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Paris's economy accounted for 30% of total national GDP in 2016 - more than any other European capital. Paris is primarily a service economy, where most business activities, commerce, finance, R&D and real estate are conducted. Nevertheless, Paris is in contention with other EU cities to take advantage of the doubt surrounding London's financial services industry, which has resulted from the UK's decision to leave the EU.
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Paris is the fifth largest metropolitan economy in the world in terms of GDP (USD744 billion in 2016); however, its GDP per capita (USD63,100) lags behind major cities such as Geneva, Zurich and New York. The city features a strong business services sector with high value-added jobs. In 2016, Paris's labour productivity exceeded the rest of the country's average by 68%.
The city's highly qualified workforce (39% of the city's population aged 15+ has a higher educational qualification, compared to 25% elsewhere in France), higher employment rate and economic efficiency help raise incomes. In 2016, Paris's average household disposable income was 28% higher than that in the rest of the country.
Due to higher incomes, consumer expenditure per household (excluding transport and housing) was 8.5% higher in Paris than in the remaining parts of the country in 2016. The city's consumer market is stimulated by high tourist spending, as Paris is one of the most popular international tourist destinations in the world.
Housing is quite expensive in Paris, while public transport is an extremely popular mode of transport. As such, the city's households spent on average only 15% more on transport and housing combined than the rest of France in 2016.
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