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. After sluggish growth during the period 1982-87, the economy expanded at a rapid 3.8% pace in 1988-89. The economy slowed down in 1990, with growth of 2.0% expected in 1991. The economy has had difficulty generating enough jobs for new entrants into the labor force, resulting in a high unemployment rate, which probably will rise to around 10% during the slowdown. The steadily advancing economic integration within the European Community is a major force affecting the fortunes of the various economic sectors.

GDP: $873.5 billion, per capita $15,500; real growth rate 2.8% (1990)

Inflation rate (consumer prices): 3.7% (1990 est.)

Unemployment rate: 9% (1990)

Budget: revenues $207.6 billion; expenditures $224.2 billion, including capital expenditures of $34 billion (1990 est.)

Exports: $181.2 billion (f.o.b., 1990); commodities--machinery and transportation equipment, chemicals, foodstuffs, agricultural products, iron and steel products, textiles and clothing; partners--FRG 16%, Italy 12.1%, UK 9.5%, Spain 9.5%, Netherlands 9.2%, Belgium-Luxembourg 8.9%, US 6.6%, Japan 1.9%, USSR 1.0% (1989 est.)

Imports: $201.6 billion (c.i.f., 1989); commodities--crude oil, machinery and equipment, agricultural products, chemicals, iron and steel products; partners--FRG 19.4%, Italy 11.6%, Belgium-Luxembourg 9.2%, Netherlands 8.6%, US 7.6%, Spain 7.4%, UK 7.1%, Japan 4.1%, USSR 1.4% (1989 est.)

External debt: $59.3 billion (December 1987)

Industrial production: growth rate 3.7% (1989); accounts for 26% of GDP

Electricity: 109,972,000 kW capacity; 403,570 million kWh produced, 7,210 kWh per capita (1989)

Industries: steel, machinery, chemicals, automobiles, metallurgy, aircraft, electronics, mining, textiles, food processing, and tourism

Agriculture: accounts for 4% of GNP (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: French franc (plural--francs); 1 French franc (F) = 100 centimes

Exchange rates: French francs (F) per US$1--5.8 (May 1991), 5.4453 (1990), 6.3801 (1989), 5.9569 (1988), 6.0107 (1987), 6.9261 (1986), 8.9852 (1985)

Fiscal year: calendar year

NOTE: The information regarding France on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of France Economy 1991 information contained here. All suggestions for corrections of any errors about France Economy 1991 should be addressed to the CIA.