France: Statistical Appendix

International Monetary Fund

doi:10.5089/9781451813562.002.A001

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France

Statistical Appendix

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International Monetary Fund

International Monetary Fund
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Publication Date:: 07 Jan 1999

eISBN:: 9781451813562

Language:: English

Keywords:: ISCR; CR; France; enterprise sector; net property income; net financing capacity; interest expenditure

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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Abstract

Table 1.

France: Macroeconomic Performance in Comparison with Germany and G-7 Countries

(Annual growth rates, in percent)

Sources: INSEE, Rapport sur Les Comptes de la Nation; and International Monetary Fund,. World Economic Outlook.

^{^1/}Consumer prices.

^{^2/}In percent of the labor force.

^{^3/}In percent of GDP.

^{^4/}Average of 1977-80 instead of 1971-80.

Table 1.

France: Macroeconomic Performance in Comparison with Germany and G-7 Countries

(Annual growth rates, in percent)

			Averages
			1971-80	1981-90	1994	1995	1996	1997
Real GDP
	France		3.3	2.4	2.8	2.1	1.6	2.3
	Germany		2.7	2.3	2.7	1.8	1.4	2.2
	G-7		3.3	2.9	2.8	2.2	2.8	2.9
Real total domestic demand
	France		3.1	2.5	3.0	1.8	0.9	0.9
	Germany		2.7	1.8	2.7	2.0	0.8	1.2
	G-7		2.9	3.0	3.0	1.9	2.6	3.0
Inflation ^1/
	France		9.7	6.4	1.7	1.8	2.0	1.2
	Germany		5.1	2.6	2.7	1.8	1.5	1.8
	G-7		8.7	4.8	2.2	2.3	2.2	2.0
Employment
	France		0.5	0.3	-0.1	1.1	0.0	0.8
	Germany		0.2	0.5	-0.7	-0.4	-1.3	-1.4
	G-7		1.3	1.2	1.0	0.8	0.7	1.3
Unemployment rate ^2/
	France		4.2	9.3	12.3	11.6	12.4	12.5
	Germany		2.7	7.3	9.6	9.4	10.4	11.5
	G-7		4.5	6.9	7.2	6.8	6.9	6.7
Current account including
	official transfers ^3/
		France	-0.3	-0.6	0.6	0.7	1.3	2.8
		Germany	0.6	2.6	-1.0	-0.9	-0.6	-0.0
		G-7	0.0	-0.5	-0.1	-0.0	-0.1	0.0
General government
	overall balance ^3/
		France	-0.5	-2.3	-5.7	-4.9	-4.1	-3.0
		Germany	-2.0	-2.0	-2.4	-3.3	-3.4	-2.7
		G-7 ^4/	-2.1	-2.9	-3.5	-3.4	-2.8	-1.4

Sources: INSEE, Rapport sur Les Comptes de la Nation; and International Monetary Fund,. World Economic Outlook.

^{^1/}Consumer prices.

^{^2/}In percent of the labor force.

^{^3/}In percent of GDP.

^{^4/}Average of 1977-80 instead of 1971-80.

Table 1.

France: Macroeconomic Performance in Comparison with Germany and G-7 Countries

(Annual growth rates, in percent)

			Averages
			1971-80	1981-90	1994	1995	1996	1997
Real GDP
	France		3.3	2.4	2.8	2.1	1.6	2.3
	Germany		2.7	2.3	2.7	1.8	1.4	2.2
	G-7		3.3	2.9	2.8	2.2	2.8	2.9
Real total domestic demand
	France		3.1	2.5	3.0	1.8	0.9	0.9
	Germany		2.7	1.8	2.7	2.0	0.8	1.2
	G-7		2.9	3.0	3.0	1.9	2.6	3.0
Inflation ^1/
	France		9.7	6.4	1.7	1.8	2.0	1.2
	Germany		5.1	2.6	2.7	1.8	1.5	1.8
	G-7		8.7	4.8	2.2	2.3	2.2	2.0
Employment
	France		0.5	0.3	-0.1	1.1	0.0	0.8
	Germany		0.2	0.5	-0.7	-0.4	-1.3	-1.4
	G-7		1.3	1.2	1.0	0.8	0.7	1.3
Unemployment rate ^2/
	France		4.2	9.3	12.3	11.6	12.4	12.5
	Germany		2.7	7.3	9.6	9.4	10.4	11.5
	G-7		4.5	6.9	7.2	6.8	6.9	6.7
Current account including
	official transfers ^3/
		France	-0.3	-0.6	0.6	0.7	1.3	2.8
		Germany	0.6	2.6	-1.0	-0.9	-0.6	-0.0
		G-7	0.0	-0.5	-0.1	-0.0	-0.1	0.0
General government
	overall balance ^3/
		France	-0.5	-2.3	-5.7	-4.9	-4.1	-3.0
		Germany	-2.0	-2.0	-2.4	-3.3	-3.4	-2.7
		G-7 ^4/	-2.1	-2.9	-3.5	-3.4	-2.8	-1.4

Sources: INSEE, Rapport sur Les Comptes de la Nation; and International Monetary Fund,. World Economic Outlook.

^{^1/}Consumer prices.

^{^2/}In percent of the labor force.

^{^3/}In percent of GDP.

^{^4/}Average of 1977-80 instead of 1971-80.

Table 2.

France: Aggregate Demand ^1/

Source: INSEE, Quarterly National Accounts.

^{^1/}Constant 1980 prices; data are based on quarterly national accounts. Quarterly changes are relative to the same period of the previous year.

^{^2/}Households only.

^{^3/}Contribution to growth.

Table 2.

France: Aggregate Demand ^1/

				1990	1991	1992	1993	1994	1995	1996	1997	98Q1	98Q2
						(Changes in percent in constant prices)
Private consumption ^2/				2.7	1.4	1.4	0.2	1.4	1.7	2.0	0.9	3.1	3.8
Public consumption				2.1	2.8	3.4	3.4	1.1	-0.0	2.6	1.2	0.8	1.0
Gross fixed investment				2.8	0.0	-2.8	-6.7	1.3	2.5	-0.5	0.4	3.6	3.7
	Government			0.7	5.4	3.9	-0.4	-0.4	-0.4	-7.5	0.2	2.0	0.2
	Non - government
		Residential		0.3	-4.1	-4.5	-7.8	2.0	2.3	-1.0	-0.6	0.4	3.4
		Non-residential		4.7	0.4	-4.0	-8.2	1.5	3.5	2.0	0.9	5.3	4.9
Stockbuilding ^3/				0.2	-0.7	-0.6	-1.5	1.7	0.3	-0.7	0.1	0.6	0.4
			Final domestic demand	2.6	1.3	0.8	-0.7	1.3	1.5	1.6	0.9	2.8	3.2
			Total domestic demand	2.8	0.6	0.2	-2.2	3.0	1.8	0.9	0.9	3.4	3.6
Exports of goods and
	nonfactor services			5.4	4.1	4.9	-0.4	6.0	6.3	5.2	12.2	11.7	5.0
Imports of goods and
	nonfactor services			6.1	3.0	1.2	-3.5	6.7	5.1	3.0	7.8	12.1	7.4
			Foreign balance ^3/	-0.3	0.2	0.9	0.9	-0.2	0.3	0.6	1.4	0.1	-0.6
GDP				2.5	0.8	1.2	-1.3	2.8	2.1	1.6	2.3	3.4	2.9

Source: INSEE, Quarterly National Accounts.

^{^1/}Constant 1980 prices; data are based on quarterly national accounts. Quarterly changes are relative to the same period of the previous year.

^{^2/}Households only.

^{^3/}Contribution to growth.

Table 2.

France: Aggregate Demand ^1/

				1990	1991	1992	1993	1994	1995	1996	1997	98Q1	98Q2
						(Changes in percent in constant prices)
Private consumption ^2/				2.7	1.4	1.4	0.2	1.4	1.7	2.0	0.9	3.1	3.8
Public consumption				2.1	2.8	3.4	3.4	1.1	-0.0	2.6	1.2	0.8	1.0
Gross fixed investment				2.8	0.0	-2.8	-6.7	1.3	2.5	-0.5	0.4	3.6	3.7
	Government			0.7	5.4	3.9	-0.4	-0.4	-0.4	-7.5	0.2	2.0	0.2
	Non - government
		Residential		0.3	-4.1	-4.5	-7.8	2.0	2.3	-1.0	-0.6	0.4	3.4
		Non-residential		4.7	0.4	-4.0	-8.2	1.5	3.5	2.0	0.9	5.3	4.9
Stockbuilding ^3/				0.2	-0.7	-0.6	-1.5	1.7	0.3	-0.7	0.1	0.6	0.4
			Final domestic demand	2.6	1.3	0.8	-0.7	1.3	1.5	1.6	0.9	2.8	3.2
			Total domestic demand	2.8	0.6	0.2	-2.2	3.0	1.8	0.9	0.9	3.4	3.6
Exports of goods and
	nonfactor services			5.4	4.1	4.9	-0.4	6.0	6.3	5.2	12.2	11.7	5.0
Imports of goods and
	nonfactor services			6.1	3.0	1.2	-3.5	6.7	5.1	3.0	7.8	12.1	7.4
			Foreign balance ^3/	-0.3	0.2	0.9	0.9	-0.2	0.3	0.6	1.4	0.1	-0.6
GDP				2.5	0.8	1.2	-1.3	2.8	2.1	1.6	2.3	3.4	2.9

Source: INSEE, Quarterly National Accounts.

^{^1/}Constant 1980 prices; data are based on quarterly national accounts. Quarterly changes are relative to the same period of the previous year.

^{^2/}Households only.

^{^3/}Contribution to growth.

Table 3.

France: Contributions to GDP Growth

(Percentage contributions to the growth of GDP at 1980 prices) ^1/

Source: INSEE, Quarterly National Accounts.

^{^1/}Data are based on quarterly national accounts.

^{^2/}Households only.

Table 3.

France: Contributions to GDP Growth

(Percentage contributions to the growth of GDP at 1980 prices) ^1/

				1992	1993	1994	1995	1996	1997
Private consumption ^2/				0.8	0.1	0.8	1.0	1.2	0.5
Public consumption				0.6	0.6	0.2	-0.0	0.5	0.2
Gross fixed investment				-0.6	-1.4	0.3	0.5	-0.1	0.1
	Government			0.1	-0.0	-0.0	-0.0	-0.3	0.0
	Non-government
		Residential		-0.3	-0.4	0.1	0.1	-0.1	-0.0
		Non-residential		-0.5	-1.0	0.2	0.4	0.2	0.1
			Final domestic demand	0.8	-0.7	1.3	1.5	1.6	0.9
Stockbuilding				-0.6	-1.5	1.7	0.3	-0.7	0.1
			Total domestic demand	0.2	-2.2	3.0	1.8	0.9	0.9
Exports of goods and services				1.3	-0.1	1.6	1.8	1.5	3.7
Imports of goods and services				0.3	-1.0	1.8	1.4	0.9	2.3
			Foreign balance	0.9	0.9	-0.2	0.3	0.6	1.4
GDP				1.2	-1.3	2.8	2.1	1.6	2.3

Source: INSEE, Quarterly National Accounts.

^{^1/}Data are based on quarterly national accounts.

^{^2/}Households only.

Table 3.

France: Contributions to GDP Growth

(Percentage contributions to the growth of GDP at 1980 prices) ^1/

				1992	1993	1994	1995	1996	1997
Private consumption ^2/				0.8	0.1	0.8	1.0	1.2	0.5
Public consumption				0.6	0.6	0.2	-0.0	0.5	0.2
Gross fixed investment				-0.6	-1.4	0.3	0.5	-0.1	0.1
	Government			0.1	-0.0	-0.0	-0.0	-0.3	0.0
	Non-government
		Residential		-0.3	-0.4	0.1	0.1	-0.1	-0.0
		Non-residential		-0.5	-1.0	0.2	0.4	0.2	0.1
			Final domestic demand	0.8	-0.7	1.3	1.5	1.6	0.9
Stockbuilding				-0.6	-1.5	1.7	0.3	-0.7	0.1
			Total domestic demand	0.2	-2.2	3.0	1.8	0.9	0.9
Exports of goods and services				1.3	-0.1	1.6	1.8	1.5	3.7
Imports of goods and services				0.3	-1.0	1.8	1.4	0.9	2.3
			Foreign balance	0.9	0.9	-0.2	0.3	0.6	1.4
GDP				1.2	-1.3	2.8	2.1	1.6	2.3

Source: INSEE, Quarterly National Accounts.

^{^1/}Data are based on quarterly national accounts.

^{^2/}Households only.

Table 4.

France: Household Income and Spending

Sources: INSEE, Quarterly National Accounts.

^{^1/}Including all actual and imputed social security contributions.

^{^2/}Gross wages minus social security contributions of employees.

^{^3/}Contributions of employees and employers.

Table 4.

France: Household Income and Spending

			1997
			(In billions	1994	1995	1996	1997
			of francs)	(Annual percentage change)
Compensation of employees ^1/			4,238.3	2.4	4.1	3.4	2.9
	Of which:
		Gross wages	3,029.2	2.4	3.8	2.9	3.0
		Wages, net ^2/	2,518.4	2.3	3.7	2.6	4.4
Profit income			1,437.3	3.5	4.2	2.5	2.7
Net property income			397.3	9.7	15.1	2.0	13.1
Social security receipts			2,051.6	2.9	3.5	3.7	3.4
Other transfers (net)			58.8	-3.6	4.8	7.8	-11.6
		Personal income	8,183.4	3.0	4.4	3.3	3.3
Taxes on income and property			640.2	5.5	4.0	7.1	8.9
Social security contributions ^3/			1,853.3	2.4	4.7	4.9	0.7
		Disposable income	5,689.9	2.9	4.4	2.4	3.6
Households’ consumption			4,858.3	3.5	3.2	3.9	2.0
Savings of households			831.6	-1.0	11.4	-6.1	13.9
Gross capital formation			361.5	2.6	3.1	-0.0	3.0

Sources: INSEE, Quarterly National Accounts.

^{^1/}Including all actual and imputed social security contributions.

^{^2/}Gross wages minus social security contributions of employees.

^{^3/}Contributions of employees and employers.

Table 4.

France: Household Income and Spending

			1997
			(In billions	1994	1995	1996	1997
			of francs)	(Annual percentage change)
Compensation of employees ^1/			4,238.3	2.4	4.1	3.4	2.9
	Of which:
		Gross wages	3,029.2	2.4	3.8	2.9	3.0
		Wages, net ^2/	2,518.4	2.3	3.7	2.6	4.4
Profit income			1,437.3	3.5	4.2	2.5	2.7
Net property income			397.3	9.7	15.1	2.0	13.1
Social security receipts			2,051.6	2.9	3.5	3.7	3.4
Other transfers (net)			58.8	-3.6	4.8	7.8	-11.6
		Personal income	8,183.4	3.0	4.4	3.3	3.3
Taxes on income and property			640.2	5.5	4.0	7.1	8.9
Social security contributions ^3/			1,853.3	2.4	4.7	4.9	0.7
		Disposable income	5,689.9	2.9	4.4	2.4	3.6
Households’ consumption			4,858.3	3.5	3.2	3.9	2.0
Savings of households			831.6	-1.0	11.4	-6.1	13.9
Gross capital formation			361.5	2.6	3.1	-0.0	3.0

Sources: INSEE, Quarterly National Accounts.

^{^1/}Including all actual and imputed social security contributions.

^{^2/}Gross wages minus social security contributions of employees.

^{^3/}Contributions of employees and employers.

Table 5.

France: Real Incomes and Selected Ratios of the Household Sector

(In percent)

Source: INSEE, Quarterly National Accounts.

^{^1/}Deflated by private consumption deflator.

^{^2/}Including all actual and imputed social security contributions.

Table 5.

