Context
France is a Western-European country with a population of 65 million people and as of 2020 it is ranked 22nd in population ranked by country. (worldometer) Governed under a mixed economic system, France is also part of the European Union. It has a diversified economy, that is predominantly made up by the service sector which in 2017 made up 78.12% of GDP. (wikipedia)
GDP Analysis
Nominal GDP and real GDP increased each year between 2010 and 2019. However, in 2020, due to the covid-19 pandemic economic activity in France was slowed and so both nominal and real GDP fell for the first time in the past 10 years. Real GDP growth actually fell 8.23% in comparison to the base year, 2010.
With regards to real GDP per capita, France generally has had a steady increase over the past 10 years, experiencing 2 declines in that time. The first one being minor in 2012, when real GDP per capita fell by €8.36, this minor fall likely was due to a larger rate of growth in population compared to the rate of growth in real GDP. Because real GDP per capita is a measure of real GDP across a population, even though real GDP increased, more was spread across a larger population therefore reducing real GDP per capita. The more significant fall came in 2020, this was caused by the Covid pandemic and led real GDP to fall as a result decreasing real GDP per capita in France, because less had to spread across a growing population. This resulted in a fall of €689.50.
GDP in France (Constant LCU)
Above is a diagram illustrating France’s GDP growth since 1960, the graph has a positive slope indicating over time GDP has generally increased.
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