CONTRACOMPRA
CONCEPTO_______________________________________________________
Forma parte de una de las formas de compensación en la que una empresa exportadora se compromete a comprar mercancías o productos del país de la empresa en donde se realizó la importación en un plazo futuro determinado. De esta manera se realiza una operación paralela de ambas partes, logrando que haya un compromiso no solamente de una parte sino que de las empresas involucradas.
EJEMPLO APLICATIVO____________________________________________
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EMPRESA A: EMPRESA DE GAMARRA EMPRESA B: EMPRESA HINDÚ
Para aplicar el concepto de compra compra podemos tomar como ejemplo de una empresa A, quien será una empresa que se dedica a la venta de ropa que pertenezca al Clúster comercial más conocido de Lima, Gamarra. Esta empresa actúa como un agente importador de telas que no comercializa muy seguido y por ello quiere comprar una tela diferente y se contacta con una empresa hindú que también vende ropa pero enfocado a una cultura totalmente diferente a la nuestra. Entonces, si la empresa A no solo quiere ser importador , sino que también exportador. Por lo tanto, esta empresa le propone realizar una compensación de contracompra, es decir, esta empresa de gamarra le compra como primera instancia las telas procedente del país de la empresa B, pero a su misma vez esta última empresa también se compromete a comprar mercancías de la empresa A como forma de compensación en un plazo futuro. De esta manera se crea un compromiso por ambas empresas y da lugar a la compensación Contra Compra.
ARTÍCULO DE EUROMONITOR: OCEX FRANCIA_____________________________
France: Country Profile
Country Profile | 15 Mar 2016
KEY POINTS
- A weak euro and low energy prices should keep the French economy on a modest but steady recovery in 2016. An improvement in corporate profit margins is also expected. Real GDP should rise by 1.4% for the year after gains of 1.1% in 2015. Weaknesses in domestic demand are a drag. The economy grew by 0.2% in the fourth quarter of 2015.
- Unemployment was 10.4% in 2015 and it will drop to 10.1% in 2016. Public sector employment will fall significantly over the next two years. Youth unemployment exceeds 25% and the participation rate is lower than in neighbouring countries. A positive step has been to cut taxes on workers with low salaries. Paris has also announced a €2 billion plan to create a large number of vocational training schemes, increase subsidies for small companies and introduce a programme to boost apprenticeships.
- The real value of private final consumption rose by 1.3% in 2015 and growth of 1.7% is anticipated in 2016. Sharply lower oil prices underpin household consumption but unemployment and tax hikes still weigh on consumer spending.
- The government’s willingness to implement some much-needed structural reforms – combined with a rebound in investment and stronger external demand – should help to boost economic growth in the medium term. Real GDP is expected grow steadily by about 1.5% per year during the remaining years of this decade.
Chart 1 Real GDP Growth and Per Capita GDP: 2009-2015
FACTS
Area
547,600 square kilometres
Currency
Euro (€ = 100 cents)
Location
France, the largest country in Western Europe, also lies at the heart of the continent. It meets Spain and Andorra in the south across the Pyrenees, and Italy in the southeast. Switzerland and Germany lie to the east and Belgium and Luxembourg in the north.
Capital
Paris
GOVERNMENT
Head of State
President François Hollande (2012)
Head of Government
Manuel Valls (2014)
Ruling Party
The Socialist Party leads a left wing coalition.
Political Structure
France has a semi-executive presidency in which the head of state, elected by universal suffrage for a five-year term, appoints a prime minister in accordance with the bicameral Parliament. The 577-seat National Assembly is elected every five years, and one third of the Senate’s 348 members come up for re-election every three years, for a nine-year term. France has an unusually centralised decision-making process.
Last Elections
Presidential elections were held in May 2012. In a run-off Hollande defeated Sarkozy, the standing president, with 51.6% of the vote. Hollande appointed Valls as prime minister in April 2014 after his Socialist Party lost badly in local elections. Elections to the National Assembly were held in June 2012. The Socialist Party and its allies won 331 seats while the Union for a Popular Movement and its right wing allies received 229 seats. The remaining seats were scattered among several minor parties. Elections to the French Senate occurred in September 2011. The Socialist Party and its allies won an additional 25 seats, giving them 177 seats and control of the Senate. The Union for a Popular Movement (UMP) and its allies lost 18 seats and now control 171 seats.
