Paris economy is significant to French economy and to most specially to our global economy. The city of Paris may not be considered as cultural and political capital of France only but also its superior financial and commercial centre. Based on the records, Paris economy is among the highest GDPs in whole of Europe. Euro is the currency in Paris, with 100 centimes to the Euro. Paris economy comprise of banking and finance and luxury goods for tourist.
Though there are some poverty issues that arise, it remains a wealthy city. It is the cover of numerous immense private fortunes of international business concerns, and even if large French firms have their manufacturing plants in the provinces, they all still keep their headquarters in Paris, expediently close to the major banks and key ministries. Paris economy still contains a significant portion of French manufacturing concerns.
In the year 2005, the riots in Paris suburban areas were the main problem in France’s capital city. There was a time that needed number of workers to sustain their developing nation. Continually Paris has a problem with economy itself so as with its political structure. Like any other cities Paris in suburban areas suffer from protesters with the rock-throwing, torching of cars and acts of vandalism have spread around Paris but not the downtown areas of Paris.
The Paris Region ranked as the 17h largest economy in the world. In an internet survey in the year 2009, Paris was said to the most expensive city for goods and services. Paris economy is very different than that of Los Angeles (in terms of entertainment) or London and New York (with financial services).
Paris economy is presently not at its bests in terms of statistics. The CAC 40 stock exchange has reached down to 14.6% marked dilemma to the Paris economy. Stock market even comes to the point it does fail and didn’t perform well than the previous. The major index market of Paris economy DJStaxx 600 decreased down to 1.39 percent.
Metro Stations serves an important role in Paris economy. It has generated most of the income and is very helpful in Paris economy. Because of the ongoing global financial crisis, job sector is also affected. As a result of which, huge number of companies has been laying off workers every now and then just to stay in the industry. That it came to the point that those they might have liked were also out from the company.
There are three major sectors of the Paris Economy: Primary Sector, Secondary and Tertiary. Primary sectors are those in agriculture, forestry and fishing industries. Manufacturing and mining, construction and utilities belong to the secondary sector. Tertiary sector are the ones in the services industry.
Most problems arise in Paris, are unemployment rate has reached 20-40 percent, according to different sources. Riots begun after an accident of two North-African youths, they were electrocuted at an electricity sub-station in Clichy-sous-Bois. There were also numerous expats returning to Paris and added to its employment rate ad housing shortage due to the global financial recession.
Paris economy plays an important role in French economy.
I am into financial analysis and I really agree that Paris is an important element or can even be considered as an asset to the French economy. Paris has the ability to affect not only the French economy but the global economy as well, that’s how powerful the economy of Paris is. In fact I read through the calculations of Institut National de la Statistique et des Études Économiques back in the year 2007, and they have reported that the gross domestic product of Paris reached about $731.3 billion. This kind of numbers can definitely topple down economies of other European countries like Netherlands.
Most of the 1st world countries these days are really getting affected by the global financial recession that have been going around for months now. I have even heard that there are some expats from Canada who are planning to return to Paris and gamble with their destiny back to their own hometown. There have been news that this is putting a lot of pressure for the Paris economy, especially during these difficult times.
On the other hand, Euro can also be used in most other E.U countries but the exchange rate is not the same. The perfect way to withdraw cash in Paris is through Cashpoints or ATMs. It is convenient also to use Credit cards for they are accepted at almost all establishments/stores, restaurants, etc. Please also be reminded to cash your traveler’s check only to banks or secured foreign exchange offices. Avoid exchanging them in shops and other establishments which you are not sure of. Almost all post offices in the city changes checks and provides conversion of the money. Even in airports and railway stations, you can also find Currency Exchange offices.