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Paris Economy

La Défense, the largest business district in Europe

The economy of Paris is extremely diverse and has not yet adopted a specialization inside the global economy. It is a mixture manufacturing, tourism, and financial services. The whole economy of Paris includes that of the City of Paris and the surrounding suburbs and satellite cities of the Île-de-France région (also known as the Paris region). The Paris region is an engine of the global economy, with a 2003 GDP of €448,933 billion (US$506.7 billion). In 2003, the Paris region would have ranked as the fifteenth largest economy in the world, above both Russia and Brazil. In addition, its GDP is the sixth largest in the world after the metropolitan areas of Tokyo, New York, Los Angeles, Osaka and London.

GPD and Organization of the Economy

The economic centre of the Paris metropolitan area is in the western half of the city proper and the central portion of the Hauts-de-Seine département, forming a triangle between the Opéra Garnier, La Défense and the Val de Seine. As a consequence some workers commute from the suburbs to work in the city, and others commute from the city to work in the suburbs.

At the 1999 census 47.5% of the 5,089,170 people in employment in the metropolitan area worked in the city of Paris and the Hauts-de-Seine département (only 31.5% worked exclusively in the city proper). In 2004, the Paris region was about 29% of the total GDP of metropolitan France, although its population was 18.7% of the total population of metropolitan France. In 2002, according to Eurostat, the Paris region's GDP was 4.5% of the total GDP of the 25 European Union states, although its population was 2.45% of the total European Union population. Office occupancy costs in Paris are considerably higher than in most other European cities. In 2002, a report published by the leading real estate advisory company, DTZ, showed that the total office occupancy cost in Paris was approximately 826.56 euros per m² per annum, behind London where the cost was 1496.32 euros. The cost in Frankfurt, Munich and Brussels was 672, 414.4 and 275.52 respectively.

Sectors of the Economy

Although the Paris economy is largely dominated by services, it remains an important manufacturing powerhouse of Europe, especially in industrial sectors such as automobiles, aeronautics and high-technologies. Over recent decades, the local economy has moved towards high value-added activities, in particular business services.

The 1999 census indicated that of the 5,089,170 persons employed in the Paris metropolitan area, 16.5% worked in business services, 13.0% in commerce (retail and wholesale trade), 12.3% in manufacturing, 10.0% in public administrations and defense, 8.7% in health services, 8.2% in transportation and communications, 6.6% in education, and the remaining 24.7% in many other economic sectors. Among the manufacturing sector, the largest employers were the electronic and electrical industry (17.9% of the total manufacturing workforce in 1999) and the publishing and printing industry (14.0% of the total manufacturing workforce), with the remaining 68.1% of the manufacturing workforce distributed among many other industries. The tourism industry and tourist related services, employ 4.7% of the total workforce of Île-de-France (in 1999), and 7% of the total workforce of the city of Paris proper.