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France's balance of payments 2018Apr

Published on 06/07/2018
The current account worsened slightly in April
Current account balance reached -1.1 billion euros in April, after -0.6 billion in March (seasonally and working-day adjusted data). This worsening of the current account balance was due to a lower surplus of services (1.8 billion, after 2.4 billion), while the deficit of goods and surplus of primary and secondary incomes was nearly unchanged (-3.7 after -3.8 billion and 0.7 after 0.8 billion, respectively).
The increase in the energy bill (balance of -3.6 billion, after -3.3) was offset by an improvement of the balance of other goods (-0.1 billion, after -0.6 billion) due to strong exports of aircrafts.
Regarding services, the slight decline in the balance was due to lower net tourism receipts (1.1 billion, after 1.5 billion).
The financial account (non-adjusted data) showed net direct investments down from 10.8 billion in March to 2.6 billion in April, mainly as a result of lower French investments abroad. Portfolio investments ended the month with net outflows of 28.1 billion, while loans and deposits posted net inflows of 41.2 billion.
France's balance of payments
(EUR billions)
2016 (a) 2017 (a) Mar-2018 (b) Apr- 2018 (b)
Current account (seasonally and working-day adjusted) -16.8 -13.1 -0.6 -1.1
Goods (1) -34.5 -48.2 -3.8 -3.7
Energy -30.0 -37.1 -3.3 -3.6
Goods excl. Energy -4.6 -11.0 -0.6 -0.1
Services 17.8 26.4 2.4 1.8
Travel 12.9 17.0 1.5 1.1
Transport services -4.6 -2.0 -0.4 -0.3
Professional and management consulting services, Research and development and Technical services, trade-related and other business services 2.0 3.4 0.4 0.3
Other services (2) 7.5 8.0 1.1 0.7
Primary and secondary income (3) 0.0 8.6 0.8 0.7
Capital account (not adjusted) 1.4 1.1 0.8 -0.1
Financial account (not adjusted) -13.0 -31.9 10.2 -13.4
Direct investment 25.4 7.4 10.8 2.6
Abroad 66.3 49.8 13.1 6.2
In France 41.0 42.4 2.4 3.6
Portfolio investment 21.5 19.9 -2.6 28.1
Assets 41.4 47.9 -0.6 28.4
Liabilities 20.0 28.0 2.0 0.3
Financial derivatives -15.9 -1.2 -4.7 -1.7
Loans and deposits(4) -46.2 -54.9 1.0 -41.2
Reserve assets 2.2 -3.0 5.8 -1.2
Net errors and omissions 2.4 -19.9 9.9 -16.1
a) Annual report 2017 data (b) Provisional data
(1) to (4) See methodological notes on page 2.
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 paymentsSTAT INFO - April 2018
Stat Info Balance of payments

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France's balance of payments
  • Published on 06/07/2018
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Published on Thursday, June 7, 2018