The France is a highly developed free market. It is the world’s seventh-largest economy by 2020 nominal figures and the tenth-largest economy by PPP. As of September 30, 2020, it is the 3rd largest economy of Europe, after the economy of Germany and the United Kingdom.
The following tables and chart will tell the change details in last 5-10 years:
France Distribution of workforce from the last 5 years:
France Distribution of GDP across economic sectors:
Here attached the last 10 years chart of France GDP:(amount in billion USD):
3 Sectors of the Economy – Agriculture, Industry and Services:
France is the world’s sixth largest agricultural producer and EU’s leading agricultural power, accounting for about one-third of all agricultural land within the EU. As the world’s second-largest agricultural exporter, France ranks just after the United States. It employs 2.38% of its workforce and contributes almost 1.6% of the GDP.
Top Agriculture products produced by France: (volume in tons)
|Sugar beet||2||39.5 Million|
Dairy Products: France export almost 6.6 billion euros of dairy products every year. France makes more than 1000 varieties of cheese and it contributes almost 44% of total diary export.Due to France’s immaculate natural environment and climate, which includes large regions of green meadows and grassy fields, as well as the perfect amount of rain to bring the vegetation to life, the French dairy farms are situated in one of the most suitable regions in the world to raise dairy cows.
Agriculture Subsidy in France:
France is the largest recipient of Common Agricultural Policy funds. Farmer of France receive almost 9.1 Billion Euro every which is almost 17% share of the Common Agriculture Policy Fund.
European Union Common Agriculture Policy:
The CAP is a common policy for all EU countries. It is managed and funded at European level from the resources of the EU’s budget. The CAP takes action with:
- Income support through direct payments ensures income stability, and remunerates farmers for environmentally friendly farming and delivering public goods not normally paid for by the markets, such as taking care of the countryside;
- Market measures to deal with difficult market situations such as a sudden drop in demand due to a health scare, or a fall in prices as a result of a temporary oversupply on the market;
- Rural development measures with national and regional programs to address the specific needs and challenges facing rural areas.
Industry is an important part in the France’s economy. It accounts for 17.14% of GDP and employed almost 19.89% of the workforce.
Key industries in this sector:
Aerospace: The French aerospace industry in 2019 grew to €74.3 billion, this is a 13% increase over 2018. Five aircraft manufacturers account for the majority of the French market: Airbus (large commercial and military aircraft, drones, spacecraft), Airbus Helicopters, Dassault Aviation (high-end business jets, fighter aircraft, UAVs), ATR (passenger and cargo turboprop aircraft for regional transport, an Airbus JV with Italian firm Leonardo), and Daher (TBM and Kodiak light aircraft and business turboprops). In 2019 France export almost $29.2 billion of products.
Energy: France is the biggest exporter of electricity in the Europe. The electricity sector in France is dominated by nuclear power, which accounted for 71.7% of total production in 2018, while renewables and fossil fuels accounted for 21.3% and 7.1%, respectively. France’s leading electricity company, Electricite de France (EDF), is the largest utility company in the world. The energy company, which is listed on the French Stock Exchange, has the state as the majority shareholder. Another key player in the energy industry is Engie, a utility company based in Courbevoie, France.
Automobile: The automobile produces almost 387 billion euros for France Economy. There are many big automobile companies in France like Peugeot, Renault. The automobile industry is an important part in the French economy. France export almost $44.3 billion Euros value of automobiles.
In 2019, the service industries accounted for 70.19% of total France economic output and employed almost 77% of the France workforce.
Major Industry in this sector:
Tourism: Tourism is a major part of the French economy, representing close to 8% of GDP and support almost 2.9 million direct and indirect jobs. It is also a recognized soft power asset abroad, and France has been the world’s leading tourist destination for years. France’s popularity to tourists is attributed to a wide array of prime tourist attractions located across the country. These attractions range from the nation’s capital, Paris, to small picturesque village towns. The Eiffel Tower in Paris is the world’s most visited paid monument, and is among the 37 UNESCO World Heritage Sites throughout France.
Fashion and Luxury Goods: This sector generate almost 150 billion (2.7% of GDP) euros every year including 33 billion export every year. This sector supports almost 1 million jobs in France. Paris is considered one of the world’s fashion capital. Louis Vuitton Moet Hennessey (LVMH), a French brand, is the largest luxury company in the world by sales, selling more than twice the amount of its nearest competitor. Moreover, France also possesses 3 of the top 10 luxury goods companies by sales (LVMH, Kering SA, Loreal), more than any other country in the world.
Transport: The French transport sector generated revenues of more than 206 billion euros. With 3,220 kilometers of high-speed train lines, France boasts the 2nd most expansive network in the world, only after China. Charles de Gaulle Airport is one of the busiest airports in the world by passenger traffic. Charles de Gaulle airport is third globally in the number of destinations served, and first in the number of countries served with non-stop flights.
Top Companies in France
|Company Name||Sector||Fortune 500 Rank|
|Total S.A.||Oil and Gas||20|
|Electricite de France||Electric Utility||110|