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France's balance of payments 2018Feb

Published on 04/06/2018
Current account deficit: -2 billion of euros in February, unchanged from January
The current account balance remains at -2 billion euros in February (seasonally and working-day adjusted).
The deficit of trade in goods amounts to 4 billion euros, as in January: the slight reduction in energy spending (-3.3 billion, after -3.5 billion) is offset by an equivalent increase in goods excluding energy.
The balance of trade in services remains unchanged (1.6 billion euros).
The balance of primary and secondary incomes is also stable at 0.4 billion.
Regarding the financial account (non-adjusted data), direct investments show net inflows for 0.6 billion of euros. Outflows of 18 billion euros observed on portfolio investments are explained by an increase of 12.7 billion on the asset side and a decrease of 5.3 billion on the liability side. Loans and deposits post inflows for 14.1 billion.
France's balance of payments
(EUR billions)
2015
(a)
2016
(a)
Jan- 2018
(b)
Feb- 2018
(b)
Current account (seasonally and working-day adjusted) -9.6 -19.0 -2.0 -2.0
Goods (1) -25.0 -26.8 -4.0 -4.0
Energy -37.9 -30.0 -3.5 -3.3
Goods excl. Energy 12.9 3.1 -0.5 -0.7
Services 8.9 0.0 1.6 1.6
Travel 5.0 1.8 0.4 0.4
Transport services -2.8 -4.4 -0.4 -0.3
Professional and management consulting services, Research and development and Technical services, trade-related and other business services 0.1 -5.2 0.1 1.2
Other services (2) 6.6 7.9 1.4 0.4
Primary and secondary income (3) 6.5 7.8 0.4 0.4
Capital account (not adjusted) 1.8 0.0 0.0 0.0
Financial account (not adjusted) -12.2 -28.8 -25.3 -5.0
Direct investment -2.4 26.2 -4.7 -0.6
Abroad 37.5 58.4 1.5 2.3
In France 39.9 32.2 6.3 2.9
Portfolio investment 46.4 -3.6 13.2 18.0
Assets 51.0 47.5 40.6 12.7
Liabilities 4.6 51.1 27.4 -5.3
Financial derivatives 10.8 0.6 -2.7 -4.3
Loans and deposits(4) -74.2 -54.2 -32.7 -14.1
Reserve assets 7.2 2.2 1.6 -3.9
Net errors and omissions -4.4 -9.8 -17.0 1.3
a) Annual report 2016 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.
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Balance of payments
STAT INFO - February 2018

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France's balance of payments
  • Published on 04/06/2018
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Published on Friday, April 6, 2018