France Economic Forecast
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France enjoyed a rich and fruitful economy for many years. Traditionally a mixed economy with strong state controls, there has been some opening up of the economy recently, particularly as a core member of the EU. Large French companies, organizations, banks, financial institutions and insurers were partially and fully privatized by the government.
During the 2008 global financial crisis, France created and implemented essential workforce reforms, including the extension of the 35-hour work week that allows employees the opportunity to put in overtime hours.
France enjoyed a rich and fruitful economy for many years. Traditionally a mixed economy with strong state controls, there has been some opening up of the economy recently, particularly as a core member of the EU. Large French companies, organizations, banks, financial institutions and insurers were partially and fully privatized by the government.
During the 2008 global financial crisis, France created and implemented essential workforce reforms, including the extension of the 35-hour work week that allows employees the opportunity to put in overtime hours.
In an attempt to to turn the negative effects of the crisis around, the government also renounced some of its reform efforts, which ultimately led to a reduction of the GDP by 0.7 percent. With increased costs and reduced financial earnings, France still has one of the highest tax systems in all of Europe.
Key French industries include defense, public transportation, and power.
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France GDP Forecast
France has a well-developed private sector and state-sponsored segment. In 2009, France was ranked as number six for the largest exporter and number five for the largest importer of manufactured goods.
While many European countries struggled during the global financial crisis, France held its position well. At the end of 2009, French GDP was $2,675.92 billion. 2010 figures show GDP at US$ 2,555.44 billion growing only 1.565 percent until 2015 when forecast figures expect GDP to grow to US$ 2,945.20 billion, growing an average of 2 percent per year.
France Unemployment Forecast
As at 2010, France has a total population of 62.955 million, expected to grow to 64.409 million in 2015. Even though this country has a strong economy and numerous fluid sectors, the current (2010) unemployment rate stands at 9.814 percent and is expected to improve slightly by 2015 to 8.25 percent.
France Inflation Rate & Current Account Balance Forecast
France inflation rate in 2010 was 1.64 percent but declined 2.07 percent in 2011 to 1.61 percent. 2015 forecasts place France’s interest rate to increase to 1.899 percent growing gradually between 2010-2015.
France’s account balance in 2010 was US$ -45.743 billion declining 10.81 percent from 2009 and expected to decline by a slight 0.44 percent in 2011. 2015 forecasts predict a US$ -54.171 billion account balance, increasing an average of 5 percent between 2010-2015.
