Resilient growth but widening imbalances
LOW RISK for entreprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP | USD2937bn (World ranking 7, World Bank 2021) |
Population | 67.5mn (World ranking 21, World Bank 2021) |
Form of state | Semi-presidential republic |
Head of state | Emmanuel Macron (President) |
Next elections | 2027, presidential and legislative |

- Dynamic demographics
- Infrastructures (e.g., transport) and public services are of high quality
- Many international corporate giants and a growing presence of technological start-ups (‘French tech’)
- Diversified economy
- Tourism revenues
- Quality education system

- Dual labour market: Insiders vs. outsiders, leading to structurally high unemployment rate
- Low employment rate among youth and seniors
- Growing inequalities in spite of costly redistribution
- Rapid deindustrialisation and low competitiveness of manufacturing firms
- Lack of large SMEs that can bear the sunk costs associated with innovation and exports
- Rent-based economy (e.g., retail distribution, taxis)
- Elevated level of public spending and questionable efficiency
Trade structure by destination/origin
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Germany
14.0%
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1 |
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Italy
7.9%
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2 |
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Belgium
7.6%
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3 |
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Spain
7.4%
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4 |
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United States of America
7.0%
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5 |
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Trade structure by product
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Road vehicles
8.3%
|
1 |
10.2%
Road vehicles
|
Medicinal and pharmaceutical products
6.8%
|
2 |
6.4%
Petroleum, petroleum products and related materials
|
Electrical machinery, apparatus and appliances, n.e.s.
6.1%
|
3 |
6.0%
Electrical machinery, apparatus and appliances, n.e.s.
|
Other transport equipment
5.9%
|
4 |
5.1%
Medicinal and pharmaceutical products
|
Miscellaneous manufactured articles, n.e.s.
4.3%
|
5 |
4.8%
Miscellaneous manufactured articles, n.e.s.
|
LATEST NEWS ABOUT FRANCE
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Everything everywhere all at once
29 March
Negative confidence effects from the near-death experience in the US banking sector and the unresolved energy situation in Europe will shape the rest of the year.
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Swiss shotgun wedding – What’s next?
24 March
What to watch: US Fed's interest rate path, France's political & social crisis, EU electricity markets
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Centrifugal emerging markets
23 March
While the global financial system remains dominated by advanced economies (and anchored to the US monetary regime), it will be increasingly shaped by faster-growing emerging market economies.
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