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Economy and Banking Sector of France

National Currency

Euro (EUR)

France joined the Euro Area on 1 January 1999.

GDP

Nominal GDP (2019)
2,425.7 bln EUR  (+0.03%)
Nominal GDP per Capita (2019)
36,160 EUR  (+0.03%)
Real GDP Growth (2019)
1.5 % (unchanged)

According to Eurostat, nominal GDP of France in 2019 was 2,425.7 bln EUR.

France underperforms the European Union in terms of real GDP growth with the average annual differential coming to -0.3% over the past 10 years (2009 - 2019). In 2019 real GDP growth was 1.5% which was above the Euro Area average (1.2%) and equal to the European Union average (1.5%). Real GDP growth in 2020 - 2024 are IMF's estimates.

Real GDP Growth in France.

Chart 1. Real GDP Growth in France. Source: Eurostat, International Monetary Fund.

In 2019, nominal GDP per capita in France was 36,160 EUR.

France has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 4.5% over the past 10 years (2008 - 2018). GDP per capita at PPP in 2019 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  France; European Union = 100.

Chart 2. GDP Per Capita at Purchasing Power Parity in France; European Union = 100.

Inflation Rate

CPI, MoM (May 2020)
0.0 % (unchanged)
CPI, YoY (May 2020)
0.2 %  (Apr 2020: 0.4 %)
CPI, Year Average (2019)
1.3 %  (2018: 2.1 %)

According to Eurostat, inflation rate in France in 2019 expressed as annual percentages of average consumer prices was 1.3% which was above the Euro Area average (1.2%) and below the European Union average (1.5%). Inflation rates in 2020 - 2024 are IMF's estimates.

Inflation Rate in France.

Chart 3. Inflation Rate in France. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2019)
8.5 %  (2018: 9.1 %)

According to Eurostat, unemployment rate in France in 2019 was 8.5% which was above the Euro Area average (7.6%) and above the European Union average (6.3%). Unemployment rates in 2020 - 2024 are IMF's estimates.

Unemployment Rate in France.

Chart 4. Unemployment Rate in France. Source: Eurostat, International Monetary Fund.

Government Bond Yield

Government Bond Yield (Apr 2020)
0.06 %  (Mar 2020: -0.06 %)

According to Eurostat, government bond yield in France in April 2020 was 0.06%, compared to -0.06% in March 2020.

Government bond yield of France.

Chart 5. Government bond yield of France. Source: Eurostat.

Credit Ratings (as of Jul 2020)

Fitch
AA- (very high credit quality), outlook negative
Moody's
Aa2 (high grade), outlook stable
Scope
AA (high grade), outlook stable

France has sovereign credit ratings assigned by American credit rating agencies Fitch and Moody's: the rating set by Fitch is AA- (very high credit quality), outlook negative; the rating set by Moody's is Aa2 (high grade), outlook stable. Scope Ratings, the European rating agency, rated France as AA (high grade), outlook stable.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for July 2020.