France reduces current account deficit in June

20th August 2004, Comments 0 comments

PARIS, Aug 20 (AFP) - France's current account showed a deficit in June of EUR 500 million (USD 618 million), down from a deficit of EUR 700 million in May, the Bank of France and finance ministry said on Friday.

PARIS, Aug 20 (AFP) - France's current account showed a deficit in June of EUR 500 million (USD 618 million), down from a deficit of EUR 700 million in May, the Bank of France and finance ministry said on Friday.

The data was seasonally adjusted. On an unadjusted basis, the balance of payments showed a surplus of EUR 1 billion, down from a surplus of EUR 2.2 billion in May.

The current account is a broad measure of a country's commercial relations with the rest of the world, covering the flow of goods, services and investment income, and other financial transfers.

The adjusted data showed that the balance of trade in goods in June reflected an increase of 3.5 percent in exports and of 3.4 percent in imports. The resulting figures was a deficit of EUR 200 million.

The balance of income flows showed a surplus of EUR 200 million, compared with a deficit of EUR 600 million in May.

The balance of financial flows showed a surplus of capital movements totalling EUR 7.7 billion.

In the first six months of the year, the overall balance of payments showed a deficit of EUR 3 billion on an unadjusted basis, the same as the outcome in the first half of last year.

© AFP

Subject: French news

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