France: Real Incomes and Selected Ratios of the Household Sector

(In percent)

		Averages
		1971-74	1975-79	1980-84	1985-89	1993	1994	1995	1996	1997
				(Changes in percent)
Real incomes ^1/
	Gross disposable income	4.4	3.2	0.7	2.4	0.7	0.8	2.7	0.6	2.5
	Compensation of employees	5.7	4.3	1.0	1.9	-0.3	0.3	2.5	1.5	1.8
	Hourly wages	5.3	3.9	1.6	1.2	1.0	0.3	0.9	1.2	2.0
	Social security receipts	5.4	6.8	3.9	2.9	4.0	0.8	1.9	1.8	2.3
			(In percent of gross disposable income)
Saving ratio		19.0	19.3	16.7	12.1	14.1	13.6	14.5	13.3	14.6
Tax burden		28.6	33.7	38.4	41.2	41.9	41.9	42.0	43.2	42.7
	Social security contributions	22.6	26.6	30.2	32.7	32.8	32.6	32.7	33.5	32.6
	Other	6.0	7.1	8.2	8.5	9.1	9.3	9.3	9.7	10.1
Net wages and salaries		50.3	51.5	49.9	46.8	44.4	44.1	43.9	43.9	44.3
				(In percent of GDP)
Gross disposable income		70.7	71.8	72.0	68.4	70.6	69.6	70.0	69.8	70.0
Profit income		21.5	19.0	18.0	17.8	17.9	17.7	17.8	17.8	17.7
Compensation of employees ^2/		50.5	54.9	56.2	52.8	52.8	51.8	52.0	52.3	52.1
	Net wages and salaries	35.5	37.0	36.0	32.0	31.3	30.7	30.7	30.7	31.0
Social security receipts		16.6	19.5	22.4	23.3	25.4	25.0	25.0	25.2	25.2

Source: INSEE, Quarterly National Accounts.

^{^1/}Deflated by private consumption deflator.

^{^2/}Including all actual and imputed social security contributions.

Table 5.

France: Real Incomes and Selected Ratios of the Household Sector

(In percent)

		Averages
		1971-74	1975-79	1980-84	1985-89	1993	1994	1995	1996	1997
				(Changes in percent)
Real incomes ^1/
	Gross disposable income	4.4	3.2	0.7	2.4	0.7	0.8	2.7	0.6	2.5
	Compensation of employees	5.7	4.3	1.0	1.9	-0.3	0.3	2.5	1.5	1.8
	Hourly wages	5.3	3.9	1.6	1.2	1.0	0.3	0.9	1.2	2.0
	Social security receipts	5.4	6.8	3.9	2.9	4.0	0.8	1.9	1.8	2.3
			(In percent of gross disposable income)
Saving ratio		19.0	19.3	16.7	12.1	14.1	13.6	14.5	13.3	14.6
Tax burden		28.6	33.7	38.4	41.2	41.9	41.9	42.0	43.2	42.7
	Social security contributions	22.6	26.6	30.2	32.7	32.8	32.6	32.7	33.5	32.6
	Other	6.0	7.1	8.2	8.5	9.1	9.3	9.3	9.7	10.1
Net wages and salaries		50.3	51.5	49.9	46.8	44.4	44.1	43.9	43.9	44.3
				(In percent of GDP)
Gross disposable income		70.7	71.8	72.0	68.4	70.6	69.6	70.0	69.8	70.0
Profit income		21.5	19.0	18.0	17.8	17.9	17.7	17.8	17.8	17.7
Compensation of employees ^2/		50.5	54.9	56.2	52.8	52.8	51.8	52.0	52.3	52.1
	Net wages and salaries	35.5	37.0	36.0	32.0	31.3	30.7	30.7	30.7	31.0
Social security receipts		16.6	19.5	22.4	23.3	25.4	25.0	25.0	25.2	25.2

Source: INSEE, Quarterly National Accounts.

^{^1/}Deflated by private consumption deflator.

^{^2/}Including all actual and imputed social security contributions.

Table 6.

France: Income and Expenditure of Nonfinancial Corporate Enterprises ^1/

Source: INSEE, Quarterly National Accounts.

^{^1/}Enterprises and quasi-enterprises (SQS).

^{^2/}Unless otherwise noted.

^{^3/}In percent of resources.

Table 6.

France: Income and Expenditure of Nonfinancial Corporate Enterprises ^1/

			1997	1993	1994	1995	1996	1997
			(In billions		(Annual percentage change ^2/)
			of francs)
Gross operating surplus (GOS)			1,396.9	0.4	3.3	4.2	0.8	4.8
	Resources		4,489.5	0.9	3.2	4.1	2.7	3.6
		Gross value added	4,348.4	1.0	3.3	4.1	2.0	3.4
		Subsidies	141.1	-1.3	-1.2	2.6	32.3	9.6
	Uses		3,090.5	1.2	3.1	4.0	3.6	3.0
		Wages and salaries	1,873.1	0.4	2.2	3.6	2.7	3.2
		Social security contributions	732.3	0.5	2.0	5.0	4.0	2.1
		Production taxes	485.1	6.4	9.3	4.1	6.4	3.4
Other revenue			614.1	10.6	-5.0	9.1	0.2	6.3
Expenditure			1,223.2	4.1	-4.9	6.9	2.6	6.1
	Of which:
		Interest	305.7	-1.2	-16.8	2.0	-7.2	-8.1
		Dividends	502.1	15.1	5.3	11.2	11.5	19.8
		Taxes on income and property	153.1	-1.7	17.0	13.9	5.0	15.1
Gross savings			787.7	2.1	9.9	3.9	-2.3	4.0
Investment and stockbuilding			674.2	-19.1	16.5	1.1	-6.4	7.0
Memorandum item: Financial balance ^3/			113.5	2.7	2.0	2.4	2.9	2.5

Source: INSEE, Quarterly National Accounts.

^{^1/}Enterprises and quasi-enterprises (SQS).

^{^2/}Unless otherwise noted.

^{^3/}In percent of resources.

Table 6.

France: Income and Expenditure of Nonfinancial Corporate Enterprises ^1/

			1997	1993	1994	1995	1996	1997
			(In billions		(Annual percentage change ^2/)
			of francs)
Gross operating surplus (GOS)			1,396.9	0.4	3.3	4.2	0.8	4.8
	Resources		4,489.5	0.9	3.2	4.1	2.7	3.6
		Gross value added	4,348.4	1.0	3.3	4.1	2.0	3.4
		Subsidies	141.1	-1.3	-1.2	2.6	32.3	9.6
	Uses		3,090.5	1.2	3.1	4.0	3.6	3.0
		Wages and salaries	1,873.1	0.4	2.2	3.6	2.7	3.2
		Social security contributions	732.3	0.5	2.0	5.0	4.0	2.1
		Production taxes	485.1	6.4	9.3	4.1	6.4	3.4
Other revenue			614.1	10.6	-5.0	9.1	0.2	6.3
Expenditure			1,223.2	4.1	-4.9	6.9	2.6	6.1
	Of which:
		Interest	305.7	-1.2	-16.8	2.0	-7.2	-8.1
		Dividends	502.1	15.1	5.3	11.2	11.5	19.8
		Taxes on income and property	153.1	-1.7	17.0	13.9	5.0	15.1
Gross savings			787.7	2.1	9.9	3.9	-2.3	4.0
Investment and stockbuilding			674.2	-19.1	16.5	1.1	-6.4	7.0
Memorandum item: Financial balance ^3/			113.5	2.7	2.0	2.4	2.9	2.5

Source: INSEE, Quarterly National Accounts.

^{^1/}Enterprises and quasi-enterprises (SQS).

^{^2/}Unless otherwise noted.

^{^3/}In percent of resources.

Table 7.

France: Saving-Investment Balance

(In percent of GDP)

Source: INSEE, Quarterly National Accounts.

^{^1/}Financial sector and private administration.

^{^2/}Stockbuilding included.

^{^3/}National accounts basis.

Table 7.

France: Saving-Investment Balance

(In percent of GDP)

			1980	1992	1993	1994	1995	1996	1997
Gross saving			23.6	19.8	18.2	19.0	19.8	18.6	19.8
	Households		12.5	9.4	10.0	9.4	10.1	9.3	10.2
	Enterprises		6.2	9.5	9.6	10.1	10.1	9.6	9.7
	General government		3.8	-0.6	-2.5	-2.4	-1.9	-1.4	-0.9
	Rest of economy ^1/		1.2	1.4	1.1	1.9	1.4	1.2	0.8
Gross investment ^2/			24.3	19.6	17.2	18.4	18.4	17.2	16.9
	Households		8.9	5.0	4.5	4.6	4.5	4.6	4.7
	Enterprises		11.2	10.1	8.1	9.0	8.8	8.0	8.3
	General government		3.8	3.5	3.6	3.5	3.5	3.2	2.6
	Rest of economy ^1/		0.4	1.0	1.0	1.3	1.6	1.3	1.3
Financial balances
	(current account
	balance) ^3/		-0.7	0.1	1.0	0.6	1.4	1.4	3.0
		Households	3.6	4.4	5.4	4.9	5.6	4.7	5.5
		Enterprise sector	-5.0	-0.6	1.5	1.1	1.3	1.6	1.4
		General government	-0.0	-4.1	-6.1	-6.0	-5.4	-4.6	-3.5
		Rest of economy 1/	0.7	0.4	0.1	0.6	-0.2	-0.2	-0.5

Source: INSEE, Quarterly National Accounts.

^{^1/}Financial sector and private administration.

^{^2/}Stockbuilding included.

^{^3/}National accounts basis.

Table 7.

France: Saving-Investment Balance

(In percent of GDP)

			1980	1992	1993	1994	1995	1996	1997
Gross saving			23.6	19.8	18.2	19.0	19.8	18.6	19.8
	Households		12.5	9.4	10.0	9.4	10.1	9.3	10.2
	Enterprises		6.2	9.5	9.6	10.1	10.1	9.6	9.7
	General government		3.8	-0.6	-2.5	-2.4	-1.9	-1.4	-0.9
	Rest of economy ^1/		1.2	1.4	1.1	1.9	1.4	1.2	0.8
Gross investment ^2/			24.3	19.6	17.2	18.4	18.4	17.2	16.9
	Households		8.9	5.0	4.5	4.6	4.5	4.6	4.7
	Enterprises		11.2	10.1	8.1	9.0	8.8	8.0	8.3
	General government		3.8	3.5	3.6	3.5	3.5	3.2	2.6
	Rest of economy ^1/		0.4	1.0	1.0	1.3	1.6	1.3	1.3
Financial balances
	(current account
	balance) ^3/		-0.7	0.1	1.0	0.6	1.4	1.4	3.0
		Households	3.6	4.4	5.4	4.9	5.6	4.7	5.5
		Enterprise sector	-5.0	-0.6	1.5	1.1	1.3	1.6	1.4
		General government	-0.0	-4.1	-6.1	-6.0	-5.4	-4.6	-3.5
		Rest of economy 1/	0.7	0.4	0.1	0.6	-0.2	-0.2	-0.5

Source: INSEE, Quarterly National Accounts.

^{^1/}Financial sector and private administration.

^{^2/}Stockbuilding included.

^{^3/}National accounts basis.

Table 8.

France: Structure of Output

(Value added in constant 1980 prices; in percent)

Source: INSEE, Quarterly National Accounts.

^{^1/}Secteur marchand, excludes public administration.

^{^2/}Excluding the imputed services of the financial sector.

Table 8.

France: Structure of Output

(Value added in constant 1980 prices; in percent)

					Shares in GDP			Annual percentage change
					1980	1996	1997	1994	1995	1996	1997
Commercial sector GDP ^1/					84.0	83.8	83.9	2.9	2.3	1.3	2.5
	Industry				26.8	23.6	23.8	3.7	4.0	1.9	3.5
		Foodstuffs			3.2	2.8	2.7	2.6	0.6	1.8	1.6
		Energy			3.9	4.0	3.8	-2.3	3.9	1.3	-1.9
		Manufacturing			19.8	16.9	17.3	5.5	4.6	2.0	5.0
				Intermediate goods	6.9	5.5	5.7	6.4	3.2	0.5	6.7
				Current consumption	5.2	4.2	4.2	3.8	2.0	-2.1	2.2
				Investment goods	5.4	5.3	5.4	4.8	8.3	6.5	4.4
				Household equipment	0.3	0.5	0.5	8.3	10.4	9.2	4.4
				Transportation equipment	1.9	1.3	1.4	8.9	4.5	2.1	9.6
	Nonindustrial ^2/				48.4	51.3	51.1	2.4	1.5	1.0	1.9
			Agriculture		4.2	4.1	4.0	0.4	-0.3	5.6	-0.3
			Construction		6.9	4.9	4.8	-3.1	0.4	-4.4	-0.8
			Commerce		10.4	10.0	9.9	0.8	2.2	1.2	2.1
			Transportation and
				telecommunication	5.8	7.9	8.0	3.1	2.5	3.4	3.7
			Market services (nonfinancial)		20.4	24.4	24.4	1.6	2.8	1.5	2.4
			Insurance and financial services		4.4	2.7	2.6	13.4	-8.1	-13.9	-2.7
	Taxes and subsidies				8.8	8.9	9.0	3.6	2.3	1.9	3.5
	Memorandum items:
		GDP			Billions of francs
			Current prices		2,808.3	7,871.7	8,129.7	4.4	3.7	2.7	3.3
			Constant 1980 prices		2,808.3	3,801.5	3,889.5	2.8	2.1	1.6	2.3

Source: INSEE, Quarterly National Accounts.

^{^1/}Secteur marchand, excludes public administration.

^{^2/}Excluding the imputed services of the financial sector.

Table 8.

France: Structure of Output

(Value added in constant 1980 prices; in percent)

					Shares in GDP			Annual percentage change
					1980	1996	1997	1994	1995	1996	1997
Commercial sector GDP ^1/					84.0	83.8	83.9	2.9	2.3	1.3	2.5
	Industry				26.8	23.6	23.8	3.7	4.0	1.9	3.5
		Foodstuffs			3.2	2.8	2.7	2.6	0.6	1.8	1.6
		Energy			3.9	4.0	3.8	-2.3	3.9	1.3	-1.9
		Manufacturing			19.8	16.9	17.3	5.5	4.6	2.0	5.0
				Intermediate goods	6.9	5.5	5.7	6.4	3.2	0.5	6.7
				Current consumption	5.2	4.2	4.2	3.8	2.0	-2.1	2.2
				Investment goods	5.4	5.3	5.4	4.8	8.3	6.5	4.4
				Household equipment	0.3	0.5	0.5	8.3	10.4	9.2	4.4
				Transportation equipment	1.9	1.3	1.4	8.9	4.5	2.1	9.6
	Nonindustrial ^2/				48.4	51.3	51.1	2.4	1.5	1.0	1.9
			Agriculture		4.2	4.1	4.0	0.4	-0.3	5.6	-0.3
			Construction		6.9	4.9	4.8	-3.1	0.4	-4.4	-0.8
			Commerce		10.4	10.0	9.9	0.8	2.2	1.2	2.1
			Transportation and
				telecommunication	5.8	7.9	8.0	3.1	2.5	3.4	3.7
			Market services (nonfinancial)		20.4	24.4	24.4	1.6	2.8	1.5	2.4
			Insurance and financial services		4.4	2.7	2.6	13.4	-8.1	-13.9	-2.7
	Taxes and subsidies				8.8	8.9	9.0	3.6	2.3	1.9	3.5
	Memorandum items:
		GDP			Billions of francs
			Current prices		2,808.3	7,871.7	8,129.7	4.4	3.7	2.7	3.3
			Constant 1980 prices		2,808.3	3,801.5	3,889.5	2.8	2.1	1.6	2.3

Source: INSEE, Quarterly National Accounts.

^{^1/}Secteur marchand, excludes public administration.

^{^2/}Excluding the imputed services of the financial sector.

Table 9.

France: Labor Market

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}As percent of labor force.

Table 9.

France: Labor Market

	1993	1994	1995	1996	1997
		(In millions of persons)
Population	57.530	57.779	58.020	58.256	58.489
Labor force	25.189	25.326	25.327	25.584	25.642
Civilian employment	22.039	22.009	22.190	22.247	22.281
Military personnel	0.220	0.212	0.206	0.200	0.169
Unemployment	2.929	3.104	2.931	3.137	3.192
	(Percent changes, unless otherwise noted)
Population	0.5	0.4	0.4	0.4	0.4
Labor force	0.3	0.5	0.0	1.0	0.2
Civilian employment	-1.2	-0.1	0.8	0.3	0.2
Military personnel	-2.3	-3.4	-3.0	-2.9	-15.6
Unemployment rate ^1/	11.6	12.3	11.6	12.3	12.4

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}As percent of labor force.

Table 9.

