France's balance of payments 2018Oct

An improved current account balance due to a surplus of non-energy goods
The current account balance reached EUR -0.7 billion in October, up EUR 1.2 billion from the previous month (seasonally and working-day adjusted data). This lower deficit was mainly due to an improvement in the balance of goods excluding energy, driven by a rise of exports (6.7%) more important than the one of imports (3.1%). This balance turned positive at EUR 0.9 billion after a deficit of EUR 0.5 billion in September 2018.
Although still in surplus, the services balance deteriorated by EUR 0.4 billion.
In the financial accounts, direct investments displayed a slightly positive balance.

France's balance of payments
(EUR billions)
2016 (a) 2017 (a) SEP- 2018 (b) Oct- 2018 (b)
Current account (seasonally and working-day adjusted) -16.8 -13.1 -1.9 -0.7
Goods (1) -34.5 -48.2 -4.9 -3.3
Energy -30 -37.1 -4.3 -4.2
Goods excl. Energy -4.6 -11.0 -0.5 0.9
Services 17.8 26.4 2.5 2.1
Travel 12.9 17.0 1.6 1.6
Transport services -4.6 -2.0 -0.2 -0.2
Professional and management consulting services, Research and development and Technical services, trade-related and other business services 2.0 3.4 0.3 0.2
Other services (2) 7.5 8.0 0.7 0.5
Primary and secondary income (3) 0.0 8.6 0.5 0.5
Capital account (not adjusted) 1.4 1.1 0.1 0.0
Financial account (not adjusted) -13.0 -31.9 16.1 0.8
Direct investment 25.4 7.4 14.0 1.9
Abroad 66.3 49.8 15.4 19.2
In France 41.0 42.4 1.4 17.3
Portfolio investment 21.5 19.9 -30.3 13.2
Assets 41.4 47.9 -27.6 10.8
Liabilities 20.0 28.0 2.8 -2.4
Financial derivatives -15.9 -1.2 1.4 1.2
Loans and deposits(4) -46.2 -54.9 33.0 -15.9
Reserve assets 2.2 -3.0 -2.0 0.5
Net errors and omissions 2.4 -19.9 16.4 1.7
(a) Yearly 2017 data (b) Provisional data
(1) to (4) See methodological notes on page 2.
Current account - Goods and services balance
The series shown on this chart have been seasonally and working-day adjusted .
Methodological notes relating to page 1 table
.(1) 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) on one side, merchanting and methodological adjustments calculated by the Banque de France, on the other side. 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.
(2) Services other than travel (tourism and professional travels), transport services, professional and management consulting services, R&D and development and technical services, trade-related and other business services include manufacturing, maintenance and repair, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunication, computer and information services, personal, cultural and recreational services and government goods and services.
(3) Income includes primary and secondary incomes. Primary income refers to the flows received by economic agents for their participation in the production process ("compensation of employees") or for the provision of financial assets ("investment income") or for the rental of natural resources ("rent"). Taxes and subsidies on products and production are also included in primary income. Secondary income records current transfers between residents and non-residents. A transfer is a transaction that involves the provision of a good, service, financial asset or another non-produced asset without receiving something of economic value in exchange.
(4) The "other investment" (loans and deposits) component of the financial account includes all transactions in financial assets and liabilities with non-residents that do not concern direct investment, portfolio investment, financial derivatives or reserve assets. In practice, this mainly concerns bank deposits and interbank lending, as well as loans and deposits made by insurance companies and all kinds of investment companies and funds.
More information on methodology, time series, calendar
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Balance of paymentsSTAT INFO - October 2018
Stat Info Balance of payments

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France's balance of payments
  • Published on 12/07/2018
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Published on Friday, December 7, 2018