France's balance of payments 2024Feb
Published on 9 April 2024
In February, the current account (seasonally and working-day adjusted data) posted a surplus. It stood at 0.9 billion euros (after -0.5 billion in January 2024). The deficit on trade in goods narrowed to -4 billion euros (after -4.6 billion euros in January) and the surplus on services increased (4 billion in February after 3.1 billion in January). In cumulative figures over 12 months, the current account deficit fell to 11.8 billion euros in February 2024 from 63.8 billion euros a year earlier, due to the reduction in both the energy bill and the balance of goods excluding energy.
The financial account (cumulative data over 12 months) showed net capital inflows of 48.4 billion euros in February 2024, after 70.8 billion euros a year earlier. Portfolio investment recorded net inflows of 94.1 billion euros over 12 months (178 billion euros in February 2023). Cumulative net outflows of direct investment over 12 months increased from 5.2 billion in February 2023 to 38.3 billion in February 2024.
The financial account (cumulative data over 12 months) showed net capital inflows of 48.4 billion euros in February 2024, after 70.8 billion euros a year earlier. Portfolio investment recorded net inflows of 94.1 billion euros over 12 months (178 billion euros in February 2023). Cumulative net outflows of direct investment over 12 months increased from 5.2 billion in February 2023 to 38.3 billion in February 2024.
Current account balance and its components
(billion euros, seasonally and working-day adjusted data)
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(billion euros, seasonally and working-day adjusted data)
| Cumulated figures (over 12 months) | ||||
| (EUR billions) | Feb- 2023 | Feb- 2024 | Jan- 2024 | Feb- 2024 |
| Current account | -63.8 | -11.8 | -0.5 | 0.9 |
| Goods | -140.9 | -72.6 | -4.6 | -4.0 |
| Energy | -110.2 | -60.3 | -4.3 | -3.6 |
| Goods excl. Energy | -30.7 | -12.3 | -0.3 | -0.4 |
| Services | 48.2 | 40.0 | 3.1 | 4.0 |
| Travel | 17.9 | 18.7 | 1.2 | 1.6 |
| Transport services | 17.6 | -1.5 | 0.0 | -0.2 |
Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
5.0 | 6.5 | 0.4 | 0.9 |
| Other services | 7.7 | 16.2 | 1.5 | 1.7 |
| Income | 28.9 | 20.8 | 1.0 | 0.8 |
Note : Non-cumulated figures
Source and production : BANQUE DE FRANCE - DGSEI
Source and production : BANQUE DE FRANCE - DGSEI
Balance on financial transactions and its components (billions of euros, not adjusted data)![]()
| Cumulated figures (over 12 months) | ||||
| (EUR billions) | Feb- 2023 | Feb- 2024 | Jan- 2024 | Feb- 2024 |
| Financial account (not adjusted) | -70.8 | -48.4 | 0.6 | 0.1 |
| Direct investment | 5.2 | 38.3 | 1.9 | 2.5 |
| Abroad | 92.0 | 41.9 | 6.8 | 2.0 |
| In France | 86.8 | 3.6 | 4.9 | -0.5 |
| Portfolio investment | -178.0 | -94.1 | 35.8 | 23.5 |
| Assets | 50.6 | 204.1 | 87.6 | 29.4 |
| Liabilities | 228.6 | 298.2 | 51.8 | 5.9 |
| Financial derivatives | -38.7 | -8.5 | 2.4 | 0.0 |
| Loans and deposits ) | 162.2 | 11.4 | -41.0 | -25.6 |
| Reserve assets | -21.5 | 4.4 | 1.5 | -0.4 |
Note : Cumulated figures
Source and production : BANQUE DE FRANCE - DGSEI
Source and production : BANQUE DE FRANCE - DGSEI
Methodological notes
On the Banque de France website a detailed methodological note on balance of payments and international investment position can be found. Highlights on specific topics are also available:
Download the PDF version of the document
BDP_FRA_2285_en__BDP_Stat_Info_fevrier_2024_EN.pdf