The current account deficit amounted to EUR 16.2 billion in 2019, corresponding to 0.7% of gross domestic product (GDP). This represents a EUR 3.0 billion increase compared with 2018, mainly due to a EUR 3.2 billion decrease in the services surplus. However, the goods deficit decreased by EUR 1.2 billion.
The financial account recorded net capital inflows of EUR 28.8 billion. Portfolio investment notably recorded net inflows of EUR 93 billion, linked to foreign acquisitions of government debt following the temporary suspension of the Eurosystem’s asset purchase programme.
France’s international investment position deteriorated by EUR 112 billion to a net negative EUR 556.5 billion. Price and interest rate changes accounted for EUR 75.2 billion of the deterioration. Nonetheless, with a net liability representing 23.0% of GDP, France’s net international investment position is still well below the alert threshold of 35% of GDP set by the European Macroeconomic Imbalance Procedure. The share of negotiable government debt securities held abroad increased from 52.3% at the end of 2018 to 53.6% at the end of 2019.
All the publications of annual reports of the Balance of payments and international investment position are available on the Banque de France Website at :
Updated on: 09/30/2020 11:39