France: Labor Market

	1993	1994	1995	1996	1997
		(In millions of persons)
Population	57.530	57.779	58.020	58.256	58.489
Labor force	25.189	25.326	25.327	25.584	25.642
Civilian employment	22.039	22.009	22.190	22.247	22.281
Military personnel	0.220	0.212	0.206	0.200	0.169
Unemployment	2.929	3.104	2.931	3.137	3.192
	(Percent changes, unless otherwise noted)
Population	0.5	0.4	0.4	0.4	0.4
Labor force	0.3	0.5	0.0	1.0	0.2
Civilian employment	-1.2	-0.1	0.8	0.3	0.2
Military personnel	-2.3	-3.4	-3.0	-2.9	-15.6
Unemployment rate ^1/	11.6	12.3	11.6	12.3	12.4

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}As percent of labor force.

Table 10.

France: Price Developments

(Changes in percent from same period of preceding year)

Sources: International Monetary Fund, International Financial Statistics: OECD, Main Economic Indicators: and INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts definition,

Table 10.

France: Price Developments

(Changes in percent from same period of preceding year)

									1997			1998
				1994	1995	1996	1997	Q1	Q2	Q3	Q4	Q1
GDP deflator				1.5	1.6	1.2	0.9	0.8	1.0	1.0	0.9	1.0
Total domestic demand
	deflator			1.3	1.7	1.6	1.0	1.0	1.2	0.8	1.1	0.7
Consumer price index				1.7	1.8	2.0	1.2	1.5	0.9	1.3	1.2	0.7
	Food			1.2	1.6	1.5	1.8	1.5	1.1	2.2	2.5	1.5
	Nonfood			1.8	1.9	2.2	1.0	1.4	0.9	1.0	0.7	0.4
		Goods (excl. food)		0.6	1.0	1.9	0.4	1.1	0.2	0.2	-0.1	-0.4
			Energy	1.5	2.0	5.0	2.2	5.1	1.8	2.0	0.1	-1.6
		Rent		2.8	2.6	2.4	1.6	1.7	1.4	1.5	1.7	1.6
		Services		2.3	2.6	2.0	1.2	1.1	1.1	1.5	1.0	1.2
Value added deflators
	Market GDP			1.5	1.2	1.1	0.9	0.7	1.0	1.0	0.8	0.9
	Industry			-1.0	-0.1	-0.1	-0.1	0.5	0.0	-0.6	-0.5	-0.8
		Manufacturing		-1.7	-0.2	-1.4	-0.4	-1.1	-0.1	0.1	-0.4	-0.5
	Nonindustrial sectors			2.7	1.5	1.1	1.5	0.9	1.6	1.8	1.4	1.9
Memorandum items:
	Merchandise imports
		deflator ^1/		2.0	2.0	0.8	1.8	0.6	0.7	2.7	3.3	1.4
	CPI/merchandise imports
		deflator ^1/		-0.4	-0.2	1.2	-0.6	0.9	0.2	-1.4	-2.1	-0.7

Sources: International Monetary Fund, International Financial Statistics: OECD, Main Economic Indicators: and INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts definition,

Table 10.

France: Price Developments

(Changes in percent from same period of preceding year)

									1997			1998
				1994	1995	1996	1997	Q1	Q2	Q3	Q4	Q1
GDP deflator				1.5	1.6	1.2	0.9	0.8	1.0	1.0	0.9	1.0
Total domestic demand
	deflator			1.3	1.7	1.6	1.0	1.0	1.2	0.8	1.1	0.7
Consumer price index				1.7	1.8	2.0	1.2	1.5	0.9	1.3	1.2	0.7
	Food			1.2	1.6	1.5	1.8	1.5	1.1	2.2	2.5	1.5
	Nonfood			1.8	1.9	2.2	1.0	1.4	0.9	1.0	0.7	0.4
		Goods (excl. food)		0.6	1.0	1.9	0.4	1.1	0.2	0.2	-0.1	-0.4
			Energy	1.5	2.0	5.0	2.2	5.1	1.8	2.0	0.1	-1.6
		Rent		2.8	2.6	2.4	1.6	1.7	1.4	1.5	1.7	1.6
		Services		2.3	2.6	2.0	1.2	1.1	1.1	1.5	1.0	1.2
Value added deflators
	Market GDP			1.5	1.2	1.1	0.9	0.7	1.0	1.0	0.8	0.9
	Industry			-1.0	-0.1	-0.1	-0.1	0.5	0.0	-0.6	-0.5	-0.8
		Manufacturing		-1.7	-0.2	-1.4	-0.4	-1.1	-0.1	0.1	-0.4	-0.5
	Nonindustrial sectors			2.7	1.5	1.1	1.5	0.9	1.6	1.8	1.4	1.9
Memorandum items:
	Merchandise imports
		deflator ^1/		2.0	2.0	0.8	1.8	0.6	0.7	2.7	3.3	1.4
	CPI/merchandise imports
		deflator ^1/		-0.4	-0.2	1.2	-0.6	0.9	0.2	-1.4	-2.1	-0.7

Sources: International Monetary Fund, International Financial Statistics: OECD, Main Economic Indicators: and INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts definition,

Table 11.

France: Consolidated General Government Accounts ^1/

Source: INSEE, Quarterly National Accounts.

^{^1/}National accounts basis.

^{^2/}Not equivalent to data on annual or on Maastricht basis.

^{^3/}As reported in annual national accounts.

^{^4/}Deflated by GDP deflator.

Table 11.

France: Consolidated General Government Accounts ^1/

				In billions		In percent
				of francs		of GDP			Changes in percent
				1997	1980	1996	1997	1994	1995	1996	1997
Revenue				4,137.0	46.3	50.5	50.9	3.7	4.5	6.2	4.1
	Tax revenue			2,083.3	23.0	24.7	25.6	6.5	4.9	7.0	7.1
		Value added tax		599.0	8.3	7.3	7.4	5.0	6.1	8.1	4.2
		Other production taxes		620.6	6.3	7.5	7.6	7.6	3.4	6.3	4.8
		Income and property taxes		863.7	8.4	9.9	10.6	6.6	5.1	6.6	10.9
			Corporate taxes	164.6	2.0	1.7	2.0	14.3	5.2	9.5	25.0
			Personal income taxes	473.6	4.3	5.4	5.8	5.1	4.0	5.8	11.0
			Other income and wealth taxes	225.4	2.1	2.8	2.8	5.5	7.3	6.4	2.4
	Social security contributions			1,562.6	17.8	19.7	19.2	2.0	4.6	4.8	0.8
	Other revenue			491.1	5.5	6.1	6.0	-1.0	2.8	7.4	2.6
Expenditure				4,421.6	46.3	55.1	54.4	3.6	3.3	4.4	1.9
	Current expenditure			4,210.7	42.5	51.9	51.8	3.6	3.4	5.1	3.0
		Compensation of employees		1,015.6	12.0	12.6	12.5	3.6	4.3	4.0	2.3
		Consumption of goods and services		534.3	6.0	6.6	6.6	4.0	-2.8	7.6	2.2
		Social transfers		1,918.0	19.2	23.4	23.6	2.8	3.6	3.5	4.0
		Operating subsidies		169.1	1.9	2.0	2.1	7.6	5.3	27.5	6.2
		Interest payments		306.7	1.5	4.0	3.8	6.9	10.3	2.1	-2.6
		Other current expenditure		267.0	2.0	3.2	3.3	2.2	1.8	8.8	5.0
	Capital expenditure			210.8	3.8	3.2	2.6	4.5	2.2	-6.6	-16.2
Net financing capacity ^2/				-284.6	-0.0	-4.6	-3.5	…	…	…	…
Memorandum items:
	General government balance ^3/			-281.2	-0.0	-4.6	-3.5	…	…	…	…
	Primary surplus			22.1	1.5	-0.6	0.3	…	…	…	…
	Noninterest expenditure			4,114.8	44.8	51.1	50.6	3.4	2.8	4.5	2.2
	Real revenue ^4/			…	…	…	…	2.1	2.9	5.0	3.1
	Real expenditure ^4/			…	…	…	…	2.1	1.7	3.2	0.9
		Real noninterest expenditure ^4/		…	…	…	…	1.8	1.2	3.3	1.3

Source: INSEE, Quarterly National Accounts.

^{^1/}National accounts basis.

^{^2/}Not equivalent to data on annual or on Maastricht basis.

^{^3/}As reported in annual national accounts.

^{^4/}Deflated by GDP deflator.

Table 11.

France: Consolidated General Government Accounts ^1/

				In billions		In percent
				of francs		of GDP			Changes in percent
				1997	1980	1996	1997	1994	1995	1996	1997
Revenue				4,137.0	46.3	50.5	50.9	3.7	4.5	6.2	4.1
	Tax revenue			2,083.3	23.0	24.7	25.6	6.5	4.9	7.0	7.1
		Value added tax		599.0	8.3	7.3	7.4	5.0	6.1	8.1	4.2
		Other production taxes		620.6	6.3	7.5	7.6	7.6	3.4	6.3	4.8
		Income and property taxes		863.7	8.4	9.9	10.6	6.6	5.1	6.6	10.9
			Corporate taxes	164.6	2.0	1.7	2.0	14.3	5.2	9.5	25.0
			Personal income taxes	473.6	4.3	5.4	5.8	5.1	4.0	5.8	11.0
			Other income and wealth taxes	225.4	2.1	2.8	2.8	5.5	7.3	6.4	2.4
	Social security contributions			1,562.6	17.8	19.7	19.2	2.0	4.6	4.8	0.8
	Other revenue			491.1	5.5	6.1	6.0	-1.0	2.8	7.4	2.6
Expenditure				4,421.6	46.3	55.1	54.4	3.6	3.3	4.4	1.9
	Current expenditure			4,210.7	42.5	51.9	51.8	3.6	3.4	5.1	3.0
		Compensation of employees		1,015.6	12.0	12.6	12.5	3.6	4.3	4.0	2.3
		Consumption of goods and services		534.3	6.0	6.6	6.6	4.0	-2.8	7.6	2.2
		Social transfers		1,918.0	19.2	23.4	23.6	2.8	3.6	3.5	4.0
		Operating subsidies		169.1	1.9	2.0	2.1	7.6	5.3	27.5	6.2
		Interest payments		306.7	1.5	4.0	3.8	6.9	10.3	2.1	-2.6
		Other current expenditure		267.0	2.0	3.2	3.3	2.2	1.8	8.8	5.0
	Capital expenditure			210.8	3.8	3.2	2.6	4.5	2.2	-6.6	-16.2
Net financing capacity ^2/				-284.6	-0.0	-4.6	-3.5	…	…	…	…
Memorandum items:
	General government balance ^3/			-281.2	-0.0	-4.6	-3.5	…	…	…	…
	Primary surplus			22.1	1.5	-0.6	0.3	…	…	…	…
	Noninterest expenditure			4,114.8	44.8	51.1	50.6	3.4	2.8	4.5	2.2
	Real revenue ^4/			…	…	…	…	2.1	2.9	5.0	3.1
	Real expenditure ^4/			…	…	…	…	2.1	1.7	3.2	0.9
		Real noninterest expenditure ^4/		…	…	…	…	1.8	1.2	3.3	1.3

Source: INSEE, Quarterly National Accounts.

^{^1/}National accounts basis.

^{^2/}Not equivalent to data on annual or on Maastricht basis.

^{^3/}As reported in annual national accounts.

^{^4/}Deflated by GDP deflator.

Table 12.

France: Public Sector Financial Balances ^1/

(In billions of francs and in percent of GDP)

Sources: INSEE, Rapport sur les Comptes de la Nation: and data provided by the French authorities.

^{^1/}National accounts basis, including Fonds de Stabilisation des Changes (FSC); plus sign indicates financing capacity.

^{^2/}Grandes enterprises nationales only: Charbonnages de France, Electricite de France, Gaz de France, SNCF, RATP, Air France, Air Inter, La Poste, France Telecom.

Table 12.

France: Public Sector Financial Balances ^1/

(In billions of francs and in percent of GDP)

			1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997
1. General government			-100.4	-94.9	-75.2	-101.1	-147.1	-286.8	-430.7	-441.2	-412.8	-365.7	-281.2
			-1.9	-1.7	-1.2	-1.6	-2.2	-4.1	-6.1	-6.0	-5.4	-4.6	-3.5
	Central government		-102.8	-96.9	-86.6	-101.6	-113.7	-212.4	-318.1	-355.9	-326.6	-306.6	-232.9
			-1.9	-1.7	-1.4	-1.6	-1.7	-3.0	-4.5	-4.8	-4.3	-3.9	-2.9
	Local authorities		-7.7	-10.4	-8.8	-4.5	-14.2	-24.8	-15.2	-15.2	-17.5	3.4	17.6
			-0.1	-0.2	-0.1	-0.1	-0.2	-0.4	-0.2	-0.2	-0.2	0.0	0.2
	Social security system		10.1	12.4	20.2	5.0	-19.2	-49.6	-97.4	-70.1	-68.7	-62.5	-65.9
			0.2	0.2	0.3	0.1	-0.3	-0.7	-1.4	-0.9	-0.9	-0.8	-0.8
2. Public enterprises ^2/			0.7	-6.9	-4.1	-11.0	-6.9	15.0	14.2	32.4	34.5	24.2	-16.6
			0.0	-0.1	-0.1	-0.2	-0.1	0.2	0.2	0.4	0.5	0.3	-0.2
3. Total public sector
		(1+2)	-99.7	-101.8	-79.3	-112.1	-153.9	-271.8	-416.5	-408.8	-378.3	-341.5	-297.8
			-1.9	-1.8	-1.3	-1.7	-2.3	-3.9	-5.9	-5.5	-4.9	-4.3	-3.7
Memorandum item:
	General government
	Maastricht basis		…	…	…	…	…	-265.6	-399.5	-423.8	-372.2	-323.4	-242.5
			…	…	…	…	…	-3.8	-5.6	-5.7	-4.9	-4.1	-3.0

Sources: INSEE, Rapport sur les Comptes de la Nation: and data provided by the French authorities.

^{^1/}National accounts basis, including Fonds de Stabilisation des Changes (FSC); plus sign indicates financing capacity.

^{^2/}Grandes enterprises nationales only: Charbonnages de France, Electricite de France, Gaz de France, SNCF, RATP, Air France, Air Inter, La Poste, France Telecom.

Table 12.

France: Public Sector Financial Balances ^1/

(In billions of francs and in percent of GDP)

			1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997
1. General government			-100.4	-94.9	-75.2	-101.1	-147.1	-286.8	-430.7	-441.2	-412.8	-365.7	-281.2
			-1.9	-1.7	-1.2	-1.6	-2.2	-4.1	-6.1	-6.0	-5.4	-4.6	-3.5
	Central government		-102.8	-96.9	-86.6	-101.6	-113.7	-212.4	-318.1	-355.9	-326.6	-306.6	-232.9
			-1.9	-1.7	-1.4	-1.6	-1.7	-3.0	-4.5	-4.8	-4.3	-3.9	-2.9
	Local authorities		-7.7	-10.4	-8.8	-4.5	-14.2	-24.8	-15.2	-15.2	-17.5	3.4	17.6
			-0.1	-0.2	-0.1	-0.1	-0.2	-0.4	-0.2	-0.2	-0.2	0.0	0.2
	Social security system		10.1	12.4	20.2	5.0	-19.2	-49.6	-97.4	-70.1	-68.7	-62.5	-65.9
			0.2	0.2	0.3	0.1	-0.3	-0.7	-1.4	-0.9	-0.9	-0.8	-0.8
2. Public enterprises ^2/			0.7	-6.9	-4.1	-11.0	-6.9	15.0	14.2	32.4	34.5	24.2	-16.6
			0.0	-0.1	-0.1	-0.2	-0.1	0.2	0.2	0.4	0.5	0.3	-0.2
3. Total public sector
		(1+2)	-99.7	-101.8	-79.3	-112.1	-153.9	-271.8	-416.5	-408.8	-378.3	-341.5	-297.8
			-1.9	-1.8	-1.3	-1.7	-2.3	-3.9	-5.9	-5.5	-4.9	-4.3	-3.7
Memorandum item:
	General government
	Maastricht basis		…	…	…	…	…	-265.6	-399.5	-423.8	-372.2	-323.4	-242.5
			…	…	…	…	…	-3.8	-5.6	-5.7	-4.9	-4.1	-3.0

Sources: INSEE, Rapport sur les Comptes de la Nation: and data provided by the French authorities.

^{^1/}National accounts basis, including Fonds de Stabilisation des Changes (FSC); plus sign indicates financing capacity.

