Markets Actual Q1 Q2 Q3 Q4 2021
Currency 1.10 1.1 1.1 1.09 1.09 1.08
Stock Market (points) 5341.40 5238 5180 5124 5067 4954
Government Bond 10Y (%) -0.24 0.02 0.05 0.08 0.11 0.18

Overview Actual Q1 Q2 Q3 Q4 2021
GDP Growth Rate (%) -0.10 0.3 0.4 0.3 0.4 0.4
GDP Annual Growth Rate (%) 0.80 1.2 1.1 1.2 1.2 1.3
Unemployment Rate (%) 8.10 7.8 8 7.6 7.2 6.8
Inflation Rate (%) 1.40 1.4 1.3 1.1 1.2 1.4
Inflation Rate Mom (%) 0.00 0.4 0.3 -0.2 0.4 0.4
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -4053.00 -4000 -4300 -3700 -3350 -2650
Current Account (EUR Million) -596.00 -2600 -2400 -1200 -550 -780
Current Account to GDP (%) -0.60 -0.6 -0.6 -0.6 -0.6 -0.3
Government Debt to GDP (%) 98.40 98.5 98.5 98.5 98.5 98.9
Government Budget (% of GDP) -2.50 -2.2 -2.2 -2.2 -2.2 -2.4
Business Confidence (points) 102.00 101 104 105 105 107
Manufacturing PMI (points) 49.70 52.5 52.9 52.7 53.6 54
Services PMI (points) 52.60 52.7 53.4 53.2 54 54.5
Consumer Confidence (points) 104.00 99 95 97 99 101
Retail Sales MoM (%) -1.40 0.4 -0.4 0.6 0.4 0.4
Corporate Tax Rate (%) 33.30 33.3 33.3 33.3 33.3 33.3
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q1 Q2 Q3 Q4 2021
GDP Growth Rate (%) -0.10 0.3 0.4 0.3 0.4 0.4
GDP Annual Growth Rate (%) 0.80 1.2 1.1 1.2 1.2 1.3
GDP (USD Billion) 2777.54 2920 2920 2920 2920 3020
GDP Constant Prices (EUR Million) 579862.00 583674 585212 587311 586820 594449
Gross Fixed Capital Formation (EUR Million) 137425.00 135136 136712 138663 139074 140882
GDP per capita (USD) 43663.60 44800 44800 44800 44800 45400
GDP per capita PPP (USD) 39555.50 40400 40400 40400 40400 40400
GDP From Agriculture (EUR Million) 8234.00 8331 8327 8315 8333 8441
GDP From Construction (EUR Million) 28476.00 28529 28699 28922 28818 29192
GDP From Manufacturing (EUR Million) 56129.00 58044 57807 57546 56803 57541
GDP From Services (EUR Million) 298066.00 298627 299806 301205 301643 305564
GDP From Transport (EUR Million) 22961.00 23015 23343 23466 23237 23539
GDP From Utilities (EUR Million) 11771.00 12142 12160 12202 11912 12067

