France's balance of payments - 2024-05
Published on the 16th of July 2024
In May, the current account deficit (seasonally and working-day adjusted data) reached 3.1 billion euros (after 3.5 billion in April). The deficit on trade in goods widened to -6.2 billion euros (after -5.8 billion in April), while the surplus on trade in services increased slightly (4.8 billion in May after 4.0 billion in April). Over the past 12 months, the current account deficit fell to 19.8 billion euros from 44.6 billion euros a year earlier. This reduction is the result of decline in the energy bill and the balance on goods excluding energy.
The financial account (cumulative data over 12 months) showed net capital inflows of 59.4 billion euros in May 2024, up from 56.5 billion a year earlier. Portfolio investment recorded net inflows of 102.2 billion euros over 12 months, compared with 198.4 billion euros in May 2023. The cumulative net outflows of direct investment over 12 months rose to 23.8 billion in May 2024.
The financial account (cumulative data over 12 months) showed net capital inflows of 59.4 billion euros in May 2024, up from 56.5 billion a year earlier. Portfolio investment recorded net inflows of 102.2 billion euros over 12 months, compared with 198.4 billion euros in May 2023. The cumulative net outflows of direct investment over 12 months rose to 23.8 billion in May 2024.
Current account balance and its components
(billion euros, seasonally and working-day adjusted data)
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(billion euros, seasonally and working-day adjusted data)
| Cumulated figures (over 12 months) | ||||
| (EUR billions) | May-23 | May-24 | Apr-24 | May-24 |
| Current account | -44.6 | -19.8 | -3.5 | -3.1 |
| Goods | -121.9 | -62.9 | -5.8 | -6.2 |
| Energy | -102.1 | -59.4 | -5.8 | -5.3 |
| Goods excl. Energy | -19.8 | -3.5 | 0.0 | -0.9 |
| Services | 51.4 | 42.4 | 4.0 | 4.8 |
| Travel | 12.5 | 16.3 | 1.6 | 2.0 |
| Transport services | 19.1 | -0.7 | -0.1 | 0.1 |
Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
7.2 | 8.5 | 0.6 | 1.0 |
| Other services | 12.6 | 18.2 | 1.8 | 1.8 |
| Income | 26.0 | 0.7 | -1.7 | -1.8 |
Note : Non-cumulated figures
Source and production : BANQUE DE FRANCE - DGSEI
Source and production : BANQUE DE FRANCE - DGSEI
Balance on financial transactions and its components (billions of euros, not adjusted data)![]()
| Cumulated figures (over 12 months) | ||||
| (EUR billions) | May-23 | May-24 | Apr-24 | May-24 |
| Financial account (not adjusted) | -56.5 | -59.4 | -7.0 | -22.5 |
| Direct investment | -25.6 | 23.8 | 2.9 | 2.2 |
| Abroad | 43.6 | 30.2 | 1.9 | 2.1 |
| In France | 69.2 | 6.4 | -1.0 | -0.1 |
| Portfolio investment | -198.4 | -102.2 | 12.8 | -8.7 |
| Assets | 59.6 | 242.5 | 42.0 | 2.4 |
| Liabilities | 258.0 | 344.7 | 29.3 | 11.0 |
| Financial derivatives | -31.7 | -20.4 | -2.3 | -6.8 |
| Loans and deposits ) | 218.9 | 36.9 | -19.8 | -9.0 |
| Reserve assets | -19.6 | 2.6 | -0.6 | -0.2 |
Note : Cumulated figures
Source and production : BANQUE DE FRANCE - DGSEI
Source and production : BANQUE DE FRANCE - DGSEI
Methodological notes
On the Banque de France website a detailed methodological note on balance of payments and international investment position can be found. Highlights on specific topics are also available:
The balance of payments data was subject to reassessment over the entire period as part of the change of base year in coordination with Insee. Details of the revisions can be found in the France's annual report of balance of payments and international investment position 2023.
Download the PDF version of the document
EN_BDP_Stat_Info_mai_2024_EN.pdf
Updated on the 18th of July 2024