France's balance of payments - 2025-05
Published on the 10th of July 2025
In May 2025, the current account deficit (seasonally and working-day adjusted data) reached EUR 3.1 billion (after a deficit of 6.6 billion in April). The deficit on trade in goods rose to 6.7 billion (after 8.4 billion in April), while the surplus on trade in services increased to 5.6 billion (after 4.0 billion in April). In cumulative over 12 months, the current account balance stood at EUR - 11.3 billion (after EUR - 13.4 billion a year earlier).
In May 2025, the financial account (cumulative data over 12 months) remained almost stable compared to May 2024, with net capital inflows of EUR 21.0 billion (after net inflows of EUR 19.6 billion a year earlier). The direction of financial flows has reversed, however, compared to the previous year. First of all, direct investment presented net inflows of EUR 24.8 billion (compared with net outflows of EUR 35.5 billion a year earlier). Next, portfolio investment recorded net outflows of EUR 92.0 billion (after net inflows of 62.0 billion in May 2024). Finally, net inflows from other investments reached EUR 59.6 billion (after net outflows of EUR 18.6 billion in May 2024).
In May 2025, the financial account (cumulative data over 12 months) remained almost stable compared to May 2024, with net capital inflows of EUR 21.0 billion (after net inflows of EUR 19.6 billion a year earlier). The direction of financial flows has reversed, however, compared to the previous year. First of all, direct investment presented net inflows of EUR 24.8 billion (compared with net outflows of EUR 35.5 billion a year earlier). Next, portfolio investment recorded net outflows of EUR 92.0 billion (after net inflows of 62.0 billion in May 2024). Finally, net inflows from other investments reached EUR 59.6 billion (after net outflows of EUR 18.6 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- 2024 | May- 2025 | Apr- 2025 | May- 2025 |
| Current account | -13.4 | -11.3 | -6.6 | -3.1 |
| Goods | -67.6 | -65.2 | -8.4 | -6.7 |
| Energy | -59.3 | -48.7 | -3.9 | -4.0 |
| Goods excl. Energy | -8.3 | -16.6 | -4.4 | -2.6 |
| Services | 46.0 | 60.3 | 4.0 | 5.6 |
| Travel | 15.1 | 16.9 | 1.7 | 1.9 |
| Transport services | 0.6 | 5.7 | 0.2 | 0.3 |
|
Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
6.3 | 7.6 | 0.5 | 0.5 |
| Other services | 24.0 | 30.1 | 1.6 | 2.9 |
| Income | 8.2 | -6.4 | -2.3 | -2.0 |
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) | May- 2024 | May- 2025 | Apr- 2025 | May- 2025 |
| Financial account | -19.6 | -21.0 | 6.8 | -21.1 |
| Direct investment | 35.5 | -24.8 | -1.1 | -0.1 |
| Abroad | 38.9 | 33.4 | 0.9 | 2.7 |
| In France | 3.4 | 58.2 | 2.0 | 2.8 |
| Portfolio investment | -62.0 | 92.0 | 41.7 | -34.2 |
| Assets | 245.4 | 285.4 | 45.6 | 7.5 |
| Liabilities | 307.4 | 193.4 | 3.9 | 41.7 |
| Financial derivatives | -14.2 | -33.3 | -0.9 | -0.6 |
| Other investment | 18.6 | -59.6 | -33.9 | 13.8 |
| Reserve assets | 2.6 | 4.7 | 0.9 | -0.1 |
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_202505.pdf
Updated on the 9th of July 2025