Informations Rapides ·
22 May 2025 · n° 124
In May 2025, the business climate in France has darkened slightly Business indicator - May 2025
In May 2025, the business climate in France has darkened slightly. At 96, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, has lost one point (after rounding), staying below its long term average (100). The business climate has retreated in manufacturing industry and services, has rebounded in building construction and in retail trade and has slightly increased in wholesale trade.
In May 2025, the business climate indicator has lost one point
In May 2025, the business climate in France has darkened slightly. At 96, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, has lost one point (after rounding), staying below its long term average (100). The business climate has retreated in manufacturing industry and services, has rebounded in building construction and in retail trade and has slightly increased in wholesale trade.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-05 | 95.8 |
| 2025-04 | 96.5 |
| 2025-03 | 96.6 |
| 2025-02 | 95.7 |
| 2025-01 | 95.1 |
| 2024-12 | 94.5 |
| 2024-11 | 96.1 |
| 2024-10 | 97.5 |
| 2024-09 | 98.0 |
| 2024-08 | 96.8 |
| 2024-07 | 93.9 |
| 2024-06 | 99.2 |
| 2024-05 | 99.6 |
| 2024-04 | 99.3 |
| 2024-03 | 100.0 |
| 2024-02 | 98.6 |
| 2024-01 | 98.9 |
| 2023-12 | 98.4 |
| 2023-11 | 98.0 |
| 2023-10 | 98.9 |
| 2023-09 | 100.4 |
| 2023-08 | 100.1 |
| 2023-07 | 100.2 |
| 2023-06 | 100.6 |
| 2023-05 | 100.4 |
| 2023-04 | 102.7 |
| 2023-03 | 102.9 |
| 2023-02 | 103.2 |
| 2023-01 | 102.2 |
| 2022-12 | 102.6 |
| 2022-11 | 102.4 |
| 2022-10 | 102.8 |
| 2022-09 | 102.6 |
| 2022-08 | 104.0 |
| 2022-07 | 103.5 |
| 2022-06 | 104.8 |
| 2022-05 | 106.4 |
| 2022-04 | 106.6 |
| 2022-03 | 107.2 |
| 2022-02 | 113.3 |
| 2022-01 | 108.2 |
| 2021-12 | 109.7 |
| 2021-11 | 114.2 |
| 2021-10 | 113.5 |
| 2021-09 | 111.7 |
| 2021-08 | 110.7 |
| 2021-07 | 113.1 |
| 2021-06 | 114.8 |
| 2021-05 | 110.2 |
| 2021-04 | 96.2 |
| 2021-03 | 97.8 |
| 2021-02 | 90.9 |
| 2021-01 | 93.7 |
| 2020-12 | 92.4 |
| 2020-11 | 77.8 |
| 2020-10 | 90.2 |
| 2020-09 | 93.8 |
| 2020-08 | 94.2 |
| 2020-07 | 91.0 |
| 2020-06 | 84.6 |
| 2020-05 | 59.4 |
| 2020-04 | 46.9 |
| 2020-03 | 93.9 |
| 2020-02 | 105.9 |
| 2020-01 | 106.3 |
| 2019-12 | 106.1 |
| 2019-11 | 106.4 |
| 2019-10 | 106.5 |
| 2019-09 | 107.0 |
| 2019-08 | 105.9 |
| 2019-07 | 106.0 |
| 2019-06 | 106.6 |
| 2019-05 | 106.8 |
| 2019-04 | 106.7 |
| 2019-03 | 106.0 |
| 2019-02 | 104.7 |
| 2019-01 | 104.2 |
| 2018-12 | 103.6 |
| 2018-11 | 106.6 |
| 2018-10 | 106.5 |
| 2018-09 | 107.7 |
| 2018-08 | 108.0 |
| 2018-07 | 108.6 |
| 2018-06 | 109.2 |
| 2018-05 | 109.4 |
| 2018-04 | 111.0 |
| 2018-03 | 111.7 |
| 2018-02 | 111.9 |
| 2018-01 | 112.9 |
| 2017-12 | 113.3 |
| 2017-11 | 111.8 |
| 2017-10 | 111.0 |
| 2017-09 | 111.1 |
| 2017-08 | 110.9 |
| 2017-07 | 109.8 |
| 2017-06 | 108.9 |
| 2017-05 | 107.6 |
| 2017-04 | 107.0 |
| 2017-03 | 106.7 |
| 2017-02 | 106.9 |
| 2017-01 | 106.3 |
| 2016-12 | 106.1 |
| 2016-11 | 103.7 |
| 2016-10 | 103.8 |
| 2016-09 | 103.6 |
