r generates about
one-quarter of GDP, and the growing services sector has become crucial
to the economy. After sluggish growth during the period 1982-87, the
economy expanded at a rapid 3.8% pace in 1988-89. The economy
slowed down in 1990, with growth of 2.0% expected in 1991.
The economy has had difficulty generating enough jobs for new
entrants into the labor force, resulting in a high unemployment rate,
which probably will rise to around 10% during the slowdown.
The steadily advancing economic integration within the European
Community is a major force affecting the fortunes of the various economic
sectors.

_#_GDP: $873.5 billion, per capita $15,500; real growth rate 2.8%
(1990)

_#_Inflation rate (consumer prices): 3.7% (1990 est.)

_#_Unemployment rate: 9% (1990)

_#_Budget: revenues $207.6 billion; expenditures $224.2 billion,
including capital expenditures of $34 billion (1990 est.)

_#_Exports: $181.2 billion (f.o.b., 1990);

commodities--machinery and transportation equipment, chemicals,
foodstuffs, agricultural products, iron and steel products, textiles and
clothing;

partners--FRG 16%, Italy 12.1%, UK 9.5%, Spain 9.5%,
Netherlands 9.2%, Belgium-Luxembourg 8.9%, US 6.6%, Japan 1.9%,
USSR 1.0% (1989 est.)

_#_Imports: $201.6 billion (c.i.f., 1989);

commodities--crude oil, machinery and equipment, agricultural
products, chemicals, iron and steel products;

partners--FRG 19.4%, Italy 11.6%, Belgium-Luxembourg 9.2%,
Netherlands 8.6%, US 7.6%, Spain 7.4%, UK 7.1%, Japan 4.1%,
USSR 1.4% (1989 est.)

_#_External debt: $59.3 billion (December 1987)

_#_Industrial production: growth rate 3.7% (1989); accounts
for 26% of GDP

_#_Electricity: 109,972,000 kW capacity; 403,570 million kWh produced,
7,210 kWh per capita (1989)

_#_Industries: steel, machinery, chemicals, automobiles, metallurgy,
aircraft, electronics, mining, textiles, food processing, and tourism

_#_Agriculture: accounts for 4% of GNP (including fishing and
forestry); one of the world's top five wheat producers; other principal
products--beef, dairy products, cereals, sugar beets, potatoes, wine
grapes; self-sufficient for most temperate-zone foods; shortages include
fats and oils and tropical produce, but overall net exporter of farm
products; fish catch of 850,000 metric tons ranks among world's top
20 countries and is all used domestically

_#_Economic aid: donor--ODA and OOF commitments (1970-89), $75.