France Current Account Deficit Largest Since 2023

France’s current account deficit widened to a seasonally adjusted €4.7 billion in July 2026 from an upwardly revised €1.6 billion in the previous month. It marked the largest shortfall since January 2023, driven by a wider goods deficit, which increased to €6.8 billion from €5.2 billion in June, and a narrower services surplus, which fell to €3.8 billion from €5.3 billion. Moreover, the primary income surplus edged down to €3.3 billion from €3.4 billion. Meanwhile, the secondary income deficit remained unchanged at €5.0 billion. For the first seven months of the year, France recorded a cumulative current account deficit of €12.0 billion, compared with €18.2 billion in the corresponding period of the previous year.

France's current account deficit widened to a seasonally adjusted €1.4 billion in June 2026 from an upwardly revised €1.2 billion in the previous month. It marked the largest shortfall since February, driven by a weaker services balance, with the surplus narrowing to €5.2 billion from €6.3 billion, while the primary income surplus edged down to €3.6 billion from €3.7 billion. Partly offsetting the decline, the goods trade deficit narrowed to €5.3 billion from €6.3 billion. Within goods trade, the deficit excluding energy eased to €1.5 billion from €1.7 billion, while the energy shortfall shrank to €3.8 billion from €4.6 billion. The secondary income deficit remained unchanged at €4.9 billion. For the first half of 2026, France recorded a cumulative current account deficit of €6.5 billion.

The French current account deficit narrowed to a seasonally adjusted €100 million in May of 2026 from a revised €600 million in the previous month, marking the lowest gap in the last four months. The services account surplus widened to €6.4 billion from €4.6 billion in April, lifted by a €1 billion increase in exports of professional and management consulting services, research and development, and technical services to €1.8 billion. In turn, the goods account gap widened to €5.5 billion from €4 billion as the trade balance when excluding energy swung to a deficit of €1.3 billion from a surplus of €0.6 billion. The energy goods account was at a sharp deficit of €4.2 billion as the war in the Middle East maintained the elevated prices of fuel imports.