France Current Account Narrows in March

France's current account deficit narrowed to EUR 1.2 billion in March 2026 from a downwardly revised EUR 1.5 billion in the previous month. The goods account deficit narrowed to EUR 4.5 billion from EUR 4.8 billion in February, while the services account surplus edged up to EUR 3.8 billion from EUR 3.6 billion. Meanwhile, the primary income surplus fell to EUR 4.2 billion from EUR 4.3 billion, while the secondary income deficit remained unchanged at EUR 4.6 billion.

France posted a current account deficit of EUR 1.8 billion in February 2026, reversing from an eighteen-month high and upwardly revised EUR 2.3 billion surplus in the previous month. This marked the largest gap since July 2025, largely driven by a decline in the services account surplus, which fell to EUR 50.8 billion from EUR 52.3 billion in January. In contrast, the goods deficit narrowed to EUR 53 billion from EUR 54.2 billion. Moreover, the primary income surplus remained stable at EUR 4.2 billion, while the secondary income deficit stood at EUR 4.6 billion. In comparison, the current account posted a deficit of EUR 1.2 billion in the same month last year, emphasizing the widening current account gap.

France’s current account surplus widened sharply to EUR 2.1 billion in January 2026, up from just EUR 0.1 billion in December, marking the largest surplus since December 2024. The increase was driven by a rise in the services account surplus, which climbed to EUR 56.0 billion from EUR 55.7 billion in the previous month. The goods account deficit narrowed significantly, falling to EUR 56.3 billion from EUR 60.2 billion, while the shortfall in secondary income eased slightly to EUR 4.5 billion from EUR 4.6 billion. Meanwhile, the primary income surplus decreased to EUR 3.8 billion from EUR 4.0 billion. By comparison, the current account had recorded a deficit of EUR 1.8 billion in the same month last year, highlighting a marked improvement in the country’s external position.