| 2016-08 | 103.5 |
| 2016-07 | 103.9 |
| 2016-06 | 103.0 |
| 2016-05 | 104.4 |
| 2016-04 | 102.4 |
| 2016-03 | 103.0 |
| 2016-02 | 103.0 |
| 2016-01 | 104.1 |
| 2015-12 | 101.6 |
| 2015-11 | 102.9 |
| 2015-10 | 103.0 |
| 2015-09 | 102.1 |
| 2015-08 | 102.8 |
| 2015-07 | 101.1 |
| 2015-06 | 100.7 |
| 2015-05 | 99.4 |
| 2015-04 | 98.3 |
| 2015-03 | 97.0 |
| 2015-02 | 95.8 |
| 2015-01 | 94.7 |
| 2014-12 | 93.9 |
| 2014-11 | 93.8 |
| 2014-10 | 91.9 |
| 2014-09 | 91.9 |
| 2014-08 | 92.9 |
| 2014-07 | 94.4 |
| 2014-06 | 95.0 |
| 2014-05 | 95.7 |
| 2014-04 | 96.2 |
| 2014-03 | 96.2 |
| 2014-02 | 95.1 |
| 2014-01 | 95.5 |
| 2013-12 | 94.2 |
| 2013-11 | 94.7 |
| 2013-10 | 95.4 |
| 2013-09 | 95.5 |
| 2013-08 | 91.8 |
| 2013-07 | 88.5 |
| 2013-06 | 86.7 |
| 2013-05 | 85.5 |
| 2013-04 | 84.5 |
| 2013-03 | 85.9 |
| 2013-02 | 88.0 |
| 2013-01 | 87.9 |
| 2012-12 | 88.4 |
| 2012-11 | 87.7 |
| 2012-10 | 86.4 |
| 2012-09 | 88.1 |
| 2012-08 | 89.6 |
| 2012-07 | 90.7 |
| 2012-06 | 91.8 |
| 2012-05 | 92.9 |
| 2012-04 | 97.2 |
| 2012-03 | 95.5 |
| 2012-02 | 93.0 |
| 2012-01 | 93.1 |
| 2011-12 | 94.6 |
| 2011-11 | 95.5 |
| 2011-10 | 97.6 |
| 2011-09 | 98.7 |
| 2011-08 | 101.5 |
| 2011-07 | 106.4 |
| 2011-06 | 107.8 |
| 2011-05 | 108.1 |
| 2011-04 | 108.8 |
| 2011-03 | 109.6 |
| 2011-02 | 109.1 |
| 2011-01 | 107.9 |
| 2010-12 | 106.9 |
| 2010-11 | 105.3 |
| 2010-10 | 104.5 |
| 2010-09 | 102.7 |
| 2010-08 | 100.7 |
| 2010-07 | 98.6 |
| 2010-06 | 96.6 |
| 2010-05 | 97.2 |
| 2010-04 | 96.0 |
| 2010-03 | 92.2 |
| 2010-02 | 92.8 |
| 2010-01 | 92.3 |
| 2009-12 | 90.6 |
| 2009-11 | 90.4 |
| 2009-10 | 88.6 |
| 2009-09 | 85.8 |
| 2009-08 | 82.9 |
| 2009-07 | 79.7 |
| 2009-06 | 77.7 |
| 2009-05 | 74.2 |
| 2009-04 | 71.2 |
| 2009-03 | 69.4 |
| 2009-02 | 73.3 |
| 2009-01 | 74.9 |
| 2008-12 | 76.6 |
| 2008-11 | 79.5 |
| 2008-10 | 83.3 |
| 2008-09 | 92.6 |
| 2008-08 | 94.9 |
| 2008-07 | 96.5 |
| 2008-06 | 100.1 |
| 2008-05 | 103.3 |
| 2008-04 | 106.1 |
| 2008-03 | 108.2 |
| 2008-02 | 108.3 |
| 2008-01 | 109.6 |
| 2007-12 | 110.2 |
| 2007-11 | 110.4 |
| 2007-10 | 109.9 |
| 2007-09 | 111.3 |
| 2007-08 | 111.9 |
| 2007-07 | 112.9 |
| 2007-06 | 113.7 |
| 2007-05 | 112.7 |
| 2007-04 | 112.5 |
| 2007-03 | 111.9 |
| 2007-02 | 111.5 |
| 2007-01 | 109.8 |
| 2006-12 | 109.7 |
| 2006-11 | 111.2 |
| 2006-10 | 109.6 |
| 2006-09 | 109.4 |
| 2006-08 | 108.8 |
| 2006-07 | 108.3 |
| 2006-06 | 106.3 |
| 2006-05 | 106.7 |
| 2006-04 | 104.8 |
| 2006-03 | 104.3 |
| 2006-02 | 103.9 |
| 2006-01 | 106.2 |
| 2005-12 | 104.8 |
| 2005-11 | 103.2 |
| 2005-10 | 103.7 |
| 2005-09 | 100.8 |
| 2005-08 | 101.5 |
| 2005-07 | 101.6 |
| 2005-06 | 101.9 |
| 2005-05 | 101.0 |
| 2005-04 | 103.5 |
| 2005-03 | 104.5 |
| 2005-02 | 104.3 |
| 2005-01 | 104.0 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
In May 2025, the business climate has retreated in manufacturing industry. At 97, the synthetic indicator has lost three points and has returned to its February level, below its long term average (100). This decrease is mainly due to the retreat in balances of opinion on personal business outlook and on overall ordering books.
