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France's balance of payments 2018Aug

Published on 10/05/2018
The current account deteriorated in August
In August, the current account was in deficit at -1.6 billion euros (seasonally and working-day adjusted data), to be compared with + 0.3 billion in July. A worsening of the energy bill (-4.0 billion, after -3.4 billion), but also a deterioration of the balance of goods excluding energy (-0.6 billion, after + 0.5 billion) explained this evolution. The pace of aircrafts' exports slowed down in August, after particularly strong figures in July (4.4 billion, after 5.9 billion).
The surplus in services reduced somewhat (2.4 billion, after 2.6 billion). International tourism provided a similar surplus as in 2017, as the rise in receipts was offset by increasing expenditures of French households abroad.
The financial account (non-adjusted data) showed in particular rather stable flows of foreign investments in France (3.0 billion, after 3.1 billion), while French investments outflows amounted to 2.7 billion, after 4.7 billion in July.
France's balance of payments
(EUR billions)
2016 (a) 2017 (a) juil. 2018 (b) Aug-2018 (b)
Current account (seasonally and working-day adjusted) -16.8 -13.1 0.3 -1.6
Goods (1) -34.5 -48.2 -2.9 -4.6
Energy -30.0 -37.1 -3.4 -4.0
Goods excl. Energy -4.6 -11.0 0.5 -0.6
Services 17.8 26.4 2.6 2.4
Travel 12.9 17.0 1.3 1.4
Transport services -4.6 -2.0 -0.3 -0.3
Professional and management consulting services, Research and development and Technical services, trade-related and other business services 2.0 3.4 0.6 0.5
Other services (2) 7.5 8.0 1.0 0.7
Primary and secondary income (3) 0.0 8.6 0.7 0.6
Capital account (not adjusted) 1.4 1.1 0.0 0.2
Financial account (not adjusted) -13.0 -31.9 -2.1 -5.7
Direct investment 25.4 7.4 1.6 -0.3
Abroad 66.3 49.8 4.7 2.7
In France 41.0 42.4 3.1 3.0
Portfolio investment 21.5 19.9 17.6 12.0
Assets 41.4 47.9 24.3 7.0
Liabilities 20.0 28.0 6.8 -5.0
Financial derivatives -15.9 -1.2 -3.8 -0.5
Loans and deposits(4) -46.2 -54.9 -14.9 -20.6
Reserve assets 2.2 -3.0 -2.4 3.7
Net errors and omissions 2.4 -19.9 -2.4 -2.3
a) Annual report 2017 data (b) Provisional data
(1) to (4) See methodological notes on page 2.
Source and production: BANQUE DE FRANCE - DIRECTORATE GENERAL STATISTICS
Current account - Goods and services balance
The series shown on this chart have been seasonally and working-day adjusted
Methodological notes relating to page 1 table
(1) Data on trade in goods are FOB-FOB values, which means without cost, insurance and freight. This expenditure is recorded in the services item. Exchanges of goods cover General merchandise published by the Directorate General of Customs and Excise (DGDDI) on one side, merchanting and methodological adjustments calculated by the Banque de France, on the other side. In order to ensure the comparability of French balance of payments with those of other countries and conformity with the international standards, the international standard for Balance of Payments statistics is released under the aegis of the International Monetary Fund. The key concept for the balance of payments is the concept of economic ownership which is consistent with the national accounts.
(2) Services other than travel (tourism and professional travels), transport services, professional and management consulting services, R&D and development and technical services, trade-related and other business services include manufacturing, maintenance and repair, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunication, computer and information services, personal, cultural and recreational services and government goods and services.
(3) Income includes primary and secondary incomes. Primary income refers to the flows received by economic agents for their participation in the production process ("compensation of employees") or for the provision of financial assets ("investment income") or for the rental of natural resources ("rent"). Taxes and subsidies on products and production are also included in primary income. Secondary income records current transfers between residents and non-residents. A transfer is a transaction that involves the provision of a good, service, financial asset or another non-produced asset without receiving something of economic value in exchange.
(4) The "other investment" (loans and deposits) component of the financial account includes all transactions in financial assets and liabilities with non-residents that do not concern direct investment, portfolio investment, financial derivatives or reserve assets. In practice, this mainly concerns bank deposits and interbank lending, as well as loans and deposits made by insurance companies and all kinds of investment companies and funds.
France's balance of payments
(EUR billions)
Current publications (a) Previous publications (b) Revisions (a-b)
Q2 Q2 Q2
Current account (seasonally and working-day adjusted) -0,9 -2 1,1
Goods (1) -12,8 -12,8 0
Energy -10,8 -10,9 0,1
Goods excl. Energy -2 -1,9 -0,1
Services 6 5,9 0,1
Travel 4,4 4,3 0,1
Transport services -1 -0,7 -0,3
Professional and management consulting services, Research and development and Technical services, trade-related and other business services 1,6 0,7 0,9
Other services (2) 0,9 1,6 -0,7
Primary and secondary income (3) 5,9 4,9 1
Capital account (not adjusted) 0,3 0,3 0
Financial account (not adjusted) -23,8 -0,8 -23
Direct investment 3,6 20,5 -16,9
Abroad 15,1 30,1 -15
In France 11,6 9,6 2
Portfolio investment -16,9 -6,4 -10,5
Assets -0,6 1,7 -2,3
Liabilities 16,2 8,1 8,1
Financial derivatives -4,4 -4,3 -0,1
Loans and deposits(4) -12,2 -16,7 4,5
Reserve assets 6,1 6,1 0
Net errors and omissions -23,1 0,9 -24
a) Annual report 2017 data (b) Provisional data
(1) to (4) See methodological notes on page 2.
Source and production: BANQUE DE FRANCE - DIRECTORATE GENERAL STATISTICS
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Balance of paymentsSTAT INFO - August 2018
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France's balance of payments
  • Published on 10/05/2018
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Published on Friday, October 5, 2018