How does France's economy compare to the rest of Europe?

What state is France's economy in and how is it looking compared to Spain, Portugal and Germany?

French flag
(Image credit: Colors Hunter - Chasseur de Couleurs)

"The French economy has been getting away with fiscal murder for a very long time,” Raphaël Gallardo of Carmignac Gestion tells Bloomberg. For much of Emmanuel Macron’s pro-business presidency, France has been something of a market darling. But with a debt-to-GDP ratio of 111% and an annual budget deficit worth 6.1% of GDP, the country faces a stunning fall from grace. French government bonds have spent the past 15 years in a sweet spot, says The Economist. Global investors are keen on European debt. But the continent’s troubled southern economies were perceived as too risky, while tight-fisted northern states such as Germany and the Netherlands don’t issue many bonds. French debt fitted the bill. 

How does the rest of Europe compare to France? 

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Markets editor

Alex is an investment writer who has been contributing to MoneyWeek since 2015. He has been the magazine’s markets editor since 2019. 

Alex has a passion for demystifying the often arcane world of finance for a general readership. While financial media tends to focus compulsively on the latest trend, the best opportunities can lie forgotten elsewhere. 

He is especially interested in European equities – where his fluent French helps him to cover the continent’s largest bourse – and emerging markets, where his experience living in Beijing, and conversational Chinese, prove useful. 

Hailing from Leeds, he studied Philosophy, Politics and Economics at the University of Oxford. He also holds a Master of Public Health from the University of Manchester.