In services, the business climate has retreated sharply. At 95, the synthetic indicator has lost three points and stands below its long term average (100) since November 2024. The balances on both expected activity and demand and on past activity have deteriorated.
In building construction, the business climate has brightened sharply. At 101, the synthetic indicator has won four points and has moved above its long-term average (100). This improvement is driven by a sharp rebound in balances of opinion on activity, in particular on expected activity.
In retail trade (including trade and repair of vehicles) the business climate has partially rebounded. At 98 the synthetic indicator has gained three points, after losing five points last month, and remains below its long-term average (100). This rise is mainly due to the increase in the balances related to the general business outlook and the expected change in the workforce size.
Lastly, in wholesale trade, the bimonthly business climate has slightly improved again. At 95, the composite indicator has gained one point (after rounding) since March, but remains below its long-term average (100). The balances of opinion on the past sales have improved, while the balances on the received merchandise have deteriorated.
tableauBusiness and employment climates
| Jan. 25 | Feb. 25 | Mar. 25 | Apr. 25 | May 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 95 | 96 | 97 | 97 | 96 |
| Manufacturing industry | 96 | 97 | 96 | 100 | 97 |
| Building construction | 99 | 98 | 98 | 97 | 101 |
| Services | 96 | 98 | 97 | 98 | 95 |
| Retail trade* | 97 | 97 | 100 | 95 | 98 |
| Wholesale trade | 93 | 94 | 95 | ||
| Employment | 98 | 93 | 96 | 97 | 95 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has retreated
In May 2025, the employment climate indicator has lost two points. At 95, it stands below its long-term average (100) for a year. This deterioration is mainly due to the decrease in the balance on future workforce size in services (excluding temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-05 | 94.6 |
| 2025-04 | 96.6 |
| 2025-03 | 95.9 |
| 2025-02 | 93.3 |
| 2025-01 | 97.7 |
| 2024-12 | 96.5 |
| 2024-11 | 98.3 |
| 2024-10 | 97.0 |
| 2024-09 | 99.4 |
| 2024-08 | 97.6 |
| 2024-07 | 95.8 |
| 2024-06 | 99.7 |
| 2024-05 | 102.3 |
| 2024-04 | 100.9 |
| 2024-03 | 100.4 |
| 2024-02 | 101.8 |
| 2024-01 | 99.3 |
| 2023-12 | 100.6 |
| 2023-11 | 99.8 |
| 2023-10 | 102.2 |
| 2023-09 | 104.7 |
| 2023-08 | 101.4 |
| 2023-07 | 105.5 |
| 2023-06 | 106.2 |
| 2023-05 | 106.7 |
| 2023-04 | 109.2 |
| 2023-03 | 109.5 |
| 2023-02 | 110.1 |
| 2023-01 | 112.5 |
| 2022-12 | 110.6 |
| 2022-11 | 108.6 |
| 2022-10 | 107.9 |
| 2022-09 | 109.2 |
| 2022-08 | 108.2 |
| 2022-07 | 110.6 |
| 2022-06 | 108.2 |
| 2022-05 | 110.4 |
