[PDF] france economy 2020

How much did the French economy shrink in 2020?

The French economy contracted by a relatively modest 1.3 percent in the last three months of 2020. The government for its part had estimated the economy would shrink by a much worse 11 percent for the year.

What type of economy does France have?

The economy of France is a highly developed social market economy with notable state participation in strategic sectors. It is the world's seventh-largest economy by nominal GDP and the ninth-largest economy by PPP, constituting around 4% of world GDP.

Why is France a diversified economy?

Tourism, manufacturing, and pharmaceuticals lead France’s diversified economy. The government has partially or fully privatized many large companies but maintains a strong presence in such sectors as power, public transport, and defense. The overall rule of law is well respected in France.

Is the French economy in a recession?

The French economy grew 1.5 percent in 2019, putting it among the best performers in Europe, but the downturn last year marks its worst recession since World War II. The French economy plunged into a deep recession last year as the coronavirus pandemic slashed total output by 8.3 percent, official figures showed Friday.