France Banking & Financial Services Q1 2019
France's banking and financial services industry is among the most developed and competitive globally and the secondlargest in Europe, after the UK. In gross value-added terms, France ranks at number three, behind the UK and Germany. Althoughsmaller in absolute terms, it suggests that France's financial services industry is less saturated and relies less on financial services foreconomic growth compared with other regional peers, which also brings considerable advantages. This also means that the upsideprospects for the industry are strong and we see continue to see growth across the sub-sectors we track across our forecastperiod. Furthermore, as the UK prepares to exit the EU by 2019, France is likely to be a leading beneficiary from UK-based banks,insurers, and asset managers partly relocating to Paris, by virtue of the country's membership in the EU. Despite already being well-regulated, planned upgrades and reforms to the banking and financial services sector under the Macron administration will alsosupport sector growth in the medium term.
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