| 2022-04 | 111.3 |
| 2022-03 | 112.9 |
| 2022-02 | 113.9 |
| 2022-01 | 110.6 |
| 2021-12 | 108.9 |
| 2021-11 | 113.5 |
| 2021-10 | 110.5 |
| 2021-09 | 107.6 |
| 2021-08 | 109.1 |
| 2021-07 | 108.7 |
| 2021-06 | 107.3 |
| 2021-05 | 101.1 |
| 2021-04 | 91.2 |
| 2021-03 | 90.5 |
| 2021-02 | 84.0 |
| 2021-01 | 86.4 |
| 2020-12 | 83.7 |
| 2020-11 | 80.6 |
| 2020-10 | 87.9 |
| 2020-09 | 92.8 |
| 2020-08 | 89.2 |
| 2020-07 | 79.3 |
| 2020-06 | 69.8 |
| 2020-05 | 49.6 |
| 2020-04 | 40.9 |
| 2020-03 | 97.0 |
| 2020-02 | 106.0 |
| 2020-01 | 106.0 |
| 2019-12 | 107.5 |
| 2019-11 | 108.1 |
| 2019-10 | 106.6 |
| 2019-09 | 108.0 |
| 2019-08 | 107.6 |
| 2019-07 | 107.3 |
| 2019-06 | 108.0 |
| 2019-05 | 105.3 |
| 2019-04 | 107.1 |
| 2019-03 | 107.8 |
| 2019-02 | 107.3 |
| 2019-01 | 106.6 |
| 2018-12 | 104.5 |
| 2018-11 | 105.1 |
| 2018-10 | 106.7 |
| 2018-09 | 107.5 |
| 2018-08 | 108.1 |
| 2018-07 | 108.3 |
| 2018-06 | 109.6 |
| 2018-05 | 109.5 |
| 2018-04 | 108.8 |
| 2018-03 | 109.5 |
| 2018-02 | 109.5 |
| 2018-01 | 109.2 |
| 2017-12 | 108.3 |
| 2017-11 | 107.0 |
| 2017-10 | 107.9 |
| 2017-09 | 106.8 |
| 2017-08 | 105.1 |
| 2017-07 | 107.0 |
| 2017-06 | 107.5 |
| 2017-05 | 107.0 |
| 2017-04 | 106.6 |
| 2017-03 | 107.1 |
| 2017-02 | 104.6 |
| 2017-01 | 105.6 |
| 2016-12 | 106.3 |
| 2016-11 | 105.4 |
| 2016-10 | 104.7 |
| 2016-09 | 105.0 |
| 2016-08 | 102.3 |
| 2016-07 | 104.7 |
| 2016-06 | 100.9 |
| 2016-05 | 101.5 |
| 2016-04 | 99.5 |
| 2016-03 | 99.1 |
| 2016-02 | 100.3 |
| 2016-01 | 101.2 |
| 2015-12 | 100.4 |
| 2015-11 | 101.2 |
| 2015-10 | 99.4 |
| 2015-09 | 99.5 |
| 2015-08 | 100.0 |
| 2015-07 | 99.1 |
| 2015-06 | 98.7 |
| 2015-05 | 96.6 |
| 2015-04 | 96.5 |
| 2015-03 | 94.5 |
| 2015-02 | 95.1 |
| 2015-01 | 93.1 |
| 2014-12 | 94.0 |
| 2014-11 | 93.5 |
| 2014-10 | 93.5 |
| 2014-09 | 93.6 |
| 2014-08 | 93.4 |
| 2014-07 | 94.5 |
| 2014-06 | 94.6 |
| 2014-05 | 96.1 |
| 2014-04 | 96.8 |
| 2014-03 | 95.0 |
| 2014-02 | 93.5 |
| 2014-01 | 94.0 |
| 2013-12 | 93.6 |
| 2013-11 | 92.8 |
| 2013-10 | 93.6 |
| 2013-09 | 91.0 |
| 2013-08 | 90.4 |
| 2013-07 | 89.5 |
| 2013-06 | 88.5 |
| 2013-05 | 85.0 |
| 2013-04 | 86.4 |
| 2013-03 | 88.2 |
| 2013-02 | 88.9 |
| 2013-01 | 91.7 |
| 2012-12 | 89.3 |
| 2012-11 | 89.6 |
| 2012-10 | 91.3 |
| 2012-09 | 91.4 |
| 2012-08 | 93.0 |
| 2012-07 | 92.2 |
| 2012-06 | 93.4 |
| 2012-05 | 94.4 |
| 2012-04 | 97.7 |
| 2012-03 | 98.2 |
| 2012-02 | 97.2 |
| 2012-01 | 97.5 |
| 2011-12 | 98.3 |
| 2011-11 | 100.4 |
| 2011-10 | 99.5 |
| 2011-09 | 103.5 |
| 2011-08 | 105.0 |
| 2011-07 | 109.5 |
| 2011-06 | 110.9 |
| 2011-05 | 111.0 |
| 2011-04 | 108.8 |
| 2011-03 | 108.9 |
| 2011-02 | 110.4 |
| 2011-01 | 102.7 |
| 2010-12 | 105.4 |
| 2010-11 | 104.1 |
| 2010-10 | 102.7 |
| 2010-09 | 99.7 |
| 2010-08 | 98.2 |
| 2010-07 | 97.5 |
| 2010-06 | 97.5 |
| 2010-05 | 96.5 |
