Resilient growth but widening imbalances

Last update – April 2022
Business environment risk
Political risk
Commercial risk
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

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  Exports Rank Imports  
Germany 14.0% 1 16.8% Germany
Italy 7.9% 2 10.7% Belgium
Belgium 7.6% 3 8.9% Netherlands
Spain 7.4% 4 8.3% Italy
United States 7.0% 5 7.8% Spain

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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.
Maxime Darmet
Allianz Trade