France has a modest-sized financial industry, despite the sophistication of its overall economy. The financial services sector accounted for 4% of the country's GDP in 2015, according to Eurostat-less than the 4.7% across the EU as a whole, and significantly smaller than in countries with large, global financial centres, like the UK (where the figure is 6.7%). About 790,000 people (2.9% of total employment) work in financial services in France-slightly more than the 2.6% throughout the EU.
France is home to global companies like BNP Paribas (banking) and AXA (insurance). However, such well-known firms are not dominant in all the country's domestic financial markets as they face strong competition from private, mutual and state-owned companies.
Operating conditions will be challenging in the near term, given the continuing weakness of the economy, uncertainties created by the UK's decision to leave the EU in a June 2016 referendum, and the strengthening of regional and global regulatory requirements. GDP grew by 1.2% in 2015, a figure that is boosted modestly by the impact of collapsing oil prices on real earnings, with 1.4% growth forecast in 2016.
Industry List: Asset management, Financial Services, Banking, Financial Services, Financial markets and instruments, Financial Services, Financial regulation, Financial Services, Financial Services, Financial Services, Insurance
Industry Codes (NAIC): 52
Industry Codes (SIC): 60
Financial Services Report France 3rd Quarter
Financial services report
Financial markets and instruments
Monetary and currency policy: Monetary policy
Monetary and currency policy: Exchange rates
France at a glance