^{^2/}Grandes enterprises nationales only: Charbonnages de France, Electricite de France, Gaz de France, SNCF, RATP, Air France, Air Inter, La Poste, France Telecom.

Table 13.

France: Government Debt

Source: Ministry of Finance.

^{^1/}Administrative basis.

^{^2/}Maastricht basis.

Table 13.

France: Government Debt

	State ^1/	General	State	General
		government ^2/		government
	(In billions of francs)		(In percent of GDP)
1980	418	584	14.9	20.8
1981	500	702	15.8	22.2
1982	617	935	17.0	25.8
1983	780	1,090	19.5	27.2
1984	915	1,283	21.0	29.4
1985	1,068	1,455	22.7	31.0
1986	1,195	1,588	23.6	31.3
1987	1,282	1,790	24.0	33.5
1988	1,475	1,924	25.7	33.6
1989	1,622	2,095	26.3	34.0
1990	1,782	2,281	27.4	35.0
1991	1,867	2,395	27.6	35.3
1992	2,107	2,746	30.2	39.3
1993	2,462	3,199	34.9	45.3
1994	2,905	3,554	39.4	48.2
1995	3,251	4,003	42.6	52.5
1996	3,564	4,360	45.5	55.7
1997	3,795	4,610	47.1	57.2

Source: Ministry of Finance.

^{^1/}Administrative basis.

^{^2/}Maastricht basis.

Table 13.

France: Government Debt

	State ^1/	General	State	General
		government ^2/		government
	(In billions of francs)		(In percent of GDP)
1980	418	584	14.9	20.8
1981	500	702	15.8	22.2
1982	617	935	17.0	25.8
1983	780	1,090	19.5	27.2
1984	915	1,283	21.0	29.4
1985	1,068	1,455	22.7	31.0
1986	1,195	1,588	23.6	31.3
1987	1,282	1,790	24.0	33.5
1988	1,475	1,924	25.7	33.6
1989	1,622	2,095	26.3	34.0
1990	1,782	2,281	27.4	35.0
1991	1,867	2,395	27.6	35.3
1992	2,107	2,746	30.2	39.3
1993	2,462	3,199	34.9	45.3
1994	2,905	3,554	39.4	48.2
1995	3,251	4,003	42.6	52.5
1996	3,564	4,360	45.5	55.7
1997	3,795	4,610	47.1	57.2

Source: Ministry of Finance.

^{^1/}Administrative basis.

^{^2/}Maastricht basis.

Table 14.

France: Central Government Budget

(Administrative basis; in billions of francs)

Sources: Budget documents and data provided by the French authorities.

^{^1/}Including net special accounts (comptes d’affectation speciale).

^{^2/}Fonds de stabilization des changes (FSC).

^{^3/}Excluding privatization receipts.

^{^4/}Overall balance minus gross interest payments.

Table 14.

France: Central Government Budget

(Administrative basis; in billions of francs)

				1994	1995	1996	1997	1997		1998
				Final outturn				Initial	Sup.	Initial
								budget	budget	budget
Permanent operations
	Expenditure ^1/			1,551.2	1,594.8	1,640.1	1,653.4	1,578.8	1,574.6	1,600.7
		Interest on public debt		215.9	247.9	244.7	250.8	254.0	244.0	252.3
		Operating expenditure		583.5	603.5	624.3	638.5	608.7	607.8	627.3
		Social transfers		182.0	178.7	182.2	187.5	176.1	187.2	178.9
		Economic & other transfers		273.1	285.1	296.8	296.8	280.5	279.5	285.3
		Capital expenditure		104.9	101.7	109.5	99.5	71.9	71.7	72.2
		Defense		192.2	180.0	185.5	182.3	190.9	187.9	184.7
		Special accounts, net		-0.4	-2.1	-1.9	-2.0	-3.4	-3.5	--
	Revenue, net			1,275.9	1,292.8	1,345.4	1,386.2	1,296.7	1,307.2	1,347.4
		Personal income tax		295.6	297.1	314.1	293.5	291.9	290.0	294.7
		Corporate taxes		134.4	150.9	171.7	201.9	170.8	203.1	222.0
		Other direct taxes		115.5	127.8	117.7	131.3	127.6	128.3	130.2
		Value-added tax		645.5	669.2	728.2	755.4	757.5	753.0	777.5
		Other indirect taxes		274.2	278.9	288.4	300.1	296.9	296.7	303.0
		Nontax revenue		199.1	164.7	159.5	157.9	155.1	156.3	155.0
		Earmarked accounts		59.4	61.3	69.3	64.5	…	…	…
		Revenue sharing		-236.8	-234.9	-243.0	-252.8	-253.9	-253.0	-256.0
		Tax refunds and reliefs		-211.1	-222.2	-260.6	-265.6	-249.2	-267.2	-279.0
	Balance on permanent
		operations		-275.4	-302.0	-294.7	-267.2	-282.1	-267.4	-253.3
	Balance on temporary
		operations		-23.2	-20.7	0.3	0.3	-2.7	-3.1	-4.6
	Overall balance,
		including FSC ^2/		-298.6	-322.7	-294.4	-266.9	-284.8	-270.7	-257.9
	Overall balance,
		excluding FSC ^2/		-299.1	-323.0	-295.4	-267.7	-284.8	-270.7	-257.9
			(In percent of GDP)	(-4.0)	(-4.2)	(-3.8)	(-3.3)	(-3.5)	(-3.3)	(-3.0)
	Overall balance, excluding
		FSC and other receipts ^3/		-349.1	-323.0	-295.4	-267.7	-284.8	-270.7	-257.9
			(In percent of GDP)	(-4.7)	(-4.2)	(-3.8)	(-3.3)	(-3.5)	(-3.3)	(-3.0)
Memorandum item:
	Primary balance ^4/			-83.2	-75.1	-50.7	-16.9	-30.8	-26.7	-5.6
	(In percent of GDP)			-1.1	-1.0	-0.6	-0.2	-0.4	-0.3	-0.1

Sources: Budget documents and data provided by the French authorities.

^{^1/}Including net special accounts (comptes d’affectation speciale).

^{^2/}Fonds de stabilization des changes (FSC).

^{^3/}Excluding privatization receipts.

^{^4/}Overall balance minus gross interest payments.

Table 14.

France: Central Government Budget

(Administrative basis; in billions of francs)

				1994	1995	1996	1997	1997		1998
				Final outturn				Initial	Sup.	Initial
								budget	budget	budget
Permanent operations
	Expenditure ^1/			1,551.2	1,594.8	1,640.1	1,653.4	1,578.8	1,574.6	1,600.7
		Interest on public debt		215.9	247.9	244.7	250.8	254.0	244.0	252.3
		Operating expenditure		583.5	603.5	624.3	638.5	608.7	607.8	627.3
		Social transfers		182.0	178.7	182.2	187.5	176.1	187.2	178.9
		Economic & other transfers		273.1	285.1	296.8	296.8	280.5	279.5	285.3
		Capital expenditure		104.9	101.7	109.5	99.5	71.9	71.7	72.2
		Defense		192.2	180.0	185.5	182.3	190.9	187.9	184.7
		Special accounts, net		-0.4	-2.1	-1.9	-2.0	-3.4	-3.5	--
	Revenue, net			1,275.9	1,292.8	1,345.4	1,386.2	1,296.7	1,307.2	1,347.4
		Personal income tax		295.6	297.1	314.1	293.5	291.9	290.0	294.7
		Corporate taxes		134.4	150.9	171.7	201.9	170.8	203.1	222.0
		Other direct taxes		115.5	127.8	117.7	131.3	127.6	128.3	130.2
		Value-added tax		645.5	669.2	728.2	755.4	757.5	753.0	777.5
		Other indirect taxes		274.2	278.9	288.4	300.1	296.9	296.7	303.0
		Nontax revenue		199.1	164.7	159.5	157.9	155.1	156.3	155.0
		Earmarked accounts		59.4	61.3	69.3	64.5	…	…	…
		Revenue sharing		-236.8	-234.9	-243.0	-252.8	-253.9	-253.0	-256.0
		Tax refunds and reliefs		-211.1	-222.2	-260.6	-265.6	-249.2	-267.2	-279.0
	Balance on permanent
		operations		-275.4	-302.0	-294.7	-267.2	-282.1	-267.4	-253.3
	Balance on temporary
		operations		-23.2	-20.7	0.3	0.3	-2.7	-3.1	-4.6
	Overall balance,
		including FSC ^2/		-298.6	-322.7	-294.4	-266.9	-284.8	-270.7	-257.9
	Overall balance,
		excluding FSC ^2/		-299.1	-323.0	-295.4	-267.7	-284.8	-270.7	-257.9
			(In percent of GDP)	(-4.0)	(-4.2)	(-3.8)	(-3.3)	(-3.5)	(-3.3)	(-3.0)
	Overall balance, excluding
		FSC and other receipts ^3/		-349.1	-323.0	-295.4	-267.7	-284.8	-270.7	-257.9
			(In percent of GDP)	(-4.7)	(-4.2)	(-3.8)	(-3.3)	(-3.5)	(-3.3)	(-3.0)
Memorandum item:
	Primary balance ^4/			-83.2	-75.1	-50.7	-16.9	-30.8	-26.7	-5.6
	(In percent of GDP)			-1.1	-1.0	-0.6	-0.2	-0.4	-0.3	-0.1

Sources: Budget documents and data provided by the French authorities.

^{^1/}Including net special accounts (comptes d’affectation speciale).

^{^2/}Fonds de stabilization des changes (FSC).

^{^3/}Excluding privatization receipts.

^{^4/}Overall balance minus gross interest payments.

Table 15.

France: Central Government Revenue and Expenditure ^1/

(Changes in percent)

Sources: Budget documents and data provided by the French authorities.

^{^1/}Budgetary outturns on an administrative basis.

^{^2/}Net of revenue sharing and tax refunds.

^{^3/}Deflated by GDP deflator.

Table 15.

France: Central Government Revenue and Expenditure ^1/

(Changes in percent)

											Percent
				Final Outturn				Budget 1997		Budget 1998	of GDP
				1993	1994	1995	1996	Compared to		Compared to	Outturn
								Budget	Outturn	Budget	1997
								1996	1996	1997
Permanent operations
	Expenditure			5.4	3.3	2.8	2.8	1.3	0.8	1.4	20.3
		Interest on public debt		11.2	3.0	14.8	-1.3	2.7	2.5	-0.7	3.1
		Operating expenditure		5.2	3.9	3.4	3.4	3.3	2.3	3.1	7.9
		Social transfers		6.6	-1.7	-1.8	2.0	1.6	2.9	1.6	2.3
		Economic and other
			transfers	5.0	10.3	4.4	4.1	2.2	--	1.7	3.7
		Capital expenditure		5.9	-4.5	-3.1	7.7	-14.8	-9.1	0.4	1.2
		Defense		-0.4	1.6	-6.4	3.1	0.7	-1.7	-3.2	2.2
	Revenue, net ^2/			-0.7	5.5	1.3	4.1	1.2	3.0	3.9	17.1
		Personal income tax		0.9	-4.6	0.5	5.7	-5.9	-6.6	1.0	3.6
		Corporate taxes		-6.3	5.7	12.3	13.8	9.8	17.6	30.0	2.5
		Other direct taxes		3.5	5.2	10.6	-7.9	-0.3	11.6	2.0	1.6
		Value added tax		-4.9	3.7	3.7	8.8	-0.5	3.7	2.6	9.3
		Other indirect taxes		4.1	5.2	1.7	3.4	3.5	4.1	2.1	3.7
		Nontax revenue		4.1	15.3	-17.3.	-3.2	17.1	-1.0	-0.1	1.9
Memorandum items:
	Real expenditure ^3/			2.9	1.7	1.2	1.7	0.4	-0.1	…	…
	Real noninterest
		expenditure ^3/		2.0	1.7	-0.7	2.4	0.1	-0.4	…	…

Sources: Budget documents and data provided by the French authorities.

^{^1/}Budgetary outturns on an administrative basis.

^{^2/}Net of revenue sharing and tax refunds.

^{^3/}Deflated by GDP deflator.

Table 15.

France: Central Government Revenue and Expenditure ^1/

(Changes in percent)

											Percent
				Final Outturn				Budget 1997		Budget 1998	of GDP
				1993	1994	1995	1996	Compared to		Compared to	Outturn
								Budget	Outturn	Budget	1997
								1996	1996	1997
Permanent operations
	Expenditure			5.4	3.3	2.8	2.8	1.3	0.8	1.4	20.3
		Interest on public debt		11.2	3.0	14.8	-1.3	2.7	2.5	-0.7	3.1
		Operating expenditure		5.2	3.9	3.4	3.4	3.3	2.3	3.1	7.9
		Social transfers		6.6	-1.7	-1.8	2.0	1.6	2.9	1.6	2.3
		Economic and other
			transfers	5.0	10.3	4.4	4.1	2.2	--	1.7	3.7
		Capital expenditure		5.9	-4.5	-3.1	7.7	-14.8	-9.1	0.4	1.2
		Defense		-0.4	1.6	-6.4	3.1	0.7	-1.7	-3.2	2.2
	Revenue, net ^2/			-0.7	5.5	1.3	4.1	1.2	3.0	3.9	17.1
		Personal income tax		0.9	-4.6	0.5	5.7	-5.9	-6.6	1.0	3.6
		Corporate taxes		-6.3	5.7	12.3	13.8	9.8	17.6	30.0	2.5
		Other direct taxes		3.5	5.2	10.6	-7.9	-0.3	11.6	2.0	1.6
		Value added tax		-4.9	3.7	3.7	8.8	-0.5	3.7	2.6	9.3
		Other indirect taxes		4.1	5.2	1.7	3.4	3.5	4.1	2.1	3.7
		Nontax revenue		4.1	15.3	-17.3.	-3.2	17.1	-1.0	-0.1	1.9
Memorandum items:
	Real expenditure ^3/			2.9	1.7	1.2	1.7	0.4	-0.1	…	…
	Real noninterest
		expenditure ^3/		2.0	1.7	-0.7	2.4	0.1	-0.4	…	…

Sources: Budget documents and data provided by the French authorities.

^{^1/}Budgetary outturns on an administrative basis.

^{^2/}Net of revenue sharing and tax refunds.

^{^3/}Deflated by GDP deflator.

Table 16.

France: Finances of Social Security Regimes ^1/

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts basis.

^{^2/}Other revenue and expenditure in 1994 include the accrual of transactions resulting from assumption of the social security debt by the State.

Table 16.

France: Finances of Social Security Regimes ^1/

			In billions		In percent
			of francs		of total		Percent change
			1996	1997	1996	1997	1994	1995	1996	1997
Expenditure			1,865.1	1,924.1	100.0	100.0	12.1	-6.3	4.5	3.2
	Wages and salaries		50.9	52.2	2.7	2.7	-0.2	1.2	6.3	2.7
	Intermediate consumption		257	26.3	1.4	1.4	5.8	0.5	11.1	2.4
	Social transfers		1,471.9	1,522.8	78.9	79.1	1.8	3.4	4.5	3.5
		Family and maternity	165.8	171.0	8.9	8.9	-1.1	4.7	2.3	3.1
		Health	427.3	436.3	22.9	22.7	1.1	5.1	3.8	2.1
		Labor market	102.6	103.8	5.5	5.4	-3.6	-8.0	3.6	1.1
		Pensions	776.3	811.8	41.6	42.2	3.8	3.9	5.5	4.6
	Current transfers to OLG		263.8	268.5	14.1	14.0	4.4	5.7	3.9	1.8
		Hospitals	233.6	236.2	12.5	12.3	4.4	5.5	2.2	1.1
		Other	30.2	32.3	1.6	1.7	4.0	7.8	18.6	7.1
	Gross fixed investment		5.1	5.5	0.3	0.3	-1.5	-7.7	9.0	8.1
	Other expenditure ^2/		47.6	48.6	2.6	2.5	302.7	-79.3	1.3	2.1
Revenue			1,817.9	1,872.7	100.0	100.0	14.4	-6.3	5.1	3.0
	Social security contributions		1,526.8	1,525.3	84.0	81.5	1.9	4.5	4.8	-0.1
		Employers	958.1	974.9	52.7	52.1	2.3	5.0	4.7	1.8
		Salaried persons	443.7	424.8	24.4	22.7	1.9	3.6	4.3	-4.2
		Non-salaried persons	125.0	125.7	6.9	6.7	-0.7	4.7	7.9	0.5
	Taxes and tax transfers		173.4	229.1	9.5	12.2	-13.5	6.3	74.6	32.1
	Current transfers from OLG		82.5	87.8	4.5	4.7	44.9	-1.7	-40.2	6.3
	Other revenue ^2/		35.2	30.5	1.9	1.6	436.0	-83.8	-0.2	-13.4
Financial balance			-47.1	-51.4

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts basis.

