France's balance of payments 2023Jun (2024)

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France's balance of payments 2023Jun? ›

In the second quarter of 2023, the current account deficit (seasonally and working-day adjusted data) stood at 0.5 billion euros, a decrease of 8.6 billion compared with the first quarter of 2023 (a deficit of 9.1 billion).

The balance of payments measures transactions between residents and non-residents, i.e. between economic agents (banks, businesses, households, public administrations) that conduct their business in France and economic agents that conduct their business abroad.

Data are in current U.S. dollars. France trade balance for 2022 was $-107.75B, a 93.43% increase from 2021. France trade balance for 2021 was $-55.70B, a 1.06% decline from 2020. France trade balance for 2020 was $-56.30B, a 115.51% increase from 2019.

In 12 months to January 2024, the current account deficit reached 28.2 billion euros, after a negative balance of 60.9 billion euros a year earlier.

In an ever more competitive environment, France's market share increased in 2023, reaching 2.7% of the global trade in goods in the third quarter. The number of French exporters continued to rise over the 12 months, amounting to 146,200 companies in the third quarter of 2023 (80% of them with fewer than 20 employees).

Some of the most common payment methods in France are debit and credit cards, particularly those issued by Cartes Bancaires. French consumers also use digital wallets, electronic bank transfers, buy now pay later installment arrangements, and mobile payments to buy products and services online.

Related information about France Government Debt: % of GDP

In the latest reports, France National Government Debt reached 3,430.5 USD bn in Dec 2023.

The National Institute of Statistics and Economic Studies (INSEE ), France's national statistics bureau, on Tuesday said that the nation's public deficit jumped to 5.5 per cent of gross domestic product (GDP), or 154 billion euros in 2023. The number is much higher than what was predicted.

France's general government deficit was 5.5 percent of gross domestic product in 2023, significantly larger than the official 4.9 percent target. This makes it “unlikely” that the government will reach its goal of reducing the deficit to 2.9 percent of GDP by 2027, Moody's said.

The Government supports a balanced trade policy which ensures the access of French businesses to foreign markets but preserves collective sensitivities and preferences and promotes compliance with the Paris Agreement.

Why is France national debt so high? ›

A further headache for Macron is France's borrowing, which had sustained it throughout the pandemic and the Russia-induced energy crisis. On the IMF's measures, the budget deficit ballooned to a peak of 9pc of GDP in 2020, sending the national debt spiralling from 97pc of GDP in 2019 to just over 110pc last year.

Paris has a history of overspending and has not posted a budget surplus since 1974. But more recently, sluggish growth, high interest rates and massive spending to shore up the economy after the pandemic have combined to push its deficit above the EU spending limit of 3% of gross domestic product.

Compte courant (current account) is a standard bank account for everyday transactions such as receiving a salary, paying utilities, shopping, etc. Livret (general savings/deposit account) is savings account for depositing funds with restricted withdrawals and higher interest rates.

France recorded a trade deficit of 5244 EUR Million in February of 2024. Balance of Trade in France averaged -1870.77 EUR Million from 1970 until 2024, reaching an all time high of 2674.00 EUR Million in October of 1997 and a record low of -16869.50 EUR Million in September of 2022.

The IMF's latest fiscal outlook suggests France's government deficit will only slightly decrease from an upwardly revised 5.5% of GDP in 2023 to 4.9% in both 2024 and 2025. The deficit-to-GDP ratio is expected to stay above 4% until 2029, significantly higher than the euro area's average throughout the forecast period.

Economic growth decelerated sharper than expected, with non-seasonally adjusted real GDP growth of only 0.7% in 2023, from 2.5% in 2022. General government revenues grew by only 2%, significantly weaker than implied by nominal GDP growth of 6.2%. In particular, corporate income tax receipts fell by EUR10.

Under French law, businesses are free to negotiate payment terms. However, there are legal requirements that must be met. For B2B transactions, the default payment term is 30 days from the date of the invoice. However, this can be extended to up to 60 days by mutual agreement between the parties.

The French standards are based on the principle of prudence, which requires businesses to record all potential losses and liabilities, even if they are unlikely to occur. This can make the French standards more complex to follow, as businesses must make more assumptions about the future.

The 1958 French Constitution provides an elaborate system of checks and balances with its bicameral legislature consisting of the National Assembly and the Senate; with its division of the executive power between the president and the prime minister (who can be from opposite political parties); and with its increasing ...

[ˈbæləns ] noun. 1. (= stable position) [of person, object] équilibre m. to keep one's balance garder l'équilibre.