Political Stability and Risks
The French model for immigration appears to be broken. Nearly 2 million French live in urban ghettos. Unemployment among French people of African origin is thought to be more than 20%. France also has the largest Muslim population in Europe.
International Issues
The recent terrorist attacks in Paris represent a new stage in the war with Isis and sparked an international debate about anti-Isis strategy. In response, France launched air strikes against targets in the group’s stronghold of Raqqa and other parts of Syria.
Government Finance
Authorities originally hoped to reduce the budget deficit to 3% of GDP (the EU benchmark) in 2013 but it ultimately rose to 4.2%. The deficit was narrowed to 3.8% of GDP in 2015 and a target of 3.3% has been set for 2016. Paris plans to meet the EU’s required deficit target (3.0% of GDP) in 2017.
Public debt totalled €2,114 billion in 2015 – equivalent to 96.8% of GDP. In real terms, public debt rose by 3.7% in 2015. The IMF fears that the country’s debt-to-GDP ratio could continue to grow in the medium term. At present, public spending is equivalent to 56% of national income, the second biggest share in the eurozone.
Social security and welfare absorbed 43.5% of all government expenditure in 2015, followed by government spending on health (14.2%).
Chart 2 Public Debt: 2009-2014
ECONOMY
Economic Structure and Major Industries
France remains the continent’s largest producer of agricultural products, but more competitive countries are pushing down prices and gaining market share abroad. France is the EU’s largest producer of cereals and the second largest producer of milk. Farms are small and even though the soil quality is usually excellent, farming remains inefficient and requires massive financial support. The agricultural sector employs 3.1% of the workforce.
Manufacturing accounts for 10.3% of GDP and employs 12.5% of the workforce. The sector’s greatest strengths are in motor vehicles, pharmaceuticals, transport equipment and aerospace (civil and military). The country’s two major carmakers, Peugeot and Renault are dealing with ageing product lines. Investment is slowing, putting the sector’s competitiveness at risk. The real value of gross value added in manufacturing rose by 1.0% in 2015.
France’s service sector is large even by the EU’s standards, accounting for 79.4% of GDP. The country’s various financial industries are under strain. Banks are raising their capital levels in order to meet the Basel III requirements. French banks, however, are still heavily exposed to the crisis-ridden countries of southern Europe. The real value of tourist receipts rose by 2.3% in 2015 and an increase of 2.6% is expected in 2016.
Overview of the Economy
France’s growth performance has been unimpressive in the past few years. Fiscal problems have been a major constraint. France has also seen its economy become less competitive within the eurozone and the wider global economy. High unemployment rates, especially among youth, are a growing concern for policymakers.
Consumer spending plays a more important role in France than in other large eurozone countries. However, high levels of unemployment and inactivity have been a drag on consumer demand. With corporate investment and residential construction also depressed, real GDP rose by 0.7% in 2013 and 0.2% in 2014. Growth picked up modestly in 2015.
In the longer run, the country’s potential rate of growth could be dragged down by the effects of population ageing. Nonetheless, France remains the world’s tenth most favoured destination for FDI and is expected to retain its position in the global rankings in the medium term.
Foreign Trade
Export performance has slipped in relation to historical trends and compared with other eurozone countries. In 2015, exports represented 20.4% of GDP, down slightly from 20.8% in 2008. Steady growth in wages combined with a slowdown in productivity growth undermines competitiveness. Exports (in dollars) fell by 13.1% in 2015 but an increase of 6.1% is expected in 2016 as price competitiveness improves.
The focus of French exporters is on the European markets whereas other large exporters have a broader geographical scope that includes some of the world’s faster-growing markets. Thus, France’s exporters have little choice other than to reduce their profit margins in order to compete. In 2015, exports to other members of the EU represented 60.0% of the total. Machinery and electrical equipment accounted for 19.3% of all exports in 2015 followed by chemicals (15.1%).