Labour Actual Q1 Q2 Q3 Q4 2021
Unemployment Rate (%) 8.10 7.8 8 7.6 7.2 6.8
Unemployed Persons (Thousand) 3264.80 3270 3332 3310 3290 3250
Employment Rate (%) 65.90 66.2 66.3 66.5 66.6 66.8
Long Term Unemployment Rate (%) 3.20 2.9 3.1 2.7 2.3 2.3
Youth Unemployment Rate (%) 18.80 18.5 18.7 18.3 17.9 17.9
Labour Costs (points) 102.60 103 103 103 103 104
Wages (EUR/Month) 2988.00 3009 3000 3003 3003 3015
Wages in Manufacturing (points) 103.90 104 104 104 104 105
Minimum Wages (EUR/Month) 1521.22 1650 1650 1650 1650 1740
Wage Growth (%) 0.30 0.7 0.4 0.5 0.5 0.4
Population (Million) 67.19 67.67 67.67 67.67 67.67 67.91
Retirement Age Women 62.00 62 62 62 62 62
Retirement Age Men 62.00 62 62 62 62 62
Initial Jobless Claims (Thousand) -28.10 20.5 -8.6 -30 -6 -10
Labor Force Participation Rate (%) 71.80 72.6 72.7 72.8 72.8 73
Manufacturing Payrolls (Thousand) 2784.20 2790 2800 2810 2820 2850
Living Wage Family (EUR/Month) 1790.00 1803 1797 1799 1799 1806
Living Wage Individual (EUR/Month) 1080.00 1088 1084 1085 1085 1090
Non Farm Payrolls (Thousand) 25444.40 25450 25500 25560 25640 25750
Nonfarm Payrolls Private (Thousand) 19623.60 19690 19720 19750 19790 19850
Employment Change (%) 0.20 0.3 0.4 0.3 0.5 0.3
Government Payrolls (Thousand) 5820.80 5750 5780 5810 5850 5900
Wages Low Skilled (EUR/Month) 1610.00 1621 1616 1618 1618 1625
Wages High Skilled (EUR/Month) 3120.00 3142 3132 3136 3136 3148

Prices Actual Q1 Q2 Q3 Q4 2021
Inflation Rate (%) 1.40 1.4 1.3 1.1 1.2 1.4
Inflation Rate Mom (%) 0.00 0.4 0.3 -0.2 0.4 0.4
Consumer Price Index CPI (points) 104.55 105 106 106 106 108
Harmonised Consumer Prices (points) 105.28 106 107 106 108 110
Core Consumer Prices (points) 103.41 103 104 104 104 106
Core Inflation Rate (%) 0.90 0.9 1 1.2 1.4 1.6
Producer Prices (points) 103.90 107 103 104 108 111
Producer Prices Change (%) 0.20 0.7 0.6 1 1.4 1.7
Food Inflation (%) 1.80 2.2 2.1 1.9 2.5 2.4
CPI Housing Utilities (points) 106.34 107 107 107 107 109
CPI Transportation (points) 107.71 108 109 108 110 112

Money Actual Q1 Q2 Q3 Q4 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.39 -0.4 -0.4 -0.4 -0.4 -0.4
Banks Balance Sheet (EUR Million) 9317598.00 9820000 9860000 9910000 9950000 10570000
Loans to Private Sector (EUR Million) 2596517.00 2541051 2566527 2621110 2627691 2661851
Loan Growth (%) 5.42 3.6 3.2 3 2.7 2.7
Private Debt to GDP (%) 266.47 240 240 240 240 236
Central Bank Balance Sheet (EUR Million) 1147452.00 1320000 1380000 1420000 1460000 1590000

Trade Actual Q1 Q2 Q3 Q4 2021
Balance of Trade (EUR Million) -4053.00 -4000 -4300 -3700 -3350 -2650
Current Account (EUR Million) -596.00 -2600 -2400 -1200 -550 -780
Current Account to GDP (%) -0.60 -0.6 -0.6 -0.6 -0.6 -0.3
Imports (EUR Million) 45956.00 49100 49680 49990 50500 52500
Exports (EUR Million) 41903.00 45150 45420 46250 47150 49850
External Debt (EUR Million) 5916444.00 5180000 5180000 5210000 5253000 5323000
Foreign Direct Investment (EUR Million) 4573.00 3440 1980 3220 4330 3620
Remittances (EUR Million) 72.00 45 45 45 45 45
Tourism Revenues (EUR Million) 3746.00 4050 5190 4910 2750 2890
Tourist Arrivals (Thousand) 89300.00 80200 80200 80200 80200 84500

