France's balance of payments - 2024-07
Published on the 6th of September 2024
In July, the current account deficit (seasonally and working-day adjusted data) reached 1.2 billion euros (after -2.5 billion in June). The deficit on trade of goods fell slightly to -3.8 billion (after -4.8 billion euros in June), while the surplus on trade of services stabilized (4.1 billion euros in July after 3.8 billion in June). In cumulative figures over 12 months, the current account deficit fell to 18.4 billion euros in July 2024, after a deficit of 40.2 billion a year earlier, due to the reduction in the energy bill and a less negative balance of goods excluding energy.
In cumulative figures over 12 months, net capital inflows reached 49.4 billion euros in July 2024, after 54.5 billion euros a year earlier. Portfolio investment recorded net inflows of 103.3 billion euros over 12 months, compared with 216 billion euros in July 2023. Cumulative net outflows of direct investment over 12 months rose to 22.3 billion in July 2024.
In cumulative figures over 12 months, net capital inflows reached 49.4 billion euros in July 2024, after 54.5 billion euros a year earlier. Portfolio investment recorded net inflows of 103.3 billion euros over 12 months, compared with 216 billion euros in July 2023. Cumulative net outflows of direct investment over 12 months rose to 22.3 billion in July 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) | Jul-23 | Jul-24 | Jun-24 | Jul-24 |
| Current account | -40.2 | -18.4 | -2.5 | -1.2 |
| Goods | -108.1 | -60.3 | -4.8 | -3.8 |
| Energy | -92.5 | -57.4 | -5.5 | -3.9 |
| Goods excl. Energy | -15.6 | -2.9 | 0.7 | 0.1 |
| Services | 46.0 | 44.3 | 3.8 | 4.1 |
| Travel | 13.2 | 16.7 | 1.8 | 1.2 |
| Transport services | 13.1 | 0.1 | 0.2 | 0.6 |
|
Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
6.4 | 9.0 | 0.8 | 0.6 |
| Other services | 13.3 | 18.6 | 1.0 | 1.7 |
| Income | 22.0 | -2.4 | -1.5 | -1.4 |
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) | Jul-23 | Jul-24 | Jun-24 | Jul-24 |
| Financial account (not adjusted) | -54.5 | -49.4 | 23.1 | -13.6 |
| Direct investment | -21.4 | 22.3 | 3.9 | 1.2 |
| Abroad | 31.6 | 27.9 | 3.5 | 2.2 |
| In France | 53.0 | 5.5 | -0.4 | 1.0 |
| Portfolio investment | -216.0 | -103.3 | -15.8 | 13.3 |
| Assets | 125.6 | 192.5 | 9.8 | 21.9 |
| Liabilities | 341.6 | 295.9 | 25.6 | 8.6 |
| Financial derivatives | -29.4 | -14.3 | -0.2 | -2.7 |
| Loans and deposits ) | 232.5 | 43.4 | 35.3 | -25.6 |
| Reserve assets | -20.3 | 2.4 | -0.1 | 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_juillet_2024_EN.pdf
Updated on the 5th of September 2024