France's balance of payments 2021Nov
Published on 7 January 2022
The current account deficit widened
In November, the current account deficit widened by 1.1 billion euros to -3.6 billion euros, compared with -2.5 billion euros the previous month (working day and seasonally adjusted). This development is due to the deterioration in the goods balance (-2.4 billion euros), both in terms of the energy bill and non-energy goods. The surplus on services improved by 1.1 billion euros, driven by business services (1.4 billion euros).
The financial account (non-seasonally data) shows net capital outflows of 2.8 billion euros. Loans and deposits as well as financial derivatives show net investments abroad of 12.4 billion and 4.3 billion euros, respectively. In contrast, portfolio investments recorded net capital inflows of 16.1 billion euros.
The financial account (non-seasonally data) shows net capital outflows of 2.8 billion euros. Loans and deposits as well as financial derivatives show net investments abroad of 12.4 billion and 4.3 billion euros, respectively. In contrast, portfolio investments recorded net capital inflows of 16.1 billion euros.
France's balance of payments ![]()
(EUR billions)
| 2019 (a) | 2020 (a) | Oct- 2021 (b) |
Nov- 2021 (b) |
|
| Current account (seasonally and working-day adjusted) | -7.1 | -43.7 | -2.5 | -3.6 |
| Goods (1) | -46.6 | -59.9 | -6.7 | -9.1 |
| Energy | -42.7 | -24.4 | -4.0 | -5.0 |
| Goods excl. Energy | -4.0 | -35.5 | -2.7 | -4.1 |
| Services | 24.0 | 16.4 | 4.1 | 5.2 |
| Travel | 11.6 | 4.2 | 0.9 | 0.7 |
| Transport services | -4.0 | -2.7 | 1.7 | 1.8 |
| Professional and management consulting services, Research and development and Technical services, trade-related and other business services | 6.8 | 7.3 | 0.9 | 2.3 |
| Other services (2) | 9.6 | 7.6 | 0.5 | 0.3 |
| Primary and secondary income (3) | 15.6 | -0.2 | 0.1 | 0.3 |
| Capital account (not adjusted) | 2.0 | 2.0 | 0.8 | 0.8 |
| Financial account (not adjusted) | -19.6 | -52.5 | -10.0 | 2.8 |
| Direct investment | 4.9 | 36.0 | 0.7 | 1.8 |
| Abroad | 56.1 | 45.9 | 2.6 | 2.0 |
| In France | 51.3 | 9.9 | 1.9 | 0.2 |
| Portfolio investment | -68.7 | -36.4 | -6.4 | -16.1 |
| Assets | 62.5 | 144.3 | 5.4 | -2.9 |
| Liabilities | 131.2 | 180.7 | 11.8 | 13.2 |
| Financial derivatives | 3.7 | -23.8 | 3.3 | 4.3 |
| Loans and deposits(4) | 37.8 | -32.3 | -8.1 | 12.4 |
| Reserve assets | 2.8 | 4.0 | 0.5 | 0.4 |
| Net errors and omissions | -14.5 | -10.8 | -8.0 | 4.1 |
a) Annual report 2020 data (b) Provisional data
(1) to (4) See methodological notes on page 2.
(1) to (4) See methodological notes on page 2.
Source and production: BANQUE DE FRANCE - DGSEI
Current account balance and its components (billion euros) ![]()
The series shown on this chart have been seasonally and working-day adjusted
Methodological notes relating to pages 1 and 3
(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.
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:
Revisions Q3 2021
Not seasonally adjusted, EUR billions
| Current publications | Previous publications | Revisions | |
| (a) | (b) | (a-b) | |
| Q3 | Q3 | Q3 | |
| Current account | -0.8 | -3.7 | 2.9 |
| Goods (1) | -18.3 | -18.2 | -0.1 |
| Energy | -9.6 | -9.4 | -0.2 |
| Goods excl. Energy | -8.7 | -8.8 | 0.1 |
| Services | 12.3 | 12.6 | -0.3 |
| Travel | 3.6 | 4.2 | -0.6 |
| Transport services | 5.0 | 5.0 | 0.0 |
| Professional and management consulting services, Research and development and Technical services, trade-related and other business services | 2.6 | 1.9 | 0.7 |
| Other services (2) | 1.1 | 1.4 | -0.3 |
| Primary and secondary income (3) | 5.3 | 1.9 | 3.4 |
| Capital account | 7.8 | 1.3 | 6.5 |
| Financial account | -7.0 | -33.1 | 26.1 |
| Direct investment | 2.2 | 5.3 | -3.1 |
| Abroad | 21.6 | 11.4 | 10.2 |
| In France | 19.4 | 6.1 | 13.3 |
| Portfolio investment | -19.4 | -23.4 | 4.0 |
| Assets | 8.4 | 12.0 | -3.6 |
| Liabilities | 27.8 | 35.5 | -7.7 |
| Financial derivatives | 0.0 | -5.9 | 5.9 |
| Loans and deposits(4) | -14.0 | -33.3 | 19.3 |
| Reserve assets | 24.1 | 24.1 | 0.0 |
| Net errors and omissions | -14.0 | -30.7 | 16.7 |
Download the PDF version of the document
BDP_FRA_2243_en__BDP_Stat_Info_novembre_2021_EN.pdf
Updated on 6 January 2022