Government Actual Q1 Q2 Q3 Q4 2021
Government Debt to GDP (%) 98.40 98.5 98.5 98.5 98.5 98.9
Government Budget (% of GDP) -2.50 -2.2 -2.2 -2.2 -2.2 -2.4
Government Budget Value (EUR Billion) -92.84 -32 -76 -95 -62 -65
Government Spending (EUR Million) 138693.00 138319 138781 139654 140357 142182
Government Spending to GDP (%) 56.00 54.4 54.4 54.4 54.4 51.5
Government Revenues (EUR Billion) 301.07 72 151 219 324 330
Government Debt (EUR Billion) 2415.10 2440 2450 2460 2470 2510
Fiscal Expenditure (EUR Billion) 397.98 104 227 314 412 418

Taxes Actual Q1 Q2 Q3 Q4 2021
Corporate Tax Rate (%) 33.30 33.3 33.3 33.3 33.3 33.3
Personal Income Tax Rate (%) 45.00 45 45 45 45 45
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate (%) 59.20 59.2 59.2 59.2 59.2 59.2
Social Security Rate For Companies (%) 45.00 45 45 45 45 45
Social Security Rate For Employees (%) 14.20 14.2 14.2 14.2 14.2 14.2

Business Actual Q1 Q2 Q3 Q4 2021
Business Confidence (points) 102.00 101 104 105 105 107
Manufacturing PMI (points) 49.70 52.5 52.9 52.7 53.6 54
Services PMI (points) 52.60 52.7 53.4 53.2 54 54.5
Composite Pmi (points) 51.90 52.6 53.2 53 53.8 54.2
Industrial Production (%) -3.00 0.6 1.1 0.9 1.4 1.7
Industrial Production Mom (%) -2.80 -0.8 -0.4 0.3 0.4 0.5
Manufacturing Production (%) -3.20 0.4 0.8 0.9 1.1 1.5
New Orders (points) -8.20 -8 -8 -10 -10 -10
Zew Economic Sentiment Index 1.10 -17 -14 -10 -6 -2
Car Registrations 154366.00 179100 178400 159100 164400 168200
Mining Production (%) -4.40 0.5 1.1 1.6 1.5 1.2
Changes In Inventories (EUR Million) 287.00 4500 6200 6800 4500 3800

Consumer Actual Q1 Q2 Q3 Q4 2021
Consumer Confidence (points) 104.00 99 95 97 99 101
Retail Sales MoM (%) -1.40 0.4 -0.4 0.6 0.4 0.4
Retail Sales YoY (%) 2.50 3 2.6 2.5 2.2 2.5
Consumer Spending (EUR Million) 313710.00 314512 315067 316691 317475 321602
Disposable Personal Income (EUR Million) 367412.00 368321 368669 371821 371821 376655
Personal Savings (%) 14.78 15.2 15.5 15.9 15.4 15.4
Households Debt To GDP (% of GDP) 60.60 59 59 59 59 57
Households Debt To Income (%) 95.88 83.5 83.5 83.5 83.5 83.5
Personal Spending (%) -1.10 -0.4 -0.2 0.6 0.4 0.5
Bank Lending Rate (%) 1.69 1.74 1.74 1.74 1.74 1.74
Consumer Credit (EUR Million) 1483536.00 1428460 1450058 1476324 1490518 1509895
Gasoline Prices (USD/Liter) 1.68 1.26 1.29 1.32 1.37 1.37

Housing Actual Q1 Q2 Q3 Q4 2021
Construction Output (%) 1.60 1.9 2 1.5 1.7 1.7
Housing Index (points) 112.27 110 111 111 112 112
Housing Starts (units) 47300.00 36800 32900 32900 36200 38400
Home Ownership Rate (%) 65.10 63 63 63 63 62.8
New Home Sales (Units) 34601.00 28500 32200 26500 34200 40200
Construction Pmi (points) 50.40 51.9 51.8 52 52.5 52.5
Building Permits 44800.00 38200 41900 49100 38100 42100


This page has economic forecasts for France including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the France economy.