French deficit reaches 4.5 billion euros
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France current account deficit soared in May, according to figures just made public by France's national bank.
The balance of payments deficit rose from 2.9 billion euros in April to 4.5 billion euros in May, the Bank of France reported Monday.
And the balance in the 12 months to the end of May showed a deficit of 38.4 billion euros, it revealed.
The balance of payments is the record of current payments into and out of a country, and therefore serves as an indicator for a country’s competitiveness in the global economy.
France has been developing structural deficits for some time.
European Union countries are under strong pressure to tighten up economic management as the euro has been hit by crisis.