^{^2/}Other revenue and expenditure in 1994 include the accrual of transactions resulting from assumption of the social security debt by the State.

Table 16.

France: Finances of Social Security Regimes ^1/

			In billions		In percent
			of francs		of total		Percent change
			1996	1997	1996	1997	1994	1995	1996	1997
Expenditure			1,865.1	1,924.1	100.0	100.0	12.1	-6.3	4.5	3.2
	Wages and salaries		50.9	52.2	2.7	2.7	-0.2	1.2	6.3	2.7
	Intermediate consumption		257	26.3	1.4	1.4	5.8	0.5	11.1	2.4
	Social transfers		1,471.9	1,522.8	78.9	79.1	1.8	3.4	4.5	3.5
		Family and maternity	165.8	171.0	8.9	8.9	-1.1	4.7	2.3	3.1
		Health	427.3	436.3	22.9	22.7	1.1	5.1	3.8	2.1
		Labor market	102.6	103.8	5.5	5.4	-3.6	-8.0	3.6	1.1
		Pensions	776.3	811.8	41.6	42.2	3.8	3.9	5.5	4.6
	Current transfers to OLG		263.8	268.5	14.1	14.0	4.4	5.7	3.9	1.8
		Hospitals	233.6	236.2	12.5	12.3	4.4	5.5	2.2	1.1
		Other	30.2	32.3	1.6	1.7	4.0	7.8	18.6	7.1
	Gross fixed investment		5.1	5.5	0.3	0.3	-1.5	-7.7	9.0	8.1
	Other expenditure ^2/		47.6	48.6	2.6	2.5	302.7	-79.3	1.3	2.1
Revenue			1,817.9	1,872.7	100.0	100.0	14.4	-6.3	5.1	3.0
	Social security contributions		1,526.8	1,525.3	84.0	81.5	1.9	4.5	4.8	-0.1
		Employers	958.1	974.9	52.7	52.1	2.3	5.0	4.7	1.8
		Salaried persons	443.7	424.8	24.4	22.7	1.9	3.6	4.3	-4.2
		Non-salaried persons	125.0	125.7	6.9	6.7	-0.7	4.7	7.9	0.5
	Taxes and tax transfers		173.4	229.1	9.5	12.2	-13.5	6.3	74.6	32.1
	Current transfers from OLG		82.5	87.8	4.5	4.7	44.9	-1.7	-40.2	6.3
	Other revenue ^2/		35.2	30.5	1.9	1.6	436.0	-83.8	-0.2	-13.4
Financial balance			-47.1	-51.4

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts basis.

^{^2/}Other revenue and expenditure in 1994 include the accrual of transactions resulting from assumption of the social security debt by the State.

Table 17.

France: Social Security, Régime Général ^1/

Source: Les comptes de la sécurité sociale, May 1998.

^{^1/}Administrative basis. Data for 1998 are official projections (as of May 1998).

Table 17.

France: Social Security, Régime Général ^1/

			1993	1994	1995	1996	1997	1998
Health insurance
	Revenue		479.6	489.9	506.7	527.2	560.0	582.1
		Percent change	1.8	2.2	3.4	4.0	6.2	3.9
	Expenditure		507.0	521.4	546.4	563.1	574.0	587.1
		Percent change	6.2	2.9	4.8	3.1	1.9	2.3
	Balance		-27.3	-31.5	-39.7	-35.9	-14.0	-5.0
Accidents
	Revenue		41.0	41.8	43.9	43.5	43.8	45.4
		Percent change	-6.3	2.0	5.0	-0.9	0.7	3.7
	Expenditure		41.2	41.9	42.8	43.3	43.7	44.2
		Percent change	-1.2	1.6	2.1	1.2	0.9	1.1
	Balance		-0.3	-0.1	1.1	0.2	0.1	1.3
Pensions
	Revenue		277.0	313.3	353.7	350.9	362.3	379.7
		Percent change	-1.0	13.1	12.9	-0.8	3.2	4.8
	Expenditure		316.5	326.1	343.5	358.8	371.3	387.1
		Percent change	6.3	3.0	5.4	4.4	3.5	4.2
	Balance		-39.5	-12.8	10.1	-7.9	-9.0	-7.4
Family allowances
	Revenue		229.9	216.2	224.7	228.5	240.4	247.2
		Percent change	10.2	-6.0	4.0	1.7	5.2	2.8
	Expenditure		219.3	226.6	263.6	238.1	252.6	249.0
		Percent change	8.6	3.4	16.3	-9.7	6.1	-1.4
	Balance		10.7	-10.5	-38.9	-9.7	-12.3	-1.8
Total régime général
	Revenue		1,027.5	1,061.2	1,129.0	1,150.1	1,206.5	1,254.4
		Percent change	2.4	3.3	6.4	1.9	4.9	4.0
	Expenditure		1,083.9	1,116.0	1,196.3	1,203.3	1,241.7	1,267.3
		Percent change	6.4	3.0	7.2	0.6	3.2	2.1
	Balance		-56.4	-54.8	-67.3	-53.2	-35.1	-13.0

Source: Les comptes de la sécurité sociale, May 1998.

^{^1/}Administrative basis. Data for 1998 are official projections (as of May 1998).

Table 17.

France: Social Security, Régime Général ^1/

			1993	1994	1995	1996	1997	1998
Health insurance
	Revenue		479.6	489.9	506.7	527.2	560.0	582.1
		Percent change	1.8	2.2	3.4	4.0	6.2	3.9
	Expenditure		507.0	521.4	546.4	563.1	574.0	587.1
		Percent change	6.2	2.9	4.8	3.1	1.9	2.3
	Balance		-27.3	-31.5	-39.7	-35.9	-14.0	-5.0
Accidents
	Revenue		41.0	41.8	43.9	43.5	43.8	45.4
		Percent change	-6.3	2.0	5.0	-0.9	0.7	3.7
	Expenditure		41.2	41.9	42.8	43.3	43.7	44.2
		Percent change	-1.2	1.6	2.1	1.2	0.9	1.1
	Balance		-0.3	-0.1	1.1	0.2	0.1	1.3
Pensions
	Revenue		277.0	313.3	353.7	350.9	362.3	379.7
		Percent change	-1.0	13.1	12.9	-0.8	3.2	4.8
	Expenditure		316.5	326.1	343.5	358.8	371.3	387.1
		Percent change	6.3	3.0	5.4	4.4	3.5	4.2
	Balance		-39.5	-12.8	10.1	-7.9	-9.0	-7.4
Family allowances
	Revenue		229.9	216.2	224.7	228.5	240.4	247.2
		Percent change	10.2	-6.0	4.0	1.7	5.2	2.8
	Expenditure		219.3	226.6	263.6	238.1	252.6	249.0
		Percent change	8.6	3.4	16.3	-9.7	6.1	-1.4
	Balance		10.7	-10.5	-38.9	-9.7	-12.3	-1.8
Total régime général
	Revenue		1,027.5	1,061.2	1,129.0	1,150.1	1,206.5	1,254.4
		Percent change	2.4	3.3	6.4	1.9	4.9	4.0
	Expenditure		1,083.9	1,116.0	1,196.3	1,203.3	1,241.7	1,267.3
		Percent change	6.4	3.0	7.2	0.6	3.2	2.1
	Balance		-56.4	-54.8	-67.3	-53.2	-35.1	-13.0

Source: Les comptes de la sécurité sociale, May 1998.

^{^1/}Administrative basis. Data for 1998 are official projections (as of May 1998).

Table 18.

France: Local Government Finances ^1/

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts basis.

Table 18.

France: Local Government Finances ^1/

			In billions		In percent
			of francs		of total		Percent change
			1996	1997	1996	1997	1994	1995	1996	1997
Expenditure			817.6	845.1	100.0	100.0	4.4	4.4	3.4	1.5
	Wages and salaries		195.6	203.4	23.9	24.1	4.6	4.6	4.3	6.1
	Social security contributions		65.1	67.7.	8.0	8.0	4.2	4.2	6.3	7.9
	Consumption of goods and services		179.8	193.0	22.0	22.8	5.9	5.9	3.2	4.5
	Interest payments		61.6	55.4	7.5	6.6	-0.8	-0.8	2.3	-3.6
	Subsidies		25.8	29.2	3.2	3.5	2.8	2.8	10.8	3.1
	Social transfers		39.4	41.9	4.8	5.0	8.0	8.0	4.7	3.4
	Transfers to other levels of government		23.9	25.8	2.9	3.1	10.0	10.0	10.1	6.8
	Capital expenditure		163.3	164.3	20.0	19.4	1.2	1.2	1.1	-9.8
	Other expenditure		63.1	64.2	7.7	7.6	12.8	12.8	1.0	7.5
Revenue			821.1	862.6	100.0	100.0	4.5	4.5	3.2	4.1
	Taxes		551.0	583.1	67.1	67.6	5.1	5.1	4.3	5.2
		Wealth and income taxes	170.3	177.9	20.7	20.6	8.9	8.9	5.7	10.7
		Production taxes	200.8	212.8	24.5	24.7	3.8	3.8	-0.2	9.8
		Tax sharing	179.9	192.4	21.9	22.3	3.3	3.3	7.7	-3.8
	Transfers from other levels of government		-86.1	91.0	10.5	10.5	1.6	1.6	1.8	0.0
	Income from commercial activity		34.1	35.1	4.1	4.1	3.5	3.5	1.1	2.9
	Income from non-commercial activity		64.8	65.7	7.9	7.6	4.3	4.3	2.0	-0.3
	Other revenue		85.2	87.8	10.4	10.2	4.4	4.4	-0.2	5.6
Net Lending			3.3	17.6

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts basis.

Table 18.

France: Local Government Finances ^1/

			In billions		In percent
			of francs		of total		Percent change
			1996	1997	1996	1997	1994	1995	1996	1997
Expenditure			817.6	845.1	100.0	100.0	4.4	4.4	3.4	1.5
	Wages and salaries		195.6	203.4	23.9	24.1	4.6	4.6	4.3	6.1
	Social security contributions		65.1	67.7.	8.0	8.0	4.2	4.2	6.3	7.9
	Consumption of goods and services		179.8	193.0	22.0	22.8	5.9	5.9	3.2	4.5
	Interest payments		61.6	55.4	7.5	6.6	-0.8	-0.8	2.3	-3.6
	Subsidies		25.8	29.2	3.2	3.5	2.8	2.8	10.8	3.1
	Social transfers		39.4	41.9	4.8	5.0	8.0	8.0	4.7	3.4
	Transfers to other levels of government		23.9	25.8	2.9	3.1	10.0	10.0	10.1	6.8
	Capital expenditure		163.3	164.3	20.0	19.4	1.2	1.2	1.1	-9.8
	Other expenditure		63.1	64.2	7.7	7.6	12.8	12.8	1.0	7.5
Revenue			821.1	862.6	100.0	100.0	4.5	4.5	3.2	4.1
	Taxes		551.0	583.1	67.1	67.6	5.1	5.1	4.3	5.2
		Wealth and income taxes	170.3	177.9	20.7	20.6	8.9	8.9	5.7	10.7
		Production taxes	200.8	212.8	24.5	24.7	3.8	3.8	-0.2	9.8
		Tax sharing	179.9	192.4	21.9	22.3	3.3	3.3	7.7	-3.8
	Transfers from other levels of government		-86.1	91.0	10.5	10.5	1.6	1.6	1.8	0.0
	Income from commercial activity		34.1	35.1	4.1	4.1	3.5	3.5	1.1	2.9
	Income from non-commercial activity		64.8	65.7	7.9	7.6	4.3	4.3	2.0	-0.3
	Other revenue		85.2	87.8	10.4	10.2	4.4	4.4	-0.2	5.6
Net Lending			3.3	17.6

Source: INSEE, Rapport sur les Comptes de la Nation.

^{^1/}National accounts basis.

Table 19.

France: Key Interest Rates

(In percent per annum; period averages)

Sources: Banque de France, Bulletin Trimestriel, and IMF, International Financial Statistics.

^{^1/}Rate on the appels d’ offres; end of period.

^{^2/}Weighted average of maturities.

^{^3/}Observations taken in January, April, July, and October.

^{^4/}Livrets A or Bleu, included in M2-M1.

^{^5/}13 weeks.

Table 19.

France: Key Interest Rates

(In percent per annum; period averages)

			1993	1994	1995	1996	1997				1998
			Dec.	Dec.	Dec.	Dec.	Mar.	June	Sept.	Dec.	Mar.	June
Interbank market
	Intervention rate ^1/		6.22	5.00	4.60	3.18	3.10	3.10	3.10	3.30	3.30	3.30
	Repurchase rate		7.02	6.40	6.01	4.68	4.60	4.60	4.60	4.60	4.60	4.60
	Three-month Interbank rate		6.33	5.88	5.47	3.32	3.21	3.35	3.30	3.53	3.48	3.48
Capital market
	Government bond yield ^2/		5.94	8.09	6.85	5.85	5.73	5.72	5.54	5.35	4.97	4.93
Lending rates
	Prime lending rate		8.15	8.25	7.50	6.30	6.30	6.30	6.30	6.55	6.55	6.55
	Overdrafts and advances
		to enterprises ^3/	8.90	7.96	8.68	8.14	7.34	6.67	6.29	5.82	5.83	5.64
Deposit rates
	Passbook savings ^4/		4.50	4.50	4.50	3.50	3.50	3.50	3.50	3.50	3.50	3.00
Money market securities
	Treasury Bills ^5/		6.27	5.81	5.53	3.34	3.21	3.37	3.32	3.55	3.51	3.49
Contractural savings
	Plan d’epargne logement		6.00	5.25	5.25	5.25	4.25	4.25	4.25	4.25	4.25	4.00
Eurofranc three-month rate			6.53	5.97	5.84	3.45	3.37	3.42	3.40	3.79	3.72	3.75

Sources: Banque de France, Bulletin Trimestriel, and IMF, International Financial Statistics.

^{^1/}Rate on the appels d’ offres; end of period.

^{^2/}Weighted average of maturities.

^{^3/}Observations taken in January, April, July, and October.

^{^4/}Livrets A or Bleu, included in M2-M1.

^{^5/}13 weeks.

Table 19.

France: Key Interest Rates

(In percent per annum; period averages)

			1993	1994	1995	1996	1997				1998
			Dec.	Dec.	Dec.	Dec.	Mar.	June	Sept.	Dec.	Mar.	June
Interbank market
	Intervention rate ^1/		6.22	5.00	4.60	3.18	3.10	3.10	3.10	3.30	3.30	3.30
	Repurchase rate		7.02	6.40	6.01	4.68	4.60	4.60	4.60	4.60	4.60	4.60
	Three-month Interbank rate		6.33	5.88	5.47	3.32	3.21	3.35	3.30	3.53	3.48	3.48
Capital market
	Government bond yield ^2/		5.94	8.09	6.85	5.85	5.73	5.72	5.54	5.35	4.97	4.93
Lending rates
	Prime lending rate		8.15	8.25	7.50	6.30	6.30	6.30	6.30	6.55	6.55	6.55
	Overdrafts and advances
		to enterprises ^3/	8.90	7.96	8.68	8.14	7.34	6.67	6.29	5.82	5.83	5.64
Deposit rates
	Passbook savings ^4/		4.50	4.50	4.50	3.50	3.50	3.50	3.50	3.50	3.50	3.00
Money market securities
	Treasury Bills ^5/		6.27	5.81	5.53	3.34	3.21	3.37	3.32	3.55	3.51	3.49
Contractural savings
	Plan d’epargne logement		6.00	5.25	5.25	5.25	4.25	4.25	4.25	4.25	4.25	4.00
Eurofranc three-month rate			6.53	5.97	5.84	3.45	3.37	3.42	3.40	3.79	3.72	3.75

Sources: Banque de France, Bulletin Trimestriel, and IMF, International Financial Statistics.

^{^1/}Rate on the appels d’ offres; end of period.

^{^2/}Weighted average of maturities.

