France's balance of payments 2024Jan
Published on 8 March 2024
In January, the current account deficit (seasonally and working-day adjusted data) increased to €1 billion, compared to a deficit of 0.2 billion in December. The goods deficit rose from 3.7 billion in December to 4.7 billion while the surplus on services increased (3 billion in January after 2 billion in December). In 12 months to January 2024, the current account deficit reached 28.2 billion euros, after a negative balance of 60.9 billion euros a year earlier. This development was driven by the joint reduction in the energy bill and in the balance on goods excluding energy. The decline in the surplus on services limited this improvement.
In the 12 months to January 2024, the financial account showed net capital inflows of 87.1 billion euros compared to net inflows of 55.9 billion in the 12 months to January 2023. Portfolio investment recorded net inflows of 120.3 billion euros, following net inflows of 179.8 billion in the 12 months to January 2023. Net outflows of direct investment increased sharply over 12 months from 8.5 billion in January 2023 to 41.2 billion in January 2024.
In the 12 months to January 2024, the financial account showed net capital inflows of 87.1 billion euros compared to net inflows of 55.9 billion in the 12 months to January 2023. Portfolio investment recorded net inflows of 120.3 billion euros, following net inflows of 179.8 billion in the 12 months to January 2023. Net outflows of direct investment increased sharply over 12 months from 8.5 billion in January 2023 to 41.2 billion in January 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) | Jan-23 | Jan-24 | Dec-23 | Jan-24 |
| Current account | -60.9 | -28.2 | -0.2 | -1.0 |
| Goods | -141.2 | -76.4 | -3.7 | -4.7 |
| Energy | -111.2 | -62.7 | -4.0 | -4.4 |
| Goods excl. Energy | -30.0 | -13.7 | 0.3 | -0.3 |
| Services | 50.5 | 31.8 | 2.0 | 3.0 |
| Travel | 18.1 | 18.3 | 1.6 | 1.2 |
| Transport services | 19.0 | -2.5 | -0.7 | 0.0 |
Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
5.9 | 3.6 | 0.4 | 0.3 |
| Other services | 7.6 | 12.4 | 0.8 | 1.5 |
| Income | 29.8 | 16.4 | 1.4 | 0.7 |
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) | Jan-23 | Jan-24 | Dec-23 | Jan-24 |
| Financial account (not adjusted) | -55.9 | -87.1 | -8.7 | 0.6 |
| Direct investment | 8.5 | 41.2 | -0.2 | 1.9 |
| Abroad | 101.5 | 66.5 | 5.7 | 6.8 |
| In France | 92.9 | 25.4 | 5.9 | 4.9 |
| Portfolio investment | -179.8 | -120.3 | -79.4 | 35.8 |
| Assets | 29.4 | 163.4 | -66.9 | 87.6 |
| Liabilities | 209.1 | 283.7 | 12.5 | 51.8 |
| Financial derivatives | -34.9 | -15.9 | -3.2 | 2.4 |
| Loans and deposits ) | 156.7 | 17.4 | 73.7 | -41.0 |
| Reserve assets | -6.5 | -9.6 | 0.4 | 1.5 |
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_2284_en__BDP_Stat_Info_janvier_2024_EN.pdf