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French Economy

France has the eighth largest economy in the world with purchasing power parity at $2,067 trillion. Three quarters of France’s population lives in urban areas, most of them in Paris, Lille, Aix-en Provence or Lyon. Life expectancy in France is 79 years, one of the highest out of all the countries in the world.

In the last twenty years there have been introduced reforms and measures of privatization into France’s governance system. Nowadays the state has a smaller role in the economy than it did in the past. In spite of privatization, the government still has power over a big part of France’s economic activity. France’s economy was planned in such a way as to be a support for international trade.

France is a modern industrialized nation with a various industrial branches. The most important industrial sectors are naval and specialist shipbuilding, telecommunications, chemicals, automobile and aerospace production, pharmaceutics, civil engineering and construction. France also leans upon the nuclear power development that produces more than three quarters of France’s production of electricity. France does not produce oil domestically, thus nuclear power is very important.

Agriculture and food-related industries account for a big part of economic activity. Manufacturing is powerful in sectors like pharmaceutics, aerospace, transport and motor vehicles. Five percent of GDP is covered by the sector of construction.

France is the most important agricultural producer in the EU, covering more than thirty percent. Wheat farms are spread in the north of France, while the west of the country exports beef, poultry, pork, dairy products and wheat. France’s second largest exporter is the United States. The subsidies from the European Union cover €11 billion and give France many advantages in terms of competing. Thus France opposes cutbacks of subsidies.

After the United Kingdom and Germany, France is the next largest trading country in Europe. France exports weapons all over the world, being the world’s third largest weapon provider. Guns, warships and other equipment are built for the French Government. However, France also exports weapons to Greece, Pakistan, Singapore, the United Arab Emirates and Taiwan. Towards the US, France exports engines, electrical equipment, cosmetics, chemicals, beverages, plastics, steel, iron, petroleum, perfume and other luxurious products. France is famous world wide for its production of fine wines and cheese.

About the Author

I have studied economics for years and love to write about economic trends and conditions. I write for www.economywatch.com and www.economypedia.com.

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