The economy of France is a highly developed, market-oriented economy. It is the world’s seventh-largest economy by 2022 nominal figures (USD 2.77 trillion GDP) and the tenth-largest economy by PPP. It is the 3rd largest economy in Europe, after Germany’s and the United Kingdom’s economies.
France has a diversified economy, dominated by the service sector (which in 2021 represented 70.16% of its GDP), whilst the industrial sector accounted for 16.78% of its GDP. The primary sector accounted for the remaining 1.63%.
In 2020, France was the largest Foreign Direct Investment recipient in Europe and Europe’s second-largest spender in Research and development.
It was ranked among the 10 most innovative countries in the world by the 2020 Bloomberg Innovation Index, as well as the 15th most competitive nation globally, according to the 2019 Global Competitiveness Report, and is the fifth-largest trading nation in the world (second in Europe after Germany). France is also the most visited destination in the world and the European Union’s leading agricultural power.
Paris is a leading global city with one of the world’s largest city GDPs. It ranks as the first city in Europe (and 3rd worldwide) by the number of companies classified in Fortune’s Fortune Global 500. Paris produced €738 billion (or US$882 billion at market exchange rates) or around 1/3 of the economy of France in 2018, while the economy of the Paris metropolitan area — the largest in Europe with London—generates about 1/3 of France’s GDP or around $1.0 trillion.
Paris was ranked as the 2nd most attractive global city in the world in 2019 by KPMG. La Défense, Paris’s Central Business District, was ranked by Ernst & Young in 2017 as the leading business district in continental Europe and fourth in the world. The OECD is headquartered in Paris, the nation’s financial capital. The other major economic centres of the country include Lyon, Toulouse (the centre of the European aerospace industry), Marseille and Lille.
In France, SMEs in the ‘non-financial business economy’ generate 55.8% of value-added and 64.1% of employment, which is roughly on par with the respective EU averages of 56.4% and 66.6%. Micro-firms create more employment (at 31.5%) and contribute more to value added (at 24.1%) than the average for EU micro-firms.
French SMEs are also more productive than the EU average. Value added per person employed is 21.2% higher in France, at €54,000 against the EU average of €44,600.
SMEs in France employ an average of 3.4 people, slightly fewer than the EU average of 3.9.
France (French Republic)
CET (UTC+1 /+2 with DST)
1 January – 31 December (calendar year)
National Minimum Wage (2023):
EUR 1,709.28 gross/month (EUR 1,353.07 net/month), or EUR 11.27/hour gross (EUR 8.92/hour net)
Taxpayer Identification Number (TIN):
French TIN (numéro fiscal de référence), SIREN number (for businesses), and National Registration Number (INSEE code or the Social Security number).
Main trading partners (2021):
Exports partners: Germany, Italy, Belgium, Spain and the United States of America (44.9% of total exports of France in 2021).
Import partners: Germany (16%), China (9%), Italy (8%), Belgium (7%), the US (6%), Spain (6%), the UK (5%) and the Netherlands (5%).