^{^3/}Observations taken in January, April, July, and October.

^{^4/}Livrets A or Bleu, included in M2-M1.

^{^5/}13 weeks.

Table 20.

France: Main Monetary Aggregates

(In billions of francs and growth rate in percent) ^1/

Source: Banque de France, Bulletin Trimestriel.

^{^1/}End of period data and year-on-year percentage changes.

^2/Staff estimates.

^{^3/}P1 consists of contractual saving accounts, notably for housing.

Table 20.

France: Main Monetary Aggregates

(In billions of francs and growth rate in percent) ^1/

			1992	1993	1994	1995	1996	1997	98Q1	98Q2
Money (Ml)			1,520.6	1,513.1	1,558.6	1,580.5	1,665.7	1,734.8	1,842.2	1,884.1
			-0.7	-0.5	3.0	1.4	5.4	4.1	10.2	10.5
Quasi-money (M2 - Ml)			1,198.1	1,183.1	1,247.8	1,354.4	1,478.2	1,622.1	1,710.4	1,764.4
			-3.0	-1.3	5.5	8.5	9.1	9.7	10.0	9.7
Money and quasi-money (M2)			2,718.7	2,696.1	2,806.4	2,934.9	3,143.9	3,356.8	3,552.6	3,648.5
			-1.7	-0.8	4.1	4.6	7.1	6.8	10.1	10.1
Near money (M3 - M2)			2,529.5	2,392.0	2,367.0	2,458.4	2,061.1	1,932.9	1,891.2	1,883.5
			14.3	-5.4	-1.0	3.9	-16.2	-6.2	-5.5	-3.5
Broad money (M3)			5,248.2	5,088.1	5,173.4	5,393.3	5,205.0	5,289.7	5,443.8	5,532.0
			5.4	-3.1	1.7	4.3	-3.5	1.6	4.1	5.1
Nonmonetary liquidity
	(M4 - M3)		-58.6	185.0	-30.9	-35.1	206.2	83.2	73.2	72.4
			-1,496.8	415.5	-116.7	-13.7	686.8	-59.6	-6.9	-15.6
Liquidity (M4)			5,189.5	5,273.l	5,142.5	5,358.2	5,411.3	5,373.0	5,517.0	5,604.4
			4.3	1.6	-2.5	4.2	1.0	-0.7	3.9	4.7
M3+P1 ^3/			…	6,437.8	6,678.9	7,134.6	7,221.6	7,579.4	7,635.2	7,781.0
			…	…	3.7	6.8	1.2	5.0	5.4	6.6
Memorandum items:
	Velocity of circulation
		M1	4.60	4.68	4.74	4.85	4.73	4.69	4.53	4.47
		M2	2.57	2.62	2.63	2.61	2.50	2.42	2.35	2.31
		M3	1.33	1.39	1.43	1.42	1.51	1.54	1.53	1.52

Source: Banque de France, Bulletin Trimestriel.

^{^1/}End of period data and year-on-year percentage changes.

^2/Staff estimates.

^{^3/}P1 consists of contractual saving accounts, notably for housing.

Table 20.

France: Main Monetary Aggregates

(In billions of francs and growth rate in percent) ^1/

			1992	1993	1994	1995	1996	1997	98Q1	98Q2
Money (Ml)			1,520.6	1,513.1	1,558.6	1,580.5	1,665.7	1,734.8	1,842.2	1,884.1
			-0.7	-0.5	3.0	1.4	5.4	4.1	10.2	10.5
Quasi-money (M2 - Ml)			1,198.1	1,183.1	1,247.8	1,354.4	1,478.2	1,622.1	1,710.4	1,764.4
			-3.0	-1.3	5.5	8.5	9.1	9.7	10.0	9.7
Money and quasi-money (M2)			2,718.7	2,696.1	2,806.4	2,934.9	3,143.9	3,356.8	3,552.6	3,648.5
			-1.7	-0.8	4.1	4.6	7.1	6.8	10.1	10.1
Near money (M3 - M2)			2,529.5	2,392.0	2,367.0	2,458.4	2,061.1	1,932.9	1,891.2	1,883.5
			14.3	-5.4	-1.0	3.9	-16.2	-6.2	-5.5	-3.5
Broad money (M3)			5,248.2	5,088.1	5,173.4	5,393.3	5,205.0	5,289.7	5,443.8	5,532.0
			5.4	-3.1	1.7	4.3	-3.5	1.6	4.1	5.1
Nonmonetary liquidity
	(M4 - M3)		-58.6	185.0	-30.9	-35.1	206.2	83.2	73.2	72.4
			-1,496.8	415.5	-116.7	-13.7	686.8	-59.6	-6.9	-15.6
Liquidity (M4)			5,189.5	5,273.l	5,142.5	5,358.2	5,411.3	5,373.0	5,517.0	5,604.4
			4.3	1.6	-2.5	4.2	1.0	-0.7	3.9	4.7
M3+P1 ^3/			…	6,437.8	6,678.9	7,134.6	7,221.6	7,579.4	7,635.2	7,781.0
			…	…	3.7	6.8	1.2	5.0	5.4	6.6
Memorandum items:
	Velocity of circulation
		M1	4.60	4.68	4.74	4.85	4.73	4.69	4.53	4.47
		M2	2.57	2.62	2.63	2.61	2.50	2.42	2.35	2.31
		M3	1.33	1.39	1.43	1.42	1.51	1.54	1.53	1.52

Source: Banque de France, Bulletin Trimestriel.

^{^1/}End of period data and year-on-year percentage changes.

^2/Staff estimates.

^{^3/}P1 consists of contractual saving accounts, notably for housing.

Table 21.

France: M3 and Its Counterparts

(In billions of francs, end of period)

Sources: Banque de France, Bulletin Trimestriel.

Table 21.

France: M3 and Its Counterparts

(In billions of francs, end of period)

			1991	1992	1993	1994	1995	1996	1997
1.	M3		5,029.3	5,287.0	5,133.7	5,227.6	5,493.2	5,289.9	5,390.3
2.	External counterparts		85.4	234.1	628.1	454.3	603.8	474.5	790.1
		Net foreign assets of the Banque de France	137.0	17.4	18.8	122.9	126.4	128.1	146.5
		Net foreign asset position of banks	-51.6	216.8	609.3	331.4	477.3	346.4	643.6
3.	Domestic credit		8,526.9	8,899.0	9,048.6	9,043.1	9,055.2	9,440.0	9,791.1
		Claims on government	1,011.0	1,088.1	1,350.2	1,679.4	1,775.9	2,173.8	2,259.8
		Claims on the economy	7,516.0	7,810.9	7,698.3	7,363.7	7,279.3	7,266.2	7,531.3
4.	Other sources
		(3 + 2-1)	3,583.1	3,846.2	4,543.0	4,269.7	4,165.8	4,624.6	5,190.9
		Contractual savings	640.6	758.3	938.8	1,064.5	1,238.1	1,506.6	1,739.1
		Net stable resources	2,557.6	2,749.4	3,315.4	3,112.2	3,227.1	3,239.6	3,361.6
		Other	231.3	150.8	52.6	-194.5	-299.4	-121.6	90.2
Memorandum item:
5.	Net domestic credit
		(1 - 2)	4,943.9	5,052.9	4,505.6	4,773.3	4,889.4	4,815.4	4,600.2
			(Contributions to the growth of M3, in percent)
	Percentage change in M3		2.0	5.1	-2.9	1.8	5.1	-3.7	1.9
	External counterparts		2.8	3.0	7.5	-3.4	2.9	-2.4	6.0
		Banque de France	-0.4	-2.4	0.0	2.0	0.1	0.0	0.3
		Other credit institutions	3.1	5.3	7.4	-5.4	2.8	-2.4	5.6
	Net domestic credit		-0.7	2.2	-10.4	5.2	2.2	-1.3	-4.1
		Claims on government	2.5	1.5	5.0	6.4	1.8	7.2	1.6
		Claims on the economy	6.6	5.9	-2.1	-6.5	-1.6	-0.2	5.0
		Contractual savings	-2.0	-2.3	-3.4	-2.4	-3.3	-4.9	-4.4
		Net stable resources	-2.6	-3.8	-10.7	4.0	-2.2	-0.2	-2.3
		Other	-2.9	1.6	1.9	4.8	2.0	-3.2	-4.0

Sources: Banque de France, Bulletin Trimestriel.

Table 21.

France: M3 and Its Counterparts

(In billions of francs, end of period)

			1991	1992	1993	1994	1995	1996	1997
1.	M3		5,029.3	5,287.0	5,133.7	5,227.6	5,493.2	5,289.9	5,390.3
2.	External counterparts		85.4	234.1	628.1	454.3	603.8	474.5	790.1
		Net foreign assets of the Banque de France	137.0	17.4	18.8	122.9	126.4	128.1	146.5
		Net foreign asset position of banks	-51.6	216.8	609.3	331.4	477.3	346.4	643.6
3.	Domestic credit		8,526.9	8,899.0	9,048.6	9,043.1	9,055.2	9,440.0	9,791.1
		Claims on government	1,011.0	1,088.1	1,350.2	1,679.4	1,775.9	2,173.8	2,259.8
		Claims on the economy	7,516.0	7,810.9	7,698.3	7,363.7	7,279.3	7,266.2	7,531.3
4.	Other sources
		(3 + 2-1)	3,583.1	3,846.2	4,543.0	4,269.7	4,165.8	4,624.6	5,190.9
		Contractual savings	640.6	758.3	938.8	1,064.5	1,238.1	1,506.6	1,739.1
		Net stable resources	2,557.6	2,749.4	3,315.4	3,112.2	3,227.1	3,239.6	3,361.6
		Other	231.3	150.8	52.6	-194.5	-299.4	-121.6	90.2
Memorandum item:
5.	Net domestic credit
		(1 - 2)	4,943.9	5,052.9	4,505.6	4,773.3	4,889.4	4,815.4	4,600.2
			(Contributions to the growth of M3, in percent)
	Percentage change in M3		2.0	5.1	-2.9	1.8	5.1	-3.7	1.9
	External counterparts		2.8	3.0	7.5	-3.4	2.9	-2.4	6.0
		Banque de France	-0.4	-2.4	0.0	2.0	0.1	0.0	0.3
		Other credit institutions	3.1	5.3	7.4	-5.4	2.8	-2.4	5.6
	Net domestic credit		-0.7	2.2	-10.4	5.2	2.2	-1.3	-4.1
		Claims on government	2.5	1.5	5.0	6.4	1.8	7.2	1.6
		Claims on the economy	6.6	5.9	-2.1	-6.5	-1.6	-0.2	5.0
		Contractual savings	-2.0	-2.3	-3.4	-2.4	-3.3	-4.9	-4.4
		Net stable resources	-2.6	-3.8	-10.7	4.0	-2.2	-0.2	-2.3
		Other	-2.9	1.6	1.9	4.8	2.0	-3.2	-4.0

Sources: Banque de France, Bulletin Trimestriel.

Table 22.

France: Total Domestic Debt and Its Components

(In billions of francs, end of period)

Source: Banque de France, Bulletin Trimestriel.

^{^1/}Year-on-year percent change.

Table 22.

France: Total Domestic Debt and Its Components

(In billions of francs, end of period)

					1993	1994	1995	1996	1997	1998
										Q1
Total domestic debt					9,692.0	10,061.3	10,662.2	10,862.2	11,270.5	11,421.2
	Of which:
		To the central government			2,362.1	2,795.8	3,189.3	3,492.4	3,742.5	3,937.9
			Domestic money market		782.0	926.3	1,061.0	1,091.2	1,208.9	1,246.5
			Domestic bond market		1,379.7	1,581.2	1,799.2	2,047.3	2,176.0	2,251.5
			Other		200.4	288.3	329.1	353.9	357.6	439.9
		To the private sector			6,380.2	6,339.9	6,408.0	6,317.5	6,413.7	6,500.1
			Firms		3,906.9	3,848.3	3,894.9	3,725.7	3,723.8	3,833.0
				Credit	3,117.6	3,050.5	3,076.2	2,887.3	2,892.0	2,937.1
				Domestic money market	152.7	151.7	152.2	194.3	193.9	241.6
				Domestic bond market	428.5	436.9	437.7	455.0	465.4	474.9
				Other	208.1	209.2	228.8	189.1	172.5	179.4
			Households		2,473.3	2,491.6	2,513.1	2,591.8	2,689.9	2,667.1
Memorandum items:
Net non-negotiable central
	government debt				177.2	279.3	305.7	310.1	329.7	414.5
External Financing					233.8	249.8	274.0	282.3	256.8	248.2
Negotiable instruments as
	percentage of total credit to firms				14.9	15.3	15.1	17.4	17.7	18.7
Growth rate of selected components ^1/
	Total domestic debt				2.9	3.8	6.0	1.9	3.8	4.4
	Goverment debt				15.4	18.4	14.1	9.5	7.2	9.2
	Credit to the private sector				-2.4	-0.6	1.1	-1.4	1.5	2.6
		To firms			-3.9	-1.5	1.2	-4.3	-0.1	2.2
		To households			0.2	0.7	0.9	3.1	3.8	3.2

Source: Banque de France, Bulletin Trimestriel.

^{^1/}Year-on-year percent change.

Table 22.

France: Total Domestic Debt and Its Components

(In billions of francs, end of period)

					1993	1994	1995	1996	1997	1998
										Q1
Total domestic debt					9,692.0	10,061.3	10,662.2	10,862.2	11,270.5	11,421.2
	Of which:
		To the central government			2,362.1	2,795.8	3,189.3	3,492.4	3,742.5	3,937.9
			Domestic money market		782.0	926.3	1,061.0	1,091.2	1,208.9	1,246.5
			Domestic bond market		1,379.7	1,581.2	1,799.2	2,047.3	2,176.0	2,251.5
			Other		200.4	288.3	329.1	353.9	357.6	439.9
		To the private sector			6,380.2	6,339.9	6,408.0	6,317.5	6,413.7	6,500.1
			Firms		3,906.9	3,848.3	3,894.9	3,725.7	3,723.8	3,833.0
				Credit	3,117.6	3,050.5	3,076.2	2,887.3	2,892.0	2,937.1
				Domestic money market	152.7	151.7	152.2	194.3	193.9	241.6
				Domestic bond market	428.5	436.9	437.7	455.0	465.4	474.9
				Other	208.1	209.2	228.8	189.1	172.5	179.4
			Households		2,473.3	2,491.6	2,513.1	2,591.8	2,689.9	2,667.1
Memorandum items:
Net non-negotiable central
	government debt				177.2	279.3	305.7	310.1	329.7	414.5
External Financing					233.8	249.8	274.0	282.3	256.8	248.2
Negotiable instruments as
	percentage of total credit to firms				14.9	15.3	15.1	17.4	17.7	18.7
Growth rate of selected components ^1/
	Total domestic debt				2.9	3.8	6.0	1.9	3.8	4.4
	Goverment debt				15.4	18.4	14.1	9.5	7.2	9.2
	Credit to the private sector				-2.4	-0.6	1.1	-1.4	1.5	2.6
		To firms			-3.9	-1.5	1.2	-4.3	-0.1	2.2
		To households			0.2	0.7	0.9	3.1	3.8	3.2

Source: Banque de France, Bulletin Trimestriel.

^{^1/}Year-on-year percent change.

Table 23.

France: Summary Balance of Payments

(In billions of francs)

Source: Banque de France.

Table 23.

