France's balance of payments 2017May

Current transactions deficit narrows slightly in May

The deficit of the current transactions account decreases slightly in May to -2.3 billion euros, after -2.6 billion in April, in seasonally and working days adjusted data. The deficit in goods reverts to -3.6 billion, after -4.0 billion. Exports of transport equipment, mainly aeronautics, increase, but the balance of other industrial goods continues to deteriorate. The surplus of the services account remains close to zero, at 0.2 billion (after 0.4 billion), despite a slight recovery in the travel services balance.

Within the financial account (non-seasonally adjusted data), French direct investments abroad are lower than in April (3.3 billion, after 10.4 billion) while foreign direct investments in France increase (3.7 billion, after 2.9 billion); the balance of direct investment therefore shows net inflows of 0.4 billion. Portfolio investments result in net inflows of 2.6 billion. In the opposite direction, deposits and loans ("other investments") post net outflows of 8.1 billion.
France's balance of payments Download series on Webstat
(EUR billions)




Current account (seasonally and working-day adjusted) (1) -9.6 -19.0 -2.6 -2.3
Goods (2) -25.0 -26.8 -4.0 -3.6
General merchandise (3) -45.1 -47.9 -5.6 -4.9
Other goods (4) 20.1 21.1 1.6 1.3
Services 8.9 0.0 0.4 0.2
Travel 5.0 1.8 -0.1 0.3
Other services 3.9 -1.8 0.5 -0.1
Primary income 50.8 52.8 4.6 4.7
Secondary income -44.3 -45.0 -3.6 -3.6
Capital account (not adjusted) 1.8 0.0 -0.1 0.1
Financial account (not adjusted) -12.2 -28.8 -19.3 6.7
Direct investment -2.4 26.2 7.5 -0.4
Abroad 37.5 58.4 10.4 3.3
In France 39.9 32.2 2.9 3.7
Portfolio investment 46.4 -3.6 46.5 -2.6
Assets 51.0 47.5 37.0 16.3
Liabilities 4.6 51.1 -9.5 18.8
Financial derivatives 10.8 0.6 0.6 -0.1
Other investment -74.2 -54.2 -71.2 8.1
Reserve assets 7.2 2.2 -2.7 1.7
Net errors and omissions -4.4 -9.8 -16.6 4.4
(a) Yearly 2016 data.

(b) Provisional data.

(1) to (4) See methodological notes on page 2.
Current account - Goods and services balance
(EUR billions)
The series shown on this chart have been seasonally and working-day adjusted.
Methodological notes relating to page 1 table.

(1) Figures for monthly current account are seasonally and working day adjusted.

(2) Data on trade in goods are FOB-FOB values, which means without cost, insurance and freight. This expenditure is recorded in the services item. Exchanges of goods cover General merchandise published by the Directorate General of Customs and Excise (DGDDI), merchanting and methodological adjustments in order to ensure the comparability of French balance of payments with those of other countries and conformity with the international standards. The international standard for Balance of Payments statistics is released under the aegis of the International Monetary Fund. The key concept for the balance of payments is the concept of economic ownership which is consistent with the national accounts.

(3) General merchandise is compiled by the Directorate General of Customs and Excise (DGDDI). It contains all goods imports and exports which go in and out French territory.

(4) Other goods are compiled by the Banque de France. Other goods include some corrections and adjustment to the FOB-FOB values of goods exchanged, in order to include only the transactions entailing a change of economic ownership, as well as goods procured in ports by carriers and goods under merchanting.

On the Banque de France website a detailed
methodological note on balance of payments and international investment position can be found.

More information on methodology, time series, calendar
All statistical time series published by the Banque de France can be accessed on
Webstat Banque de France

Publication available under
Apple and Android
Balance of payments

STAT INFO - May 2017

Contact Stat Info Balance of payments

Download the PDF version of this document

France's balance of payments
  • Published on 07/07/2017
  • 3 pages
  • EN
  • PDF (395.9 KB)
Download (EN)

Published on Friday, July 7, 2017