French account deficit widens in July

16th September 2005, Comments 0 comments

PARIS, Sept 16 (AFP) - The French current account deficit widened in July to EUR 2.332bn from EUR 1.7bn in June under pressure from rising oil prices, the finance ministry said Friday.

PARIS, Sept 16 (AFP) - The French current account deficit widened in July to EUR 2.332bn from EUR 1.7bn in June under pressure from rising oil prices, the finance ministry said Friday.

The shortfall in the first seven months of the year surged to EUR 17.828bn from 3.543 in the same period last year.

The value of goods imports in July rose 2.2 percent from June while that of exports declined 2.5 percent. The deficit in the services component, apart from the travel sector, expanded 4.1 percent.

The current account is a broad measure of a country's commercial relations with the rest of the world, measuring trade in goods and services along with certain financial transfers.

The financial component showed a surplus of EUR 4.336bn, just down from EUR 4.615bn in June.

Direct French investment abroad totalled EUR 3.284bn while such investment in France itself came to EUR 2.850bn.

Copyright AFP

Subject: French news

 

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