France: Summary Balance of Payments

(In billions of francs)

				1992	1993	1994	1995	1996	1997
Current Account				20.3	52.0	41.0	54.5	105.0	230.1
	Goods, services, and income			67.8	87.2	100.5	99.5	146.0	282.4
		Goods		12.7	43.0	39.6	54.9	76.5	164.3
		Services		101.0	95.6	98.9	89.5	83.2	102.6
		Income		-45.9	-51.4	-38.0	-44.9	-13.8	15.4
			Compensation of employees	-6.4	-5.6	4.9	5.0	6.9	7.1
			Investment income	-39.5	-45.8	-43.0	-49.9	-20.7	8.3
	Current transfers			-47.6	-35.2	-59.5	-45.0	-41.0	-52.2
		General government		-30.1	-30.7	-55.5	-45.8	-36.6	-43.1
		Other (private)		-17.5	-4.5	-4.0	0.8	-4.5	-9.1
Capital and financial account				-30.2	-66.7	-63.6	-37.7	-109.6	-255.8
	Capital account			3.5	0.2	-22.2	2.6	6.3	8.7
	Financial account			-33.7	-66.9	-41.4	-40.4	-115.9	-279.9
		Direct investment		-48.9	1.5	-48.8	39.5	-43.3	-72.4
			Abroad	-165.1	-116.7	-135.3	-78.6	-155.6	-207.7
			In reporting country	116.2	118.2	86.5	118.2	112.3	135.3
		Portfolio investment		187.1	16.9	-284.0	31.2	-309.0	-149.1
			Assets	-95.9	-177.9	-124.3	-33.1	-271.4	-415.2
			Liabilities	283.0	194.8	-159.7	64.3	-37.6	266.2
		Other investment		-162.2	-115.1	304.9	-107.5	237.6	-8.6
			Assets	-319.3	-89.1	141.1	-205.9	136.9	-304.8
			Liabilities	157.1	-26.0	163.9	98.5	100.8	296.2
		International Reserves		-9.7	29.8	-13.5	-3.6	-1.2	-20.6
Net Errors and Omissions				9.9	14.8	22.6	-16.7	4.6	25.7

Source: Banque de France.

Table 23.

France: Summary Balance of Payments

(In billions of francs)

				1992	1993	1994	1995	1996	1997
Current Account				20.3	52.0	41.0	54.5	105.0	230.1
	Goods, services, and income			67.8	87.2	100.5	99.5	146.0	282.4
		Goods		12.7	43.0	39.6	54.9	76.5	164.3
		Services		101.0	95.6	98.9	89.5	83.2	102.6
		Income		-45.9	-51.4	-38.0	-44.9	-13.8	15.4
			Compensation of employees	-6.4	-5.6	4.9	5.0	6.9	7.1
			Investment income	-39.5	-45.8	-43.0	-49.9	-20.7	8.3
	Current transfers			-47.6	-35.2	-59.5	-45.0	-41.0	-52.2
		General government		-30.1	-30.7	-55.5	-45.8	-36.6	-43.1
		Other (private)		-17.5	-4.5	-4.0	0.8	-4.5	-9.1
Capital and financial account				-30.2	-66.7	-63.6	-37.7	-109.6	-255.8
	Capital account			3.5	0.2	-22.2	2.6	6.3	8.7
	Financial account			-33.7	-66.9	-41.4	-40.4	-115.9	-279.9
		Direct investment		-48.9	1.5	-48.8	39.5	-43.3	-72.4
			Abroad	-165.1	-116.7	-135.3	-78.6	-155.6	-207.7
			In reporting country	116.2	118.2	86.5	118.2	112.3	135.3
		Portfolio investment		187.1	16.9	-284.0	31.2	-309.0	-149.1
			Assets	-95.9	-177.9	-124.3	-33.1	-271.4	-415.2
			Liabilities	283.0	194.8	-159.7	64.3	-37.6	266.2
		Other investment		-162.2	-115.1	304.9	-107.5	237.6	-8.6
			Assets	-319.3	-89.1	141.1	-205.9	136.9	-304.8
			Liabilities	157.1	-26.0	163.9	98.5	100.8	296.2
		International Reserves		-9.7	29.8	-13.5	-3.6	-1.2	-20.6
Net Errors and Omissions				9.9	14.8	22.6	-16.7	4.6	25.7

Source: Banque de France.

Table 24.

France: Merchandise Trade

Sources: INSEE, Quarterly National Accounts; and IMF, International Financial Statistics.

^{^1/}National accounts data.

^{^2/}Volume ratios of exports to imports.

^{^3/}Agriculture plus services.

^{^4/}1980=100.

Table 24.

France: Merchandise Trade

				1980	1985	1990	1994	1995	1996	1997
				(In billions of francs)
Trade balances
	Customs definition			-79.4	-61.0	-96.5	-3.6	16.5	38.3	118.6
	National accounts
		definition		-87.6	-69.4	-100.8	26.5	45.6	65.7	141.8
		Of which:
			Agriculture	3.8	23.7	34.5	18.1	20.2	24.8	29.0
			Energy	-133.5	-181.9	-93.3	-65.7	-59.2	-77.8	-85.8
			Manufacturing	35.1	83.0	-58.6	47.3	53.0	86.8	158.9
				(In percent) ^1/
Import cover ratios ^2/
	Merchandise			84.8	92.8	92.1	102.1	103.3	104.6	109.0
		Agriculture		112.4	146.8	168.2	133.2	136.0	145.0	148.8
		Industry		83.2	89.9	88.9	100.7	101.9	103.0	107.5
			Manufacturing	110.0	113.2	94.2	104.6	104.7	107.6	112.5
		Nonindustrial ^3/		161.2	172.2	154.2	151.9	153.2	152.0	158.0
	Services,			185.5	182.7	150.5	156.2	157.2	153.5	159.9
		Transport and communication		269.8	203.7	168.7	182.0	177.0	175.8	167.9
		Market services		198.3	191.5	168.9	169.5	174.4	177.6	177.7
		Insurance and financial
services				110.4	102.0	91.6	103.7	104.1	97.1	111.7
Terms of trade ^4/
	Merchandise			100.0	98.9	110.0	113.5	112.6	111.2	111.1
		Agriculture		100.0	92.3	109.1	102.9	101.0	108.2	103.1
		Industry		100.0	99.7	110.6	114.5	113.5	111.7	111.8
Manufacturing				100.0	103.9	105.7	108.0	107.1	106.4	107.9
		Nonindustrial ^3/		100.0	96.9	96.8	95.7	95.7	95.7	95.4
	Services			100.0	98.4	93.3	91.8	92.7	91.5	92.5
		Transport and communication		100.0	94.0	78.3	76.1	76.6	73.6	73.2
		Market services		100.0	99.4	100.0	97.9	100.1	97.7	98.7
		Insurance and financial
			services	100.0	98.5	98.8	100.4	100.1	101.0	101.5

Sources: INSEE, Quarterly National Accounts; and IMF, International Financial Statistics.

^{^1/}National accounts data.

^{^2/}Volume ratios of exports to imports.

^{^3/}Agriculture plus services.

^{^4/}1980=100.

Table 24.

France: Merchandise Trade

				1980	1985	1990	1994	1995	1996	1997
				(In billions of francs)
Trade balances
	Customs definition			-79.4	-61.0	-96.5	-3.6	16.5	38.3	118.6
	National accounts
		definition		-87.6	-69.4	-100.8	26.5	45.6	65.7	141.8
		Of which:
			Agriculture	3.8	23.7	34.5	18.1	20.2	24.8	29.0
			Energy	-133.5	-181.9	-93.3	-65.7	-59.2	-77.8	-85.8
			Manufacturing	35.1	83.0	-58.6	47.3	53.0	86.8	158.9
				(In percent) ^1/
Import cover ratios ^2/
	Merchandise			84.8	92.8	92.1	102.1	103.3	104.6	109.0
		Agriculture		112.4	146.8	168.2	133.2	136.0	145.0	148.8
		Industry		83.2	89.9	88.9	100.7	101.9	103.0	107.5
			Manufacturing	110.0	113.2	94.2	104.6	104.7	107.6	112.5
		Nonindustrial ^3/		161.2	172.2	154.2	151.9	153.2	152.0	158.0
	Services,			185.5	182.7	150.5	156.2	157.2	153.5	159.9
		Transport and communication		269.8	203.7	168.7	182.0	177.0	175.8	167.9
		Market services		198.3	191.5	168.9	169.5	174.4	177.6	177.7
		Insurance and financial
services				110.4	102.0	91.6	103.7	104.1	97.1	111.7
Terms of trade ^4/
	Merchandise			100.0	98.9	110.0	113.5	112.6	111.2	111.1
		Agriculture		100.0	92.3	109.1	102.9	101.0	108.2	103.1
		Industry		100.0	99.7	110.6	114.5	113.5	111.7	111.8
Manufacturing				100.0	103.9	105.7	108.0	107.1	106.4	107.9
		Nonindustrial ^3/		100.0	96.9	96.8	95.7	95.7	95.7	95.4
	Services			100.0	98.4	93.3	91.8	92.7	91.5	92.5
		Transport and communication		100.0	94.0	78.3	76.1	76.6	73.6	73.2
		Market services		100.0	99.4	100.0	97.9	100.1	97.7	98.7
		Insurance and financial
			services	100.0	98.5	98.8	100.4	100.1	101.0	101.5

Sources: INSEE, Quarterly National Accounts; and IMF, International Financial Statistics.

^{^1/}National accounts data.

^{^2/}Volume ratios of exports to imports.

^{^3/}Agriculture plus services.

^{^4/}1980=100.

Table 25.

France: Direction of Trade

(Expressed as percentage of total)

Source: International Monetary Fund, Direction of Trade.

Table 25.

France: Direction of Trade

(Expressed as percentage of total)

						1992	1993	1994	1995	1996	1997
Exports, total (in billions
of francs)						1,252.0	1,228.5	1,335.8	1,444.2	1,470.5	1,652.1
Of which:
		European Union				63.7	59.8	61.3	62.2	61.9	62.8
			Germany			17.2	16.6	16.6	17.3	16.8	15.9
			United Kingdom			9.0	9.1	9.6	9.1	9.2	10.1
			Belgium-Luxembourg			9.0	8.4	8.5	8.4	8.2	8.1
			Netherlands			4.8	4.6	4.5	4.5	4.5	4.7
		United States				6.4	6.8	6.8	5.8	6.0	6.5
		Japan				1.8	1.9	1.9	1.9	1.9	1.7
		Switzerland				3.4	3.6	3.6	3.8	3.9	3.5
		Developing world				20.9	21.9	21.5	22.6	23.2	22.8
			Of which:
				Africa		5.9	5.6	5.4	5.6	5.6	4.7
				Asia		5.1	5.8	6.3	7.1	6.9	7.6
					China	0.6	0.7	0.9	0.9	0.8	1.2
				Oil Exporting Countries		4.0	3.9	3.5	3.3	3.0	3.3
				Western Hemisphere		3.4	3.6	3.6	3.6	3.5	2.3
Imports, total (in billions
	of francs)					1,278.2	1,147.7	1,300.7	1,388.9	1,411.4	1,554.0
	Of which:
		European Union				62.1	61.7	61.0	62.7	61.3	61.0
			Germany			18.5	17.7	17.3	18.2	17.0	16.5
			United Kingdom			7.6	8.1	7.8	7.9	8.2	8.3
			Belgium-Luxembourg			8.5	9.0	8.9	8.8	8.2	8.0
			Netherlands			5.0	5.2	4.9	5.2	5.1	5.0
		United States				8.3	8.7	8.3	7.5	7.8	8.8
		Japan				4.0	4.1	3.6	3.4	3.2	3.3
		Switzerland				2.2	2.5	2.4	2.5	2.5	2.4
		Developing world				19.4	19.3	18.2	17.9	20.1	21.2
			Of which:
				Africa		4.2	4.2	4.1	3.9	4.1	4.1
				Asia		7.2	6.7	6.3	6.5	8.0	8.9
					China	1.5	1.9	1.7	1.8	2.1	2.5
				Oil Exporting Countries		3.6	3.9	3.4	2.8	3.3	3.3
				Western Hemisphere		2.0	2.0	2.1	2.0	1.9	2.0

Source: International Monetary Fund, Direction of Trade.

Table 25.

France: Direction of Trade

(Expressed as percentage of total)

						1992	1993	1994	1995	1996	1997
Exports, total (in billions
of francs)						1,252.0	1,228.5	1,335.8	1,444.2	1,470.5	1,652.1
Of which:
		European Union				63.7	59.8	61.3	62.2	61.9	62.8
			Germany			17.2	16.6	16.6	17.3	16.8	15.9
			United Kingdom			9.0	9.1	9.6	9.1	9.2	10.1
			Belgium-Luxembourg			9.0	8.4	8.5	8.4	8.2	8.1
			Netherlands			4.8	4.6	4.5	4.5	4.5	4.7
		United States				6.4	6.8	6.8	5.8	6.0	6.5
		Japan				1.8	1.9	1.9	1.9	1.9	1.7
		Switzerland				3.4	3.6	3.6	3.8	3.9	3.5
		Developing world				20.9	21.9	21.5	22.6	23.2	22.8
			Of which:
				Africa		5.9	5.6	5.4	5.6	5.6	4.7
				Asia		5.1	5.8	6.3	7.1	6.9	7.6
					China	0.6	0.7	0.9	0.9	0.8	1.2
				Oil Exporting Countries		4.0	3.9	3.5	3.3	3.0	3.3
				Western Hemisphere		3.4	3.6	3.6	3.6	3.5	2.3
Imports, total (in billions
	of francs)					1,278.2	1,147.7	1,300.7	1,388.9	1,411.4	1,554.0
	Of which:
		European Union				62.1	61.7	61.0	62.7	61.3	61.0
			Germany			18.5	17.7	17.3	18.2	17.0	16.5
			United Kingdom			7.6	8.1	7.8	7.9	8.2	8.3
			Belgium-Luxembourg			8.5	9.0	8.9	8.8	8.2	8.0
			Netherlands			5.0	5.2	4.9	5.2	5.1	5.0
		United States				8.3	8.7	8.3	7.5	7.8	8.8
		Japan				4.0	4.1	3.6	3.4	3.2	3.3
		Switzerland				2.2	2.5	2.4	2.5	2.5	2.4
		Developing world				19.4	19.3	18.2	17.9	20.1	21.2
			Of which:
				Africa		4.2	4.2	4.1	3.9	4.1	4.1
				Asia		7.2	6.7	6.3	6.5	8.0	8.9
					China	1.5	1.9	1.7	1.8	2.1	2.5
				Oil Exporting Countries		3.6	3.9	3.4	2.8	3.3	3.3
				Western Hemisphere		2.0	2.0	2.1	2.0	1.9	2.0

Source: International Monetary Fund, Direction of Trade.

Table 26.

France: Current Account

(In billions of francs)

Source: Banque de France.

Table 26.

France: Current Account

(In billions of francs)

					1992	1993	1994	1995	1996	1997
Current Account					20.3	52.0	41.0	54.5	105.0	230.1
	Goods				12.7	43.0	39.6	54.9	76.5	164.3
		Exports FOB			1204.5	1126.6	1278.1	1390.5	1441.9	1658.1
		Imports FOB			-1191.8	-1083.6	-1238.5	-1335.6	-1365.4	-1493.8
	Services				101.0	95.6	98.9	89.5	83.2	102.6
			Credit		484.1	489.5	418.3	419.4	427.3	474.5
			Debit		-383.2	-394.0	-319.3	-329.9	-344.1	-371.9
		Transportation			-8.6	-7.3	-4.4	-3.9	-2.3	-2.2
		Travel			59.7	60.7	60.5	55.9	54.3	66.7
			Credit		133.4	133.4	137.0	137.4	145.1	163.5
			Debit		-73.7	-72.7	-76.5	-81.5	-90.8	-96.8
		Insurance services			-1.6	-1.9	2.3	1.4	-0.4	1.4
		Financial services (other than insurance)			-2.3	-3.9	0.9	1.0	0.8	0.5
		Computer and information services			-1.8	-1.8	-1.2	-0.8	0.1	0.2
		Royalties and license fees			-2.6	-1.9	-2.1	-2.3	-3.9	-2.5
		Other business services			50.1	45.4	40.8	31.4	27.2	32.7
		Government services, n.i.e.			0.2	-0.7	-3.7	-3.1	-3.7	-4.0
			Credit		8.8	8.5	4.6	4.9	4.8	5.1
			Debit		-8.6	-9.3	-8.3	-8.0	-8.5	-9.1
		Other			7.9	6.9	5.8	9.8	11.1	9.7
	Income				-45.9	-51.4	-38.0	-44.9	-13.8	15.4
			Credit		462.9	560.6	230.4	225.1	243.4	307.4
			Debit		-508.7	-612.0	-268.4	-270.0	-257.2	-292.0
		Compensation of employees			-6.4	-5.6	4.9	5.0	6.9	7.1
			Credit		19.4	20.0	12.9	13.2	13.3	13.8
			Debit		-25.7	-25.6	-8.0	-8.2	-6.4	-6.7
		Investment income			-39.5	-45.8	-43.0	-49.9	-20.7	8.3
				Credit	443.5	540.6	217.4	211.9	230.1	293.6
				Debit	-483.0	-586.4	-260.4	-261.7	-250.8	-285.3
Direct investment					9.8	10.2	19.3	-3.4	24.6	33.1
Portfolio investment					-57.7	-72.7	-76.9	-75.1	-66.2	-49.0
Other investment					8.4	16.8	14.6	28.6	21.0	24.2
	Current transfers				-47.6	-35.2	-59.5	-45.0	-41.0	-52.2
		General government			-30.1	-30.7	-55.5	-45.8	-36.6	-43.1
			Credit		68.1	72.0	66.3	70.3	79.3	82.8
			Debit		-98.2	-102.8	-121.8	-116.1	-115.9	-125.9
		Other (private)			-17.5	-4.5	-4.0	0.8	-4.5	-9.1
			Credit		41.4	22.5	35.9	40.3	36.6	38.4
			Debit		-58.8	-27.1	-39.8	-39.6	-41.0	-47.6

Source: Banque de France.

