France's balance of payments - 2025-12
Published on 6th of February 2026
In December 2025, the current account deficit (seasonally and working-day adjusted data) reached EUR 0.6 billion, following a deficit of EUR 0.3 billion in November. The deficit on trade in goods increased to EUR 4.0 billion, after EUR 3.6 billion in November. The services trade surplus remained broadly stable at EUR 4.0 billion (after EUR 3.9 billion in November. Over 12 months, the current account balance stood at - EUR 12.5 billion, compared with a surplus of EUR 3.4 billion a year earlier.
In December 2025 (cumulative data over 12 months) the financial account showed net capital inflows of EUR 36.7 billion (compared with net inflows of EUR 6.9 billion in December 2024). Direct investment showed net ouflows of EUR 2.4 billion, compared with net intflows of EUR 9.8 billion a year earlier. Portfolio investment recorded net outflows of EUR 82.8 billion (compared with EUR 51.0 billion in December 2024). Finally, net inflows from other investments reached EUR 142,6 billion, after net inflows of EUR 23.7 billion in December 2024.
In December 2025 (cumulative data over 12 months) the financial account showed net capital inflows of EUR 36.7 billion (compared with net inflows of EUR 6.9 billion in December 2024). Direct investment showed net ouflows of EUR 2.4 billion, compared with net intflows of EUR 9.8 billion a year earlier. Portfolio investment recorded net outflows of EUR 82.8 billion (compared with EUR 51.0 billion in December 2024). Finally, net inflows from other investments reached EUR 142,6 billion, after net inflows of EUR 23.7 billion in December 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) | Dec- 2024 | Dec- 2025 | Nov- 2025 | Dec- 2025 |
| Current account | 3.4 | -12.5 | -0.3 | -0.6 |
| Goods | -59.4 | -60.1 | -3.6 | -4.0 |
| Energy | -51.9 | -42.4 | -2.8 | -2.7 |
| Goods excl. Energy | -7.4 | -17.8 | -0.7 | -1.4 |
| Services | 56.7 | 55.6 | 3.9 | 4.0 |
| Travel | 15.9 | 20.2 | 1.8 | 1.8 |
| Transport services | 4.5 | 1.4 | -0.1 | 0.2 |
| Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
8.9 | 8.9 | 1.2 | 1.1 |
| Other services | 27.3 | 25.1 | 1.0 | 0.9 |
| Income | 6.1 | -8.0 | -0.6 | -0.6 |
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) | Dec- 2024 | Dec- 2025 | Nov- 2025 | Dec- 2025 |
| Financial account | -6.9 | -36.7 | 11.2 | 6.8 |
| Direct investment | -9.8 | 2.4 | -3.2 | -0.9 |
| Abroad | 38.6 | 61.0 | 1.0 | 3.6 |
| In France | 48.4 | 58.5 | 4.2 | 4.5 |
| Portfolio investment | 51.0 | 82.8 | 2.9 | -40.9 |
| Assets | 288.9 | 307.8 | 17.5 | -28.3 |
| Liabilities | 237.9 | 225.0 | 14.6 | 12.5 |
| Financial derivatives | -25.9 | 16.7 | 8.1 | 2.4 |
| Other investment | -23.7 | -142.6 | 3.4 | 46.4 |
| Reserve assets | 1.4 | 4.0 | -0.1 | -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_202512.pdf
Updated on the 5th of February 2026