Other sites of Banque de France

France's balance of payments 2018Jun

Published on 08/07/2018
The current account deficit deteriorated in the second quarter
The current account balance showed a deficit of 6.4 billion in the second quarter (data seasonally and working-day adjusted), following a 0.3 billion surplus in the previous quarter. On a year-on-year basis, the deficit amounted to 10.5 billion and was lower than in 2017 (-13.1 billions).
On a quarterly basis, the deficit of goods increased by 1 billion and reached -13.7 billion, reflecting an increase of the energy bill, while the balance of goods excluding energy remained unchanged (-2.6 billion).
The surplus of services decreased from +8.7 billion in the first quarter to +4.1 billion in the second quarter, due to a downturn of services excluding transports and travels.
In the financial account (non-seasonally and non-day-adjusted data), French direct investment abroad remained strong: 30.1 billion in the second quarter 2, after 25.6 billion in the first quarter, while foreign investment in France was most modest, although progressing (9.6 billion, after 6.3 billion in the first quarter).

In June
, the current accounts posted a deficit: -2.3 billion, after -2.9 in May and -1.1 in April. The balance of goods was in deficit of 4.9 billion, while services showed a surplus of 1.4 billion. Revenues remained in surplus (+1.1 billion).
(seasonally and working-day adjusted, EUR billions)
(seasonally and working-day adjusted, EUR billions)
Current account
(Euro billions)
Q1 2018
Q2 2018

Cum. Fig.
4 quarter
2017 (b) Cum. Fig.
4 quater
period /
Current account (seasonally and working-day adjusted) -2.3 0.3 -6.4 -10,5 -13.1
Goods (1) -4.9 -12.7 -13.7 -48,9 -48.2
Energy -4.1 -10.1 -11.1 -39,4 -37.1
Goods excl. Energy -0.7 -2.6 -2.6 -9,5 -11.0
Services 1.4 8.7 4.1 26,3 26.4
Travel 1.0 4.7 3.3 17,5 17.0
Transport services -0.3 -0.9 -0.7 -2.7 -2.0
Professional and management consulting services, Research and development and Technical services , trade-related and other business services 0.3 2.6 0.5 4,7 3.4
Other services (2) 0.4 2.3 1.0 6,8 8.0
Primary and secondary income (3) 1.1 4.3 3.2 12,0 8.6
(a) Provisional data
(b) Annual report 2017 data
(1) to (3) See methodological notes on page 2
Capital account and financial account
(EUR billions)
Q1 2018
Q2 2018
Cum. Fig. 4 quarter
Capital account (brut) 0.3 0.9 0,3 2.0 1.1
Financial account (not adjusted) 21.3 -25.0 -0.8 -25,8 -31.9
Direct investment 20.6 19.3 20.5 53.6 7.4
- Abroad 23.6 25.6 30.1 86.6 49.8
- In France 2.9 6.3 9.6 33.0 42.4
Portfolio investment -32.4 25.6 -6.4 -6.9 19.9
-Assets -28.2 53.0 1.7 -10.5 47.9
-Liliabilities 4.2 27.4 8.1 -3.7 28.0
Financial derivatives -0.8 -11.3 -4.3 -13.6 -1.2
Loans and deposits (4) 27.7 -62.2 -16.7 -67.3 -54.9
Reserve assets 6.1 3.5 6.1 8.4 -3.0
(a) Provisional data
(b) Annual report 2017 data
(4) See methodological notes.
Methodological notes relating to page 1 and page 2 tables
(1) Data on trade in goods are FOB-FOB values, which means without cost, insurance and freight. The latter expenditure is recorded in the services item. Exchanges of goods include general merchandise as 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. It ensures the comparability of French balance of payments with those of other countries and its conformity with the international standards set by International Monetary Fund. The key underlying concept in balance of payments is the economic ownership (as for 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.
More information on methodology, time series, calendar
All statistical time series publlshed by the Banque de France can be accessed on
Webstat Banque de France
Publication available under
Apple and Android
Balance of paymentsSTAT INFO - June 2018
Contact Stat Info Balance of payments

Download the PDF version of this document

France's balance of payments
  • Published on 08/07/2018
  • EN
  • PDF (647.52 KB)
Download (EN)

Published on Tuesday, August 7, 2018