World Economy/France

🇫🇷

France

FRA

Europe • Sovereign Currency: EUR

Analyze France with Schema AI

Nominal GDP

$3.13T

2024 Nominal

Annual GDP Growth

+1.3%

YoY Q3 2024 Flash YoY

Inflation (CPI)

1.5%

Oct 2024 HICP YoY

Policy Rate

3.25%

ECB Deposit Facility Rate

10Y Sovereign Yield

3.14%

French 10Y OAT

Unemployment Rate

7.4%

Q3 2024 ILO Rate

Debt-to-GDP

112.2%

Q2 2024 Maastricht Debt

Trade Balance

$-8.1B

Sep 2024 Goods

BLOOMBERG ECONOMICS MONETARY POLICY TRANSMISSION

🇫🇷EUROPEAN CENTRAL BANK POLICY DASHBOARD

Target Instrument: Deposit Facility Rate • Sovereign: France (FRA)

STANCE: neutral

Next Meeting: 2026-10-29

LOOSER CONDITIONSIN LINE WITH TARGETTIGHTER CONDITIONS

STATUTORY BENCHMARK

3.25%Unchanged (0 bps)

Deposit Facility Rate

REAL CARRY SPREAD (r - π)

+1.75%

Restrictive Drag

OVERNIGHT BENCHMARK (€STR)

3.20%-5 bps

Euro Short-Term Rate

YIELD CURVE SLOPE (10Y - r)

-0.11%

Inverted Term Structure

WAGES & PRICES2 METRICS

Headline CPI Inflation (YoY)Oct 2024 HICP YoY

Subdued inflation pressure tracking below target baseline

INSEE France / EurostatRef

1.50%

IN LINE

Distance to Inflation Target (2.0%)Oct 2024 HICP YoY

Inflation below 2% target anchor by 0.50 percentage points

INSEE France / EurostatRef

-0.50%

LOOSER

SUPPLY & DEMAND2 METRICS

Annual Real GDP Growth RateQ3 2024 Flash YoY

Sluggish real economic momentum

INSEE FranceRef

1.30%

IN LINE

Unemployment Rate (Labor Slack)Q3 2024 ILO Rate

Elevated civilian labor slack exerting downward wage pressure

INSEE FranceRef

7.40%

MILD TIGHT

FINANCIAL CONDITIONS4 METRICS

Deposit Facility RateECB Deposit Facility Rate

Official statutory policy target rate set by European Central Bank

European Central BankRef

3.25%

LOOSER

Real Carry Rate (Policy - CPI)Calculated

Positive real return regime delivering restrictive monetary drag

European Central Bank vs INSEE France / Eurostat

+1.75%

LOOSER

10-Year Sovereign Benchmark YieldFrench 10Y OAT

Long-term sovereign borrowing benchmark discounting term premium & inflation risk

Agence France TrésorRef

3.14%

LOOSER

Yield Curve Slope (10Y - Policy Rate)Calculated

Inverted yield curve by 0.11% signaling restrictive monetary drag

Sovereign Debt Desk vs Central Bank Target

-0.11%

IN LINE

EXTERNAL & FISCAL2 METRICS

Current Account / Trade BalanceSep 2024 Goods

Trade deficit requiring external capital inflows or debt financing

Direction Générale des DouanesRef

$-8.1B

IN LINE

General Government Debt / GDPQ2 2024 Maastricht Debt

High public debt burden consuming fiscal policy maneuverability

INSEE France / EurostatRef

112.20%

MILD TIGHT

HISTORICAL RATE DECISION TRAJECTORY (DEPOSIT FACILITY RATE)

Verified Chronological Decisions

2026-10-09

3.25%

Policy Assessment Summary: Key ECB interest rate on the deposit facility.

Key Domestic Equities & Capital Markets

Major corporate champions tracked in WOWS with sovereign economic exposure

Index: CAC 40 (CAC)

AIR• Aerospace & Defense

Airbus SE