 and 2006. The unemployment rate remains higher that the average of the other countries developed in 9,5%. The rate of employment (63,8 % in 2009), close to the European average (64,8 %), is lower the EU’s one (66,2 %), and of the average of developed countries, in particular for seniors, least than 30 years, and the weakly qualified persons
Sectors of the economy
France, asmany modern industrialized nations, has a large and diverse industrial base. Leading industrial sectors in France are telecommunications (including communication satellites), aerospace and defense, ship-building (naval and specialist ships), pharmaceuticals, construction and civil engineering, chemicals, and automobile production.
Research and development spending is also high in France at 2.3%of GDP, the third highest in the OECD.
With no domestic oil production, France has relied heavily on the development of nuclear power, which now accounts for about 78% of the country's electricity production, up from only 8% in 1973, 24% in 1980, and 75% in 1990.
Nuclear waste is stored on site at reprocessing facilities.
Privatization of EDF
In November 2004, EDF (which standsfor “Electricité de France”), the largest electricity provider in France, was floated on the French stock market, with the French State keeping more than 70% of the capital. EDF is not the only electricity provider in France. Other electricity providers include CNR (“Compagnie nationale du Rhône”) and Endesa (through SNET).
France is the European Union's leading agriculturalproducer, accounting for about one-third of all agricultural land within the EU. Northern France is characterized by large wheat farms. Dairy products, pork, poultry, and apple production are concentrated in the western region. Beef production is located in central France, while the production of fruits, vegetables, and wine ranges from central to southern France. France is a large producer of many...