Economy (French)

 Economy


Between 1960 and 1973 alone, the increase in gross domestic product (GDP) averaged nearly 6 percent each year. In the aftermath of the oil crises of the 1970s, growth rates were moderated considerably and unemployment rose substantially. By the end of the 1980s, however, strong expansion was again evident. This trend continued, although at a more modest rate, into the 21st century.

During the same postwar period, the structure of the economy was altered significantly. While in the 1950s agriculture and industry were the dominant sectors, tertiary (largely service and administrative) activities have since become the principal employer and generator of national wealth. 


Despite the dominance of the private sector, the tradition of a mixed economy in France is well established. Successive governments have intervened to protect or promote different types of economic activity, as has been clearly reflected in the country’s national plans and nationalized industries. The public sector in France first assumed importance in the post-World War II transition period of 1944–46 with a series of nationalizations that included major banks such as the National Bank of Paris (Banque Nationale de Paris; BNP) and Crédit Lyonnais, large industrial companies such as Renault, and public services such as gas and electricity. Little change took place after that until 1982, when the then Socialist government introduced an extensive program of nationalization. 



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