As of 2019, French government debt reached €2,331 billion an equivalent of 99.2% of French GDP. Accessed March 22, 2020. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. France Government Budget Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). Apart from Paris being the financial capital, France has a technology hub city called Sophia Antipolis which serves as the central technology point for the economy of France. Purchases went up for investment (10.6 percent) and intermediate (5.7 percent) but stalled for consumption. "Annual Report: The French balance of payments and international investment position," Page S1. CZK is the abbreviation for the Czech Republic's currency, the koruna. Accessed March 22, 2020. In 2017, the biggest trade deficits were recorded with: China & Hong Kong, Germany, the Netherlands, Italy and Belgium; while the biggest trade surpluses were recorded with: the Middle East, the UK, Africa and Switzerland. The American Business School of Paris. Tourism contributes widely to the financial capital of France. The customs service said that, overall, exports to and imports from other … Imports increased 4.9 percent to EUR 42.5 billion and are at 90% of their 2019 average level. The unemployment rate in France, though improving in recent quarters, remains stubbornly high. Since 2005, France has maintained a current account deficit, predominantly driven by trade in goods. Previously, France had used French francs as its currency. France invests heavily in agriculture and the country is ranked sixth among European countries for agricultural produce. Analysts say that this reflects mainly a fall of the competitive position of French industry and services, largely because France does not have enough medium-sized companies exporting high quality and specialist products. Accessed March 22, 2020. The bank forecast growth easing to 1.1% in 2020 before strengthening in 2021 and 2022., The bank said a deterioration in the global economy could weigh on growth, although strong domestic demand would provide support. Accessed March 22, 2020. However, France paid more for energy, which put pressure on the current account., In 2013, France introduced the Competitiveness and Employment Tax Credit (CICE) to lower labor costs and help French firms become more competitive. Party and is the youngest president since the establishment of the Fifth Republic. The country's economy is diversified, and the leading industries are tourism, manufacturing, and pharmaceuticals. France’s main economic challenges in 2019 are to tackle its high rate of unemployment, increase competitiveness, and combat sluggish growth.
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