France
Resilient growth but widening imbalances
Last update – April 2022
Country rating

LOW RISK FOR ENTERPRISE
Economic risk
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 |
Strengths & weaknesses

- 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
Economic overview
Trade structure by destination/origin
(% of total, 2021)
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Exports | Rank | Imports | ||
Germany 14.0% |
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1 |
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16.8% Germany |
Italy 7.9% |
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2 |
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10.7% Belgium |
Belgium 7.6% |
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3 |
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8.9% Netherlands |
Spain 7.4% |
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4 |
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8.3% Italy |
United States 7.0% |
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5 |
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7.8% Spain |
Trade structure by product
(% of total, 2021)
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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. |
Contact
Maxime Darmet
Allianz Trade
Allianz Trade