The Bank of France has published its annual 2025 balance of payments report, showing France's current account deficit at EUR 11.6 billion, compared with EUR 9.3 billion in 2024. The near stability reflects offsetting moves: a lower energy import bill supported the external balance, but this was more than offset by a deterioration in the non-energy goods balance and a smaller services surplus. The goods deficit narrowed slightly to EUR 58.0 billion from EUR 61.4 billion, almost entirely because the energy bill fell to EUR 44.2 billion from EUR 53.0 billion. Outside energy, the goods balance worsened, notably in agriculture and agri-food, while transport equipment benefited from a recovery in aeronautics exports. The services surplus fell to EUR 45.4 billion from EUR 50.8 billion, which the report describes as a normalization from exceptionally high levels earlier in the decade, though still above pre-pandemic levels. Income remained close to balance at EUR 1.0 billion, as weaker portfolio investment income linked to France's negative net external position and lagged effects of monetary tightening was offset by still-high direct investment income and improved other investment income. The net international investment position deteriorated further to minus 29.7 percentage points of GDP, and foreign investors' share of French government debt securities reached 56.1%. In the report's assessment, higher U.S. tariffs have so far mainly reshaped trade flows across sectors and geographies rather than causing an overall fall in French exports, while diversion of Chinese exports to France remains limited and concentrated in certain products. For 2026, the report does not incorporate developments since the start of the year, including recent shifts in U.S. trade policy and the economic effects of geopolitical tensions in the Middle East, though it notes these could affect the balance of payments in the first half through higher energy and commodity prices. Based on the Bank of France's June 16, 2026 forecasts, the current account balance is expected to weaken slightly to minus 0.6% of GDP from minus 0.4% in 2025, mainly because of a wider secondary income deficit, including higher French contributions to the European Union budget, while the goods and services balance would remain broadly stable.
Bank of France2026-07-08
Bank of France reports France's 2025 current account deficit broadly stable at EUR 11.6 billion
The Bank of France's 2025 balance of payments report shows France's current account deficit broadly stable at EUR 11.6 billion, as a lower energy bill was offset by weaker non-energy goods and a smaller services surplus. The goods deficit narrowed slightly, the services surplus fell, and the net international investment position deteriorated to minus 29.7 percentage points of GDP. For 2026, the bank expects the current account deficit to widen modestly to minus 0.6% of GDP, mainly because of a larger secondary income deficit.