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Economy of France

France has the world's sixth-largest economy by nominal figures and the ninth largest economy by PPP figures. It has the third-largest economy in Europe with Germany and the UK in 1st and 2nd. The OECD is headquartered in Paris, the nation's financial capital.

The chemical industry is a key sector for France, helping to develop other manufacturing activities and contributing to economic growth. France's tourism industry is a major component of the economy, as France is the most visited destination in the world. Sophia Antipolis is the major technology hub for the economy of France. In 2010, Credit Suisse's Global Wealth Report ranked France the wealthiest European country with 2.6 million dollar-millionaires, and the world's 4th wealthiest nation in aggregate household wealth. According to the IMF, in 2013, France was the world's 20th country by GDP per capita with $44,099 per inhabitant. In 2013, France was listed on the United Nations's Human Development Index with 0.884 (very high human development) and 25th on the Corruption Perceptions Index.

France's economy entered the recession of the late 2000s later and appeared to leave it earlier than most affected economies, only enduring four-quarters of contraction. However, France experienced stagnant growth between 2012 and 2014, with the economy expanding by 0% in 2012, 0.8% in 2013 and 0.2% in 2014, though growth picked up in 2015 with a growth of 1.2% and a forecasted growth of 1.5% for 2016, and 1.7% for 2017.The highest since 2011 (2.1%).

Economic Sectors

Industry

The leading industrial sectors in France are telecommunications (including communication satellites), aerospace and defence, ship building (naval and specialist ships), pharmaceuticals, construction and civil engineering, chemicals, textiles, and automobile production.

Research and development spending is also high in France at 2.26% of GDP, the fourth-highest in the OECD.

Agriculture

France is the world's sixth largest agricultural producer and EU's leading agricultural power, accounting for about one-third of all agricultural land within the EU.US agricultural exports to France, totalling some $600 million annually, consist primarily of soybeans and soybean products, feeds and fodders, seafood, and consumer products, especially snack foods and nuts. French exports to the United States are much more high-value products such as its cheese, processed products and its wine.

Tourism

France is the most popular tourist destination with more than 83.7 million foreign tourists in 2014, ahead of Spain (58.5 million in 2006) and the United States (51.1 million in 2006).

Weapons industry

The French arms industry's main customer, for whom they mainly build warships, guns, nuclear weapons and equipment, is the French government.

Record high defence expenditure (currently at 35 billion), which was considerably increased under the government of Prime Minister Jean-Pierre Raffarin , goes largely to the French arms industries.

France is also the fourth largest weapons exporter in the world.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of France"

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