According to the Banque de France, in 2021, France’s current account recorded a surplus of €9 billion, or 0.4% of GDP. These figures are part of a gradual return to normal for the economy, following the economic shock generated by the Covid-19 health crisis, which had resulted in a record deficit. This is the second time in 15 years that the current account has seen a surplus.
The current account balance is a record of a country’s international transactions with the rest of the world. It includes the trade balance for goods and services as well as the income balance.
The defic+it in the trade balance for goods, which had deteriorated in 2021, has been offset by the surplus in the trade balance for services, in particular thanks to transport services, the upturn in tourism and a significant improvement in the income balance from French assets abroad, following the repatriation of profits from French multinationals abroad.
Nevertheless, these encouraging figures must be sustained, particularly in light of the economic consequences of the war in Ukraine.