Table 26.

France: Current Account

(In billions of francs)

					1992	1993	1994	1995	1996	1997
Current Account					20.3	52.0	41.0	54.5	105.0	230.1
	Goods				12.7	43.0	39.6	54.9	76.5	164.3
		Exports FOB			1204.5	1126.6	1278.1	1390.5	1441.9	1658.1
		Imports FOB			-1191.8	-1083.6	-1238.5	-1335.6	-1365.4	-1493.8
	Services				101.0	95.6	98.9	89.5	83.2	102.6
			Credit		484.1	489.5	418.3	419.4	427.3	474.5
			Debit		-383.2	-394.0	-319.3	-329.9	-344.1	-371.9
		Transportation			-8.6	-7.3	-4.4	-3.9	-2.3	-2.2
		Travel			59.7	60.7	60.5	55.9	54.3	66.7
			Credit		133.4	133.4	137.0	137.4	145.1	163.5
			Debit		-73.7	-72.7	-76.5	-81.5	-90.8	-96.8
		Insurance services			-1.6	-1.9	2.3	1.4	-0.4	1.4
		Financial services (other than insurance)			-2.3	-3.9	0.9	1.0	0.8	0.5
		Computer and information services			-1.8	-1.8	-1.2	-0.8	0.1	0.2
		Royalties and license fees			-2.6	-1.9	-2.1	-2.3	-3.9	-2.5
		Other business services			50.1	45.4	40.8	31.4	27.2	32.7
		Government services, n.i.e.			0.2	-0.7	-3.7	-3.1	-3.7	-4.0
			Credit		8.8	8.5	4.6	4.9	4.8	5.1
			Debit		-8.6	-9.3	-8.3	-8.0	-8.5	-9.1
		Other			7.9	6.9	5.8	9.8	11.1	9.7
	Income				-45.9	-51.4	-38.0	-44.9	-13.8	15.4
			Credit		462.9	560.6	230.4	225.1	243.4	307.4
			Debit		-508.7	-612.0	-268.4	-270.0	-257.2	-292.0
		Compensation of employees			-6.4	-5.6	4.9	5.0	6.9	7.1
			Credit		19.4	20.0	12.9	13.2	13.3	13.8
			Debit		-25.7	-25.6	-8.0	-8.2	-6.4	-6.7
		Investment income			-39.5	-45.8	-43.0	-49.9	-20.7	8.3
				Credit	443.5	540.6	217.4	211.9	230.1	293.6
				Debit	-483.0	-586.4	-260.4	-261.7	-250.8	-285.3
Direct investment					9.8	10.2	19.3	-3.4	24.6	33.1
Portfolio investment					-57.7	-72.7	-76.9	-75.1	-66.2	-49.0
Other investment					8.4	16.8	14.6	28.6	21.0	24.2
	Current transfers				-47.6	-35.2	-59.5	-45.0	-41.0	-52.2
		General government			-30.1	-30.7	-55.5	-45.8	-36.6	-43.1
			Credit		68.1	72.0	66.3	70.3	79.3	82.8
			Debit		-98.2	-102.8	-121.8	-116.1	-115.9	-125.9
		Other (private)			-17.5	-4.5	-4.0	0.8	-4.5	-9.1
			Credit		41.4	22.5	35.9	40.3	36.6	38.4
			Debit		-58.8	-27.1	-39.8	-39.6	-41.0	-47.6

Source: Banque de France.

Table 27.

France: Financial Account

(In billions of francs)

Source: Banque de France.

Table 27.

France: Financial Account

(In billions of francs)

					1990	1991	1992	1993	1994	1995	1996	1997
Financial account					80.2	12.3	-33.7	-66.9	-41.4	-40.4	-115.9	-279.9
	Direct investment				-119.4	-50.1	-48.9	1.5	-48.8	39.5	-43.3	-72.4
		Abroad			-190.3	-134.7	-165.1	-116.7	-135.3	-78.6	-155.6	-207.7
			Equity capital		-130.3	-103.9	-88.8	-57.3	-63.7	-24.7	-85.0	-116.4
			Other capital		-60.0	-30.8	-76.3	-59.4	-71.7	-53.9	-70.6	-91.3
		In reporting country			70.9	84.6	116.2	118.2	86.5	118.2	112.3	135.3
			Equity capital		38.0	55.3	75.4	65.1	46.4	55.4	45.7	79.0
			Other capital		32.9	29.2	40.9	53.1	40.0	62.7	66.6	56.2
	Portfolio investment				188.1	80.6	187.1	16.9	-284.0	31.2	-309.0	-149.1
		Assets			-46.1	-86.4	-95.9	-177.9	-124.3	-33.1	-271.4	-415.2
		Liabilities			234.1	167.0	283.0	194.8	-159.7	64.3	-37.6	266.2
	Other investment				68.0	-46.1	-162.2	-115.1	304.9	-107.5	237.6	-8.6
	Assets				-333.3	2.2	-319.3	-89.1	141.1	-205.9	136.9	-304.8
		Trade credits			6.3	24.5	24.8	42.1	-23.5	-32.8	-26.1	-59.0
		Loans			-336.8	-18.3	-340.5	-127.4	166.6	-170.7	159.8	-253.7
			General government		-4.8	-24.7	-22.6	-18.2	19.0	-0.4	8.4	8.7
			Banks		-280.3	46.4	-333.8	-276.3	141.0	-220.1	147.4	-274.7
			Other sectors		-51.7	-40.1	15.9	167.1	7.9	47.4	3.3	14.7
				Long-term	-3.5	-2.5	-4.3	-0.5	10.1	49.0	5.7	17.0
				Short-term	-48.1	-37.6	20.2	167.7	-2.2	-1.6	-2.4	-2.3
		Other assets			-2.8	-3.9	-3.5	-3.8	-2.0	-2.4	3.1	7.8
	Liabilities				401.4	-48.4	157.1	-26.0	163.9	98.5	100.8	296.2
		Trade credits			-37.2	-28.4	-27.5	-9.8	32.5	14.1	11.3	12.5
		Loans			437.2	-25.8	133.3	-49.1	112.6	80.6	95.7	294.3
			Monetary authorities		-6.5	-1.3	71.3	-32.5	-86.7	1.0	1.6	0.5
			General government		-3.0	-0.8	0.6	1.3	1.7	2.5	2.5	37.0
			Banks		443.9	-30.3	53.7	-28.3	175.4	73.0	77.2	234.9
			Other sectors		2.7	6.6	7.6	10.4	22.2	4.1	14.4	22.0
		Currency and deposits			0.0	0.0	0.0	0.0	17.1	2.8	-2.2	-8.6
			Monetary authorities		0.0	0.0	0.0	0.0	1.6	0.2	0.0	0.3
			General government		0.0	0.0	0.0	0.0	15.6	2.6	-2.2	-8.9
		Other liabilities			1.4	5.8	51.3	32.9	1.7	1.1	-4.0	-2.1
	Reserves Assets				-56.6	28.0	-9.7	29.8	-13.5	-3.6	-1.2	-20.6
		Special drawing rights			0.8	-0.2	5.9	-1.0	-0.1	-3.1	-0.3	-0.3
		Reserve position in the Fund			3.0	-1.7	-20.9	-0.1	0.4	-1.7	-0.2	-2.0
		Foreign exchange			-60.4	29.8	5.3	30.9	-13.9	1.1	-0.8	-32.0

Source: Banque de France.

Table 27.

France: Financial Account

(In billions of francs)

					1990	1991	1992	1993	1994	1995	1996	1997
Financial account					80.2	12.3	-33.7	-66.9	-41.4	-40.4	-115.9	-279.9
	Direct investment				-119.4	-50.1	-48.9	1.5	-48.8	39.5	-43.3	-72.4
		Abroad			-190.3	-134.7	-165.1	-116.7	-135.3	-78.6	-155.6	-207.7
			Equity capital		-130.3	-103.9	-88.8	-57.3	-63.7	-24.7	-85.0	-116.4
			Other capital		-60.0	-30.8	-76.3	-59.4	-71.7	-53.9	-70.6	-91.3
		In reporting country			70.9	84.6	116.2	118.2	86.5	118.2	112.3	135.3
			Equity capital		38.0	55.3	75.4	65.1	46.4	55.4	45.7	79.0
			Other capital		32.9	29.2	40.9	53.1	40.0	62.7	66.6	56.2
	Portfolio investment				188.1	80.6	187.1	16.9	-284.0	31.2	-309.0	-149.1
		Assets			-46.1	-86.4	-95.9	-177.9	-124.3	-33.1	-271.4	-415.2
		Liabilities			234.1	167.0	283.0	194.8	-159.7	64.3	-37.6	266.2
	Other investment				68.0	-46.1	-162.2	-115.1	304.9	-107.5	237.6	-8.6
	Assets				-333.3	2.2	-319.3	-89.1	141.1	-205.9	136.9	-304.8
		Trade credits			6.3	24.5	24.8	42.1	-23.5	-32.8	-26.1	-59.0
		Loans			-336.8	-18.3	-340.5	-127.4	166.6	-170.7	159.8	-253.7
			General government		-4.8	-24.7	-22.6	-18.2	19.0	-0.4	8.4	8.7
			Banks		-280.3	46.4	-333.8	-276.3	141.0	-220.1	147.4	-274.7
			Other sectors		-51.7	-40.1	15.9	167.1	7.9	47.4	3.3	14.7
				Long-term	-3.5	-2.5	-4.3	-0.5	10.1	49.0	5.7	17.0
				Short-term	-48.1	-37.6	20.2	167.7	-2.2	-1.6	-2.4	-2.3
		Other assets			-2.8	-3.9	-3.5	-3.8	-2.0	-2.4	3.1	7.8
	Liabilities				401.4	-48.4	157.1	-26.0	163.9	98.5	100.8	296.2
		Trade credits			-37.2	-28.4	-27.5	-9.8	32.5	14.1	11.3	12.5
		Loans			437.2	-25.8	133.3	-49.1	112.6	80.6	95.7	294.3
			Monetary authorities		-6.5	-1.3	71.3	-32.5	-86.7	1.0	1.6	0.5
			General government		-3.0	-0.8	0.6	1.3	1.7	2.5	2.5	37.0
			Banks		443.9	-30.3	53.7	-28.3	175.4	73.0	77.2	234.9
			Other sectors		2.7	6.6	7.6	10.4	22.2	4.1	14.4	22.0
		Currency and deposits			0.0	0.0	0.0	0.0	17.1	2.8	-2.2	-8.6
			Monetary authorities		0.0	0.0	0.0	0.0	1.6	0.2	0.0	0.3
			General government		0.0	0.0	0.0	0.0	15.6	2.6	-2.2	-8.9
		Other liabilities			1.4	5.8	51.3	32.9	1.7	1.1	-4.0	-2.1
	Reserves Assets				-56.6	28.0	-9.7	29.8	-13.5	-3.6	-1.2	-20.6
		Special drawing rights			0.8	-0.2	5.9	-1.0	-0.1	-3.1	-0.3	-0.3
		Reserve position in the Fund			3.0	-1.7	-20.9	-0.1	0.4	-1.7	-0.2	-2.0
		Foreign exchange			-60.4	29.8	5.3	30.9	-13.9	1.1	-0.8	-32.0

Source: Banque de France.

Table 28.

France: Net Foreign Assets Position ^1/

(In billions of francs)

Source: Banque de France.

^{^1/}Variations in NFA position reflect balance of payment flows and valuation adjustments.

Table 28.

France: Net Foreign Assets Position ^1/

(In billions of francs)

		1993	1994	1995	1996	1997
Direct Investment		225.4	36.8	213.9	214.3	619.2
	Residents Abroad	833.8	1622.5	1855.0	2322.0	3355.6
	Non-Residents in France	-608.4	-1585.7	-1641.1	-2107.7	-2736.4
Portfolio Investment		-1390.9	-1019.9	-1088.0	-884.0	-809.2
	Foreign Securities	767.6	969.1	981.0	1365.2	1905.3
	French Securities	-2158.5	-1989.0	-2069.0	-2249.2	-2714.5
Other Investments		562.0	349.8	429.9	337.8	361.8
	Commercial Credits	-136.1	-78.8	-43.9	-14.8	-9.1
	Assets of Non-Financial Private Sector	45.5	42.0	23.6	75.3	57.8
	Banking Sector	443.2	144.5	270.1	36.2	95.5
	Public Sector	209.5	242.1	243.0	241.1	217.6
Reserves		309.5	309.8	287.3	300.2	333.0
Total NFA		-294.0	-323.6	-145.8	-184.9	…
	(in percent of GDP)	-4.2	-4.4	-1.9	-2.3	…

Source: Banque de France.

^{^1/}Variations in NFA position reflect balance of payment flows and valuation adjustments.

Table 28.

France: Net Foreign Assets Position ^1/

(In billions of francs)

		1993	1994	1995	1996	1997
Direct Investment		225.4	36.8	213.9	214.3	619.2
	Residents Abroad	833.8	1622.5	1855.0	2322.0	3355.6
	Non-Residents in France	-608.4	-1585.7	-1641.1	-2107.7	-2736.4
Portfolio Investment		-1390.9	-1019.9	-1088.0	-884.0	-809.2
	Foreign Securities	767.6	969.1	981.0	1365.2	1905.3
	French Securities	-2158.5	-1989.0	-2069.0	-2249.2	-2714.5
Other Investments		562.0	349.8	429.9	337.8	361.8
	Commercial Credits	-136.1	-78.8	-43.9	-14.8	-9.1
	Assets of Non-Financial Private Sector	45.5	42.0	23.6	75.3	57.8
	Banking Sector	443.2	144.5	270.1	36.2	95.5
	Public Sector	209.5	242.1	243.0	241.1	217.6
Reserves		309.5	309.8	287.3	300.2	333.0
Total NFA		-294.0	-323.6	-145.8	-184.9	…
	(in percent of GDP)	-4.2	-4.4	-1.9	-2.3	…

Source: Banque de France.

^{^1/}Variations in NFA position reflect balance of payment flows and valuation adjustments.

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France: Statistical Appendix

Author:

International Monetary Fund

Volume/Issue:: Volume 1998: Issue 133

Publisher:: International Monetary Fund

ISBN:: 9781451813562

ISSN:: 1934-7685

Pages:: 34

DOI:: https://doi.org/10.5089/9781451813562.002

Keywords

Table 28.

France: Net Foreign Assets Position ^1/

(In billions of francs)

		1993	1994	1995	1996	1997
Direct Investment		225.4	36.8	213.9	214.3	619.2
	Residents Abroad	833.8	1622.5	1855.0	2322.0	3355.6
	Non-Residents in France	-608.4	-1585.7	-1641.1	-2107.7	-2736.4
Portfolio Investment		-1390.9	-1019.9	-1088.0	-884.0	-809.2
	Foreign Securities	767.6	969.1	981.0	1365.2	1905.3
	French Securities	-2158.5	-1989.0	-2069.0	-2249.2	-2714.5
Other Investments		562.0	349.8	429.9	337.8	361.8
	Commercial Credits	-136.1	-78.8	-43.9	-14.8	-9.1
	Assets of Non-Financial Private Sector	45.5	42.0	23.6	75.3	57.8
	Banking Sector	443.2	144.5	270.1	36.2	95.5
	Public Sector	209.5	242.1	243.0	241.1	217.6
Reserves		309.5	309.8	287.3	300.2	333.0
Total NFA		-294.0	-323.6	-145.8	-184.9	…
	(in percent of GDP)	-4.2	-4.4	-1.9	-2.3	…

Source: Banque de France.

^{^1/}Variations in NFA position reflect balance of payment flows and valuation adjustments.

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