France's balance of payments 2023Sep
Published on 8 November 2023
Current account deficit remained stable in the third quarter
In the third quarter of 2023, the current account deficit (seasonally and working-day adjusted data) remained stable at -5.9 billion euros (after -5.5 billion in the second quarter). The goods deficit changed little and stood at -20.1 billion euros (-20.7 billion in Q2). The services surplus decreased slightly to 8.0 billion euros (10.2 billion in Q2), mainly due to the decline in the surplus in travel which remained nevertheless at a high level (higher than in the corresponding quarter of 2019) and miscellaneous services. The income surplus improved.
In September 2023, the current account deficit (seasonally and working-day adjusted data) reached -2.5 billion euros, after -1.1 billion in August.
In the third quarter, the financial account balance (raw data) recorded net capital inflows of 4.8 billion euros. Net outflows in portfolio investment (3.8 billion euros) and loans and deposits (3.9 billion euros) were offset by net inflows from financial derivatives products (17.1 billion euros).
In September 2023, the current account deficit (seasonally and working-day adjusted data) reached -2.5 billion euros, after -1.1 billion in August.
In the third quarter, the financial account balance (raw data) recorded net capital inflows of 4.8 billion euros. Net outflows in portfolio investment (3.8 billion euros) and loans and deposits (3.9 billion euros) were offset by net inflows from financial derivatives products (17.1 billion euros).
France's balance of payments ![]()
| (EUR billions) | Sep-2023 (a) |
2023-Q2 (*) (a) |
2023-Q3 (*) (a) |
Cum. Fig. 4 quarter period (a) |
2022 (b) |
| Current account (seasonally and working-day adjusted) | -2.5 | -5.5 | -5.9 | -39.5 | -53.9 |
| Goods (1) | -7.3 | -20.7 | -20.1 | -100.5 | -137.3 |
| Energy | -5.2 | -16.5 | -17.1 | -79.9 | -110.2 |
| Goods excl. Energy | -2.2 | -4.2 | -3.0 | -20.6 | -27.1 |
| Services | 2.7 | 10.2 | 8.0 | 36.3 | 52.0 |
| Travel | 1.6 | 6.6 | 4.8 | 18.9 | 17.4 |
| Transport services | -0.3 | -1.1 | -0.9 | 0.7 | 21.6 |
| Professional and management consulting services, Research and development and Technical services , trade-related and other business services | 0.4 | -0.1 | 1.3 | 3.7 | 6.3 |
| Other services (2) | 1.0 | 4.6 | 2.9 | 13.0 | 6.7 |
| Primary and secondary income (3) | 2.1 | 5.1 | 6.2 | 24.7 | 31.4 |
| Capital account (not adjusted) | 0.4 | 1.9 | 1.4 | 7.6 | 10.7 |
| Financial account (not adjusted) | 11.7 | -21.1 | -4.8 | -64.2 | -57.7 |
| Direct investment | 2.7 | 15.2 | 4.7 | 19.6 | 11.0 |
| - Abroad | 9.9 | 20.0 | 23.0 | 70.8 | 111.7 |
| - In France | 7.3 | 4.8 | 18.3 | 51.2 | 100.7 |
| Portfolio investment | -17.2 | 0.9 | 3.8 | -119.3 | -119.3 |
| -Assets | -16.5 | 79.9 | 37.4 | 158.5 | 28.4 |
| -Liliabilities | 0.7 | 79.0 | 33.7 | 277.8 | 147.8 |
| Financial derivatives | -13.8 | -6.7 | -17.1 | -39.9 | -40.9 |
| Loans and deposits (4) ) | 41.0 | -30.7 | 3.9 | 96.2 | 89.6 |
| Reserve assets | -1.0 | 0.2 | -0.1 | -20.9 | 1.9 |
| Net errors and omissions | 14.2 | -14.1 | 6.0 | -31.3 | -14.5 |
(a) Provisional data (b) Annual report 2022 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, seasonally and working-day adjusted data)
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(Billion euros, seasonally and working-day adjusted data)
Methodological notes relating to page 1
(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.
(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:
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BDP_FRA_2275_en__BDP_Stat_Info_septembre_2023_EN.pdf
Updated on 7 November 2023