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France's balance of payments 2018Sep

The current account deficit diminished in the third quarter
In the third quarter, the current account showed a balance of -3.7 billion euros (seasonally and working-day adjusted data), after -7.7 billion in the previous quarter.
On a year-on-year basis,
the deficit amounted to 13.4 billion, close to the level observed in 2017 (-13.1 billion).
In September
the current account balance remained quite unchanged at -1.9 billion euros, after -2.0 billion in August.


Current account and GDP
(in EUR billions and in % of GDP, cumulated figures for the four-quarter period)
Q2-2018 Q3-2018(*)
Amount Percentage of GDP Amount Percentage of GDP
France -13.3 -0.6 -13.4 -0.6
Germany 271.8 8.1
Spain 17.2 1.4
Italy 48.4 2.8
United Kingdom -82.8 -3.5
(*) "Cumulated figures for the four-quarter period"
sources : Banque de France - DGS ; ECB for external data
Goods and services
(Cumulated figures for the four-quarter period, Percentage of GDP)
Current account
(Euro billions)
Sep-2018
(a)
Q2-2018
(a)
Q3-2018
(a)

Cum. Fig.
4 quarter
period
(a)
2017
(b)
Cum. Fig.
4 quater
period /
2017
Current account (seasonally and working-day adjusted) -1.9 -7.7 -3.7 -13.4 -13.1
Goods (1) -5.0 -14.0 -13.0 -50.3 -48.2
Energy -4.4 -11.0 -11.7 -42.5 -37.1
Goods excl. Energy -0.6 -2.9 -1.3 -7.7 -11.0
Services 2.4 4.6 7.4 28.4 26.4
Travel 1.6 3.4 4.5 17.7 17.0
Transport services -0.2 -0.9 -0.8 -3.3 -2.0
Professional and management consulting services, Research and development and Technical services , trade-related and other business services 0.2 1.4 1.3 6.7 3.4
Other services (2) 0.8 0.7 2.4 7.3 8.0
Primary and secondary income (3) 0.6 1.7 1.9 8.5 8.6
(a) Provisional data
(b) Annual report 2017 data
(1) to (3) See methodological notes on page 3
Source and production: BANQUE DE FRANCE - DIRECTORATE GENERAL STATISTICS
Goods
(seasonally and working-day adjusted, EUR billions)
Services
(seasonally and working-day adjusted, EUR billions)
Capital account and financial account
(EUR billions)
Sept-2018
(a)

Q2 2018
(a)
Q3 2018
(a)

Cum. Fig.
4 quarter period
(a)
2017
(b)
Capital account (brut) 0.1 0.3 0.3 2.2 1.1
Financial account (not adjusted) 16.1 -23.8 8.4 -40.4 -31.9
Direct investment 14.0 3.6 15.4 50.4 7.4
- Abroad 15.4 15.1 22.9 82.0 49.8
- In France 1.4 11.6 7.5 31.6 42.4
Portfolio investment -30.3 -16.9 -0.8 -33.4 19.9
-Assets -27.6 -0.6 3.7 6.7 47.9
-Liliabilities 2.8 16.2 4.5 40.1 28.0
Financial derivatives 1.4 -4.4 -3.0 -14.5 -1.2
Other investment (4) ) 33.0 -12.2 -2.5 -48.8 -54.9
Reserve assets -2.0 6.1 -0.8 5.9 -3.0
(a) Provisional data
(b) Annual report 2017 data
(4) See methodological notes on page 3.
Methodological notes relating to page 1 and page 2 tables
(1) Data on trade in goods are FOB-FOB values, which means without cost, insurance and freight. The latter expenditure is recorded in the services item. Exchanges of goods include general merchandise as 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. It ensures the comparability of French balance of payments with those of other countries and its conformity with the international standards set by International Monetary Fund. The key underlying concept in balance of payments is the economic ownership (as for 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 - September 2018
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France's balance of payments
  • Published on 11/08/2018
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Published on Thursday, November 8, 2018