France's balance of payments - 2025-01
Published on the 7th of March 2025
In January 2025, the current deficit (seasonally and working-day adjusted data) reached EUR 2.2 billion (after a positive balance of EUR 2.6 billion in December 2024). The deficit on trade in goods widened to EUR 5.8 billion (after 0.8 billion in December) while the surplus on trade in services maintained steady (3.5 billion in January after 3.7 billion in December). In cumulative figures over 12 months, the current account balance stood at EUR -9.9 billion, after EUR -24.6 billion a year earlier.
In January 2025, the financial account (cumulative data over 12 months) showed net capital inflows of EUR 87.4 billion (after EUR 12.4 billion a year earlier). Portfolio investment recorded net inflows of € 37.7 billion, following inflows of 100.1 billion in January 2024. Other investment showed net inflows of 29.9 billion (compared with net outflows of 79.4 billion a year earlier). Cumulative net outflows of direct investment over 12 months fell to EUR 8 billion in January 2025 (after EUR 33.5 billion in January 2024).
In January 2025, the financial account (cumulative data over 12 months) showed net capital inflows of EUR 87.4 billion (after EUR 12.4 billion a year earlier). Portfolio investment recorded net inflows of € 37.7 billion, following inflows of 100.1 billion in January 2024. Other investment showed net inflows of 29.9 billion (compared with net outflows of 79.4 billion a year earlier). Cumulative net outflows of direct investment over 12 months fell to EUR 8 billion in January 2025 (after EUR 33.5 billion in January 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) | Jan- 2024 | Jan- 2025 | Dec- 2024 | Jan- 2025 |
| Current account | -24.6 | -9.9 | 2.6 | -2.2 |
| Goods | -71.8 | -59.7 | -0.8 | -5.8 |
| Energy | -63.2 | -51.6 | -3.1 | -3.7 |
| Goods excl. Energy | -8.6 | -8.0 | 2.3 | -2.0 |
| Services | 35.8 | 50.0 | 3.7 | 3.5 |
| Travel | 13.8 | 16.6 | 1.3 | 1.4 |
| Transport services | 1.2 | 4.1 | 0.7 | 0.5 |
|
Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
5.9 | 9.7 | 0.1 | 0.0 |
| Other services | 14.9 | 19.6 | 1.6 | 1.6 |
| Income | 11.4 | -0.3 | -0.4 | 0.0 |
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) | Jan- 2024 | Jan- 2025 | Dec- 2024 | Jan- 2025 |
| Financial account (not adjusted) | -12.4 | -87.4 | -2.7 | -6.4 |
| Direct investment | 33.5 | 8.0 | -0.6 | 1.4 |
| Abroad | 43.4 | 38.1 | 4.1 | 2.0 |
| In France | 9.9 | 30.2 | 4.6 | 0.7 |
| Portfolio investment | -100.1 | -37.7 | -48.8 | 73.5 |
| Assets | 198.7 | 211.8 | -25.1 | 84.1 |
| Liabilities | 298.9 | 249.5 | 23.7 | 10.6 |
| Financial derivatives | -15.6 | -30.1 | -3.7 | -6.2 |
| Loans and deposits ) | 79.4 | -29.9 | 50.0 | -77.5 |
| Reserve assets | -9.6 | 2.4 | 0.4 | 2.5 |
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: foreign direct investments (English and French), international tourism in France (English and French), business services (English and French), net foreign assets (English and French).
Download the PDF version of the document
EN_Stat_Info_France_s_balance_of_payment_202501.pdf
Updated on the 6th of March 2025