França flag França: Visió econòmica i política

El context econòmic de França

Economic Indicators

France is ranked as the world’s seventh largest economic power, just behind the United Kingdom and India (WEF, 2022). After suffering one of the sharpest economic contractions among EU countries in 2020 (-8%) due to the COVID-19 pandemic, France’s economy recovered strongly in 2021 (+6.8%). However, Russia’s invasion of Ukraine and the subsequent energy crisis dampened the recovery by reducing consumers’ purchasing power, denting confidence, and exacerbating supply-side difficulties (IMF). Economic growth slowed down to 2.5% in 2022, and according to IMF forecasts, it should further decrease to 0.7% in 2023 before strengthening to 1.6% in 2024.

In 2022, after a strong economic recovery from the COVID-19 pandemic in 2021, France’s economy was hit by an energy crisis driven by Russia’s invasion of Ukraine. Despite its reliance on nuclear energy and low dependence on Russian gas, France faced a sharp slowdown in economic activity and high inflation. A strong policy response was put in place to tackle the crisis, equivalent to over 2% GDP, and including gas and electricity price freezes, cash transfers to households, a fuel price rebate, and support for enterprises (IMF). Budget deficit decreased from -5.1% GDP in 2021 to -4.5% GDP in 2022, but it is expected to remain high in 2023 (-4.8% GDP) before decreasing in 2024 (-4.3%) thanks to fiscal consolidation measures (IMF). Public debt, which is one of the highest in the Eurozone, slightly decreased from 112.6% GDP in 2021 to 111.8% GDP in 2022. However, it is expected to rise again in 2023 (112.5% GDP) and 2024 (113.5% GDP). Driven by supply chain bottlenecks and the energy price shock, inflation soared from 2.1% in 2021 to 5.8% in 2022, but remained well below the EU average, largely due to energy price controls and subsidies (IMF). It is expected to remain high in 2023 (4.6%) before declining to 2.4% in 2024 (IMF). The priorities for 2023 include tackling inflation and protecting households, minimising the rise in unemployment, accelerating ecological transition and supporting healthcare and education. The France 2030 plan aims at boosting critical innovation and investment. In addition to the risk posed by new strains of the COVID-19 virus and waning vaccine effectiveness, France faces structural challenges: high structural unemployment, weak competitiveness, and high public and private debt burdens. High unemployment rates, especially among youth, remain a growing concern for policymakers.

Unemployment rate, which peaked at 8% in 2020, declined to 7.5% in 2022 and is expected to remain around that level in 2023 (7.6%) and 2024 (7.5%) (IMF). The deployment of short-time work scheme limited large-scale employment losses but continued efforts to boost worker skills and address inefficiencies in the educational system will be key (IMF). Social mobility remains low and the employment rates of many disadvantaged groups are poor.

Main Indicators 20222023 (E)2024 (E)2025 (E)2026 (E)
GDP (billions USD) 2,780.143,049.023,183.493,316.773,438.83
GDP (Constant Prices, Annual % Change)
GDP per Capita (USD) 42,35046,31548,22350,10151,800
General Government Balance (in % of GDP) -4.2-4.3-4.1-3.6-3.5
General Government Gross Debt (in % of GDP) 111.8110.0110.5110.4110.4
Inflation Rate (%) n/a5.
Unemployment Rate (% of the Labour Force)
Current Account (billions USD) -56.77-37.51-41.19-29.57-28.16
Current Account (in % of GDP) -2.0-1.2-1.3-0.9-0.8

Source: IMF – World Economic Outlook Database, October 2021

Main Sectors of Industry

France is the largest agricultural power in the European Union, accounting for one-fourth of the EU’s total agricultural production. Nevertheless, the agricultural sector only represents a very small part of the country's GDP (1.6%) and employs 3% of the population (World Bank). French agricultural activities receive significant subsidies, especially from the European Union. Wheat, corn, meats and wine are France's main agricultural products.

France's manufacturing industry is highly diversified; however, the country is currently undergoing a de-industrialisation process, which has resulted in the outsourcing of many activities. Industry represents 16.7% of GDP and employs a fifth of the active workforce (World Bank). The key industrial sectors in France are telecommunications, electronics, automobile, aerospace and weapons.

The tertiary sector represents 70.3% of the French GDP and employs 77% of the active workforce (World Bank). France is the leading tourist destination in the world with a record of 66.6 million foreign visitors in 2022 (GlobalData). The discovery of the cultural and gastronomic heritage of France and shopping are the main activities popular with foreign tourists.
In 2022, due to the war in Ukraine, most businesses faced a surge in production costs, in addition to the pre-existing pandemic-related supply difficulties (Coface). Despite this challenging environment, the tourism sector rebounded strongly, with international revenues worth almost EUR 57 billion in 2022 (Atout France).

Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 2.5 19.5 78.0
Value Added (in % of GDP) 1.8 17.4 70.3
Value Added (Annual % Change) 1.1 -1.1 3.7

Source: World Bank, Latest Available Data. Because of rounding, the sum of the percentages may be smaller/greater than 100%.


Find more information about your business sector on our service Market Reports.


Find out all the exchange rates daily on our service Currency Converter.


Indicator of Economic Freedom


The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.}}

World Rank:
Regional Rank:

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation


Business environment ranking


The business rankings model measures the quality or attractiveness of the business environment in the 82 countries covered by The Economist Intelligence Unit’s Country Forecast reports. It examines ten separate criteria or categories, covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure.

World Rank:

Source: The Economist Intelligence Unit - Business Environment Rankings 2020-2024


Country Risk

See the country risk analysis provided by Coface.

Return to top


Return to top

Vols fer algun comentari sobre aquest contingut? Escriu-nos.


© eexpand, Tots els drets reservats.
Actualitzacions: November 2023

Return to top