France's balance of payments and international investment position : Annual Data

In 2020, the current account deficit amounted to 43.7 billion euros (1.9% of GDP). It deteriorated by 36.7 billion compared to 2019. This deterioration was explained by the increase in trade manufactured goods deficit, due in particular to the drop in the surplus in aeronautics, and by the 7.6 billion drop in the surplus in trade in services, due especially to that in travel services. The investment income balance stood at EUR 20.7 billion, a deterioration of EUR 15.8 billion.

This deficit was financed by net capital inflows of EUR 52.5 billion. The "mobile" categories of capital (portfolio, bank loans, derivatives) ensure these inflows.  On the other hand, for direct investments, the French continued to invest abroad for amounts close to those of previous years while foreigners invested much less in France in 2020.

France's net international investment position, which reflects the difference between the value of assets and liabilities vis-à-vis the rest of the world, increased by 78.7 billion to reach -695.5 billion euros, i.e. -30.2% of GDP (a deterioration of 4.9 points, partly due to the fall in GDP). However, it is still below the alert threshold set by the European Macroeconomic Imbalance Procedure (-35% of GDP).

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: 10/26/2021 10:33