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Thursday, July 23, 2009

Economy: Paris Region economic performance indicators, first quarter 2009

Paris Region economy holds up better than the rest of France

As in the other regions of France and in the rest of the world, in the first quarter of 2009 the Paris Region economy confirmed the sharp slowdown of the final quarter of 2008. Yet Paris Region seems to have held up better than other French regions. Unemployment, for example, has risen significantly in recent months but remains 1.3 points below the national average, standing at 7.4% in Q1 2009 (having been 6.7% in Q4 2008), as compared with 8.7% for France as a whole.

Similarly, the rising number of company failures is less pronounced in Paris Region than in France as a whole. In addition, the introduction of the “auto-entrepreneur” tax scheme for small businesses has, as expected, produced a boom in company start-ups: even though 2007 and 2008 were very good years, company start-ups in Paris Region soared by 32% compared with the same quarter in 2008 and by 45% compared with Q4 2008.

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