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Financial Services Report France 1st Quarter

  • ID: 2139175
  • Report
  • Region: France
  • 27 Pages
  • The Economist Intelligence Unit
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France has a modestly sized financial industry, despite the sophistication of its overall economy. The financial services sector accounted for 3.1% of annual GDP in 2017, according to Eurostat-lower than the 4.4% on average across the EU as a whole and significantly less than in countries with large global financial centres, such as the UK (where the figure is 6.3%). About 790,000 people (2.8% of total employment) work in financial services in France-a slightly higher share than the 2.5% on average throughout the EU.

France is home to global companies such as BNP Paribas (banking), AXA (insurance) and Amundi (fund management). However, these high-profile global corporations are not dominant in all the country's domestic financial markets, as they face strong competition from private, mutual and state-owned companies.

The French banking sector has weathered recent crises relatively well. Households and businesses have retained reasonable access to credit, and banks' funding costs have remained lower than in many other euro zone countries. Mirroring broader trends, the major banks have bolstered their capital and liquidity positions in response to tighter regulation, and have also reduced leverage and reliance on wholesale funding (although such funding remains relatively high for several French banks).

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
Note: Product cover images may vary from those shown
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Financial Services Report France 1st Quarter

Overview

Banks

Insurers

Asset managers

Financial markets and instruments

Financial regulation
Overview
Regulatory watchlist

Monetary and currency policy: Monetary policy

Monetary and currency policy: Exchange rates

France at a glance

Fundamental indicators

Key contacts
Note: Product cover images may vary from those shown
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