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| Capital city: |
Paris |
| Surface area: |
552,000 sq km |
| Population: |
62.6 million |
| Official language(s): |
French |
| Head of State: |
President HE Mr Nicolas Sarkozy |
| Head of Government: |
Prime Minister Mr Francois Fillon |
| Australian exports to France: |
A$1,721 million |
| Australian imports from France: |
A$4,656 million |
| France's principal export destinations: |
Germany, Italy, Spain |
| France's principal import sources: |
Germany, Belgium, Italy |
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
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For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.
The French economy is exceptionally diversified and attractive economy thanks not only to its geographical location and the size of its domestic market, but also because it boasts significant assets in the area of education, and research and development.
Due to some important structural reforms that have taken place in the 1990s the government continues towards privatisation, decentralisation and deregulation that has contributed to an economic expansion in recent years.
Like many other developed economies, the French economy has suffered from the economic turmoil, leveraged by the mortgage crisis in the US.
Poor performances and a negative trade balance have strained the public finances. In an effort to reduce budget deficit, the current government has lowered income taxes and introduced measures to boost employment. The government is focusing on the problems of the high cost of labour and labour market inflexibility resulting from the 35-hour work week and restrictions on lay-offs. The government is also pushing for pension reforms and simplification of administrative procedures. The tax burden remains one of the highest in Europe.
(Source: Franco-tourism website)
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France is a parliamentary democracy with a President elected by universal suffrage for a five-year term. The President nominates the Prime Minister, presides over the Council of Ministers, proclaims laws, and guarantees the independence of the judiciary. Parliament comprises two chambers:
- The Senate, which is elected by an electoral college. On 30 July 2003, a reform was passed. From 2004, the duration of a term has been reduced to six years (nine years previously), the proportion of replaced senators is one-half (instead of one-third) every three years, and the number of seats is gradually increasing from 321 (in 1994) to 348 (in 2011).
- The National Assembly, of which deputies are elected by universal suffrage and serve for a five-year term. There are 577 seats.
Nicolas Sarkozy was elected as the seventh President of the Fifth Republic in May 2007 and received 53 per cent of the votes, defeating Ségolène Royal of the Socialist Party.
Parliamentary elections were held in June 2007. The President’s party, the Union for a Popular Movement (UMP) and its allies took 59.8 of the seats, against 39.3 per cent for the Socialist Party and allies. The 0.9 per cent remaining were scattered among several minor parties.
By electing Nicolas Sarkozy to the head of the State, French voters endorsed the wide-ranging program of reforms that were the focal point of Sarkozy’s campaign, including market-oriented social and economic reforms such as the reform of the 35-hour work week. As it embarks on social and industrial reforms including an overhaul of the healthcare system, and further privatisation of state-owned enterprises, the current government is confronted with a tense social climate.
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Trade relations and statistics
France is a powerful member of the European Union (EU) and has strong ties with its EU partners. Its size, location and robust economy contribute to its position as a leader in western Europe. France also plays a significant role in Africa, through its former colonies, by providing extensive aid programs, fostering commercial activities and military agreements, and by virtue of its historic, cultural presence in the region. (Source: World Trade Atlas)
Australia’s relations with France are positive and friendly. Dialogue and practical cooperation between the two countries have been strengthening on many fronts in recent years, including on key global issues such as arms control and disarmament, non-proliferation and counter-terrorism. The Pacific region, where both countries have a direct interest, continues to be an important focus of bilateral engagement. Commercial links are substantial and France is an increasingly important source of direct investment and technology, including in the defence sector. People-to-people links between Australia and France are growing, as are science, research and cultural exchanges.
Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.
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