The current account deficit was 0.7% of GDP in 2015 and it will drop to 0.3% in 2016.
Chart 3 Total Foreign Trade: 2009-2014
Economic Prospects
A weak euro and low energy prices should keep the French economy on a modest but steady recovery in 2016. An improvement in corporate profit margins is also expected. Real GDP should rise by 1.4% for the year after gains of 1.1% in 2015. Weaknesses in domestic demand are a drag. The economy grew by 0.2% in the fourth quarter of 2015.
Prices did not change in 2015 and inflation is forecast to be 0.6% in 2016. Low rates of capacity utilisation prevent higher inflation.
The real value of private final consumption rose by 1.3% in 2015 and growth of 1.7% is anticipated in 2016. Sharply lower oil prices underpin household consumption but unemployment and tax hikes still weigh on consumer spending.
Unemployment was 10.4% in 2015 and it will drop to 10.1% in 2016. Public sector employment will fall significantly over the next two years. Youth unemployment exceeds 25% and the participation rate is lower than in neighbouring countries. A positive step has been to cut taxes on workers with low salaries. Paris has also announced a €2 billion plan to create a large number of vocational training schemes, increase subsidies for small companies and introduce a programme to boost apprenticeships.
France’s high levels of unemployment can be traced back to defects in the labour market. Rigidities in the wage setting system prevent firms from adjusting wages to productivity. France’s notorious 35-hour workweek is understandably seen as another barrier but there are loopholes that allow many employers to outmanoeuvre the law. In reality, the effective workweek for most workers is nearly 39 hours. In addition, productivity per hour slightly exceeds the eurozone average. A more serious problem is the high cost of labour.
Chart 4 Real GDP Growth: 2009-2015
Evaluation of Market Potential
The government’s willingness to implement much-needed structural reforms – combined with rising wages, low energy prices and stronger external demand – should boost rates of consumption in the medium term. A slower pace of fiscal contraction will also help the economy. Falling house prices will weigh on investment in 2016 but their effects should dissipate beginning in 2017. Real GDP is expected to grow steadily by about 1.5% per year during the remaining years of this decade.
The perceived weakness of the French economy is a reluctance to introduce the reforms required to reverse negative trends in competitiveness and to scale back the extent of the state’s involvement in the economy. Crucial but unpopular reforms of French labour laws are essential. A thorough overhaul of France's byzantine system of local government is needed and reductions in France’s generous social security allowances are required. Yet each of these moves will be opposed by powerful vested interests.
BUSINESS ENVIRONMENT
The government’s dominance in major industries continues. Services are more regulated in France than in most other OECD countries, meaning that the sector is growing very slowly. This is especially true for transport, professional services, and retail commerce. In response, Paris has recently pushed through a number of contentious but limited reforms. These include an extension of Sunday trading hours, shortened labour arbitration procedures and deregulation of the notary and legal professions.
Payroll taxes – which are among the highest in the world – are being scaled back as part of a drive to restore competitiveness on conditions firms hire and invest. Paris has simplified the current regime of regulations covering worker representation and administrative practices for firms with more than 50 employees. Low skilled workers will also receive tax breaks and reductions in social contributions, worth about €10 billion a year to 2017. This move should help to stem the recent decline in French corporate earnings.
Public spending absorbs more than 55% of GDP. Given the high level of taxes, any improvement in fiscal accounts will require a continuing fall in this share rather than increased revenues.
Table 1 Indicators of Business Environment: 2016
| Ease of Doing Business Rank (out of 189) | 27 |
|---|---|
| Starting a Business | |
| Time (days) | 4 |
| Procedures (number) | 5 |
| Dealing with Construction Permits | |
| Time (days) | 183 |
| Procedures (number) | 9 |
| Getting Electricity | |
| Time (days) | 71 |
| Cost (% of income per capita) | 41.3 |
| Registering Property | |
| Time (days) | 49 |
| Cost (% of property value) | 6.1 |
| Employing Workers | |
| Paid annual leave for a worker with 1 year of tenure (in working days) | 30 |
| Tax Rate | |
| Total tax rate (% profit) | 62.7 |
| Labour tax and contributions (% of commercial profits) | 53.5 |
| Time (hours per year) | 137 |
| Payments (number per year) | 8 |
| VAT (%) | 20 |
| Exporting | |
| Time to export: Border Compliance (hours) | 0 |
| Cost to export: Border Compliance (US$) | 0 |
| Importing | |
| Time to import: Border Compliance (hours) | 0 |
| Cost to import: Border Compliance (US$) | 0 |
| Protecting Minority Investors | |
| Strength of minority investor protection index (0-10) | 6.5 |
| Resolving Insolvency | |
| Time (years) | 1.9 |
| Cost (% of estate) | 9 |
| Getting Credit | |
| Strength of legal rights index (0-12) | 4 |
| Enforcing Contracts | |
| Time (days) | 395 |
| Cost (% of claim) | 17.4 |
Source: Euromonitor International based on the World Bank
Note: Data is sourced from the World Bank’s Doing Business 2016. Doing Business presents quantitative indicators on business regulations and the protection of property rights - and their effect on businesses, especially small and medium-size domestic firms. The data for all sets of indicators in Doing Business 2016 are from June 2014 until June 2015 (except for paying taxes data which refers to January–December 2014). Rankings are based on data sets across 189 countries.
ENERGY
France has only a tiny amount of proven oil reserves. Despite the lack of significant resources, France is the tenth-largest consumer of oil. Strict EU environmental regulations have been forcing refineries in France, as well as in all the EU member states, to upgrade their facilities not only to reduce their emissions but also to meet new fuel specifications.
The country is the world’s largest nuclear power generator on a per capita basis and ranks second in total installed nuclear capacity (behind the USA). Due to the lack of domestic oil sources, the French government has encouraged the use of nuclear power as an alternative energy source to oil where possible. These developments have enabled France to become the world’s largest exporter of electricity.
Chart 5 Primary Consumption of Energy (% of total): 2014
SOCIETY
Population
France’s demographics, though favourable compared to several other European countries, are in need of more reforms. Without action in this field, the potential rate of growth will fall. Population has been slowly but steadily growing at the same time as French society ages. Total population was 64.2 million in 2015, about 5.4 million more than in 2000. Meanwhile, the median age is rising. It stood at 41.1 years in 2015 and it will rise to 42.9 years by 2030.
Fertility has risen slightly over the past two decades and exceeds the regional average. In 2015, fertility was 2.0 births per female – slightly below replacement level – and it will remain at that level through 2030. The average age of women at childbirth is slowly rising and the upward trend will help to sustain fertility over the medium term.
The number of those over 65 years represented 18.5% of total population in 2015 and this share will rise to 23.1% by 2030.
Chart 6 Age Pyramid in 2014 and 2030
Income and Expenditure
France’s savings ratio is much higher than the regional average. In 2015, it was 15.3% of disposable income and it will stay at that level in 2016. Precautionary savings constitute a major component in these figures.
Consumer expenditure per capita amounted to €18,054 (US$20,023) in 2015. In real terms, consumer expenditure per capita will rise by 1.2% in 2016. Health goods and medical services spending will be the most dynamic category through to 2030. Meanwhile, private kindergartens, grandes écoles and academies will continue to gain in popularity, as parents grow increasingly disillusioned with the state of public education.
Total consumer expenditure (in real terms) will increase by 1.7% in 2016. In the period 2015-2030, total consumer expenditure will grow at an average annual rate of 1.5%. It will increase by a cumulative value of 25.3% during this period. Total consumer expenditure will represent 52.8% of GDP in 2016 – slightly below the average for Western Europe.
Disposable income per capita totalled €21,204 (US$23,516) in 2015. The indicator will rise by 1.3% in real terms in 2016.
During the period 2015-2030, total disposable income will increase by a cumulative value of 25.7% in real terms – growing at an average annual rate of 1.5%.
Chart 7 Per Capita Annual Disposable Income, Spending and Savings Ratio: 2009-2014
Statistical Summary
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |
|---|---|---|---|---|---|---|
| Inflation (% change) | 1,5 | 2,1 | 2,0 | 0,9 | 0,5 | 0,0 |
| Exchange rate (per US$) | 0,76 | 0,72 | 0,78 | 0,75 | 0,75 | 0,90 |
| Lending rate | 6,7 | 6,0 | 6,3 | 5,8 | 6,1 | 3,3 |
| GDP (% real growth) | 2,0 | 2,1 | 0,2 | 0,7 | 0,2 | 1,1 |
| GDP (national currency millions) | 1.998.477,2 | 2.059.284,5 | 2.086.929,9 | 2.116.564,7 | 2.132.441,0 | 2.183.296,0 |
| GDP (US$ millions) | 2.646.674,4 | 2.863.294,6 | 2.681.479,1 | 2.810.237,3 | 2.829.181,4 | 2.421.421,1 |
| Birth rate (per '000) | 12,8 | 12,5 | 12,4 | 12,3 | 12,2 | 12,1 |
| Death rate (per '000) | 8,6 | 8,5 | 8,8 | 8,8 | 8,5 | 8,6 |
| No. of households ('000) | 27.785,9 | 28.119,7 | 28.439,1 | 28.753,3 | 29.052,4 | 29.337,7 |
| Total exports (US$ millions) | 516.913,6 | 585.447,2 | 558.610,2 | 568.677,1 | 568.535,3 | 493.658,8 |
| Total imports (US$ millions) | 608.611,5 | 713.061,0 | 667.268,2 | 673.244,8 | 668.013,4 | 562.112,5 |
| Tourism receipts (US$ millions) | 46.369,0 | 54.879,0 | 52.434,5 | 55.893,2 | - | - |
| Tourism spending (US$ millions) | 38.857,0 | 44.233,0 | 41.820,7 | 43.929,1 | - | - |
| Urban population ('000) | 53.508,0 | 54.166,9 | 54.803,2 | 55.380,4 | 55.908,6 | 56.437,0 |
| Urban population (%) | 85,3 | 85,9 | 86,5 | 87,0 | 87,5 | 87,9 |
| Population aged 0-14 (%) | 18,4 | 18,4 | 18,4 | 18,4 | 18,4 | 18,4 |
| Population aged 15-64 (%) | 64,8 | 64,7 | 64,3 | 63,8 | 63,4 | 63,1 |
| Population aged 65+ (%) | 16,8 | 16,9 | 17,3 | 17,7 | 18,2 | 18,5 |
| Male population (%) | 48,4 | 48,4 | 48,5 | 48,5 | 48,5 | 48,5 |
| Female population (%) | 51,6 | 51,6 | 51,5 | 51,5 | 51,5 | 51,5 |
| Life expectancy male (years) | 78,2 | 78,7 | 78,7 | 79,0 | 79,3 | 79,5 |
| Life expectancy female (years) | 85,3 | 85,7 | 85,4 | 85,6 | 85,7 | 85,9 |
| Infant mortality (deaths per '000 live births) | 3,5 | 3,3 | 3,3 | 3,4 | 3,3 | 3,2 |
| Adult literacy (%) | 99,9 | 99,9 | 99,9 | 100,0 | 100,0 | 100,0 |
Imports and Exports
| Major export destinations | 2015 Share (%) | Major import sources | 2015 Share (%) |
|---|---|---|---|
| Exports (fob) to Europe | 66,4 | Imports (cif) from Europe | 76,0 |
| Exports (fob) to Asia Pacific | 11,6 | Imports (cif) from Asia Pacific | 11,2 |
| Exports (fob) to Africa and the Middle East | 10,3 | Imports (cif) from Africa and the Middle East | 6,1 |
| Exports (fob) to North America | 7,5 | Imports (cif) from North America | 4,5 |
| Exports (fob) to Latin America | 2,7 | Imports (cif) from Latin America | 1,5 |
| Exports (fob) to Other Countries | 0,9 | Imports (cif) from Other Countries | 0,5 |
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