7th blog on France's economy..

I've been looking around on the internet for some information on the economy of France. I came across this site, nickelinstitute.org, that caught my attention and I thought it would be interesting to write about it for this week's blog. I looked back on my notes and remembered learning about multiplier effect. I decided to research multiplier effects in France and came across this piece of information.

I did not know this but on January 1st, 2004 there was a nonprofit organization created called Nickel Institute which includes 24 companies that make up 90% of the world's annual nickel output. This organization stands for recycling and reusing of nickel in the most environmentally best way. A few ways this is done is by creating partnerships, promoting the production, and earning trust of the stakeholders. Members of this organization include 24 of the world producers of nickel.

What makes nickel so important? Nickel is very important to parts of Europe. 85% of this nickel goes into other mixes of metal that in the end creates metal that endures all types of temperatures, has strength, and corrosion resistance which creates stainless steel. The reusing of nickel makes this stainless steel which is extremely helpful in many environments such as, homes, medical fields, and where food is processed.

Now, how does nickel play a role on France? Between the place where the raw nickel is imported, the place where nickel is formed into stainless steel,and all other industries having to do with nickel has created a total added-value of 6 billion Euro per year. Because of nickel imports and other uses of nickel, there are 105,000 French workers that rely on nickel and these industries for employment.

Some statistics about nickel and France: In 2002, France used 90,000 tons of nickel, representing 13% of all of Europe's nickel use. Due to improvements over the 20 years, France has had many new uses for nickel and at a growing percent of 3% a year for the demand of this metal. There are markets in France that rely on this nickel which provides a job to about 50,000 people and 27,500 jobs for this country's economy. Because of the importance of this metal it has caused an effect allowing people of France to have jobs and the need of workers have increased, as well.
Hope this little bit of information was informative!