France's balance of payments - 2025-03
Published on the 7th of May 2025
In March 2025, the current account deficit (seasonally and working-day adjusted data) reached a surplus of EUR 1.4 billion (after a deficit of 1.6 billion in February). The deficit on trade in goods narrowed to 4.3 billion (after 6.2 billion in February), and the surplus on trade in services increased (5.3 billion in March after 4,2 billion in February). In cumulative figures over 12 months, the current account balance showed a surplus of EUR 5,9 billion, after a deficit of EUR 12.5 billion a year earlier.
At March 2025 and over one year, the financial account will showed net capital inflows of EUR 15.6 billion (compared with 33 billion a year earlier). Direct investment showed net inflows of 0.4 billion (compared with net outflows of 22.5 billion a year earlier). Cumulated over 12 months, other investment showed net inflows of 25 billion in March 2025 (after outflows of 1.3 billion in March 2024). Portfolio investments recorded net outflows of 43 billion euros (after net inflows of 48.9 billion in March 2024).
At March 2025 and over one year, the financial account will showed net capital inflows of EUR 15.6 billion (compared with 33 billion a year earlier). Direct investment showed net inflows of 0.4 billion (compared with net outflows of 22.5 billion a year earlier). Cumulated over 12 months, other investment showed net inflows of 25 billion in March 2025 (after outflows of 1.3 billion in March 2024). Portfolio investments recorded net outflows of 43 billion euros (after net inflows of 48.9 billion in March 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) | Mar-24 | Mar-25 | Feb-25 | Mar-25 |
| Current account | -12.5 | 5.9 | -1.6 | 1.4 |
| Goods | -64.7 | -62.0 | -6.2 | -4.3 |
| Energy | -60.2 | -51.8 | -3.9 | -4.8 |
| Goods excl. Energy | -4.5 | -10.3 | -2.3 | 0.5 |
| Services | 39.7 | 56.7 | 4.2 | 5.3 |
| Travel | 14.7 | 16.4 | 1.2 | 1.5 |
| Transport services | 0.2 | 5.1 | 0.3 | 0.4 |
|
Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
7.2 | 8.1 | 0.6 | 0.7 |
| Other services | 17.6 | 27.0 | 2.2 | 2.7 |
| Income | 12.5 | 11.2 | 0.4 | 0.3 |
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) | Mar-24 | Mar-25 | Feb-25 | Mar-25 |
| Financial account | -33.0 | -15.6 | 7.9 | -14.5 |
| Direct investment | 22.5 | -0.4 | 1.9 | -0.3 |
| Abroad | 35.5 | 48.1 | 3.4 | 1.8 |
| In France | 12.9 | 48.5 | 1.6 | 2.1 |
| Portfolio investment | -48.9 | 43.0 | 23.0 | -1.5 |
| Assets | 262.4 | 213.9 | 25.7 | 18.3 |
| Liabilities | 311.3 | 170.9 | 2.6 | 19.8 |
| Financial derivatives | -11.6 | -36.3 | -0.8 | -3.1 |
| Other investment | 1.3 | -25.0 | -16.0 | -10.1 |
| Reserve assets | 3.7 | 3.1 | -0.3 | 0.5 |
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_202503.pdf
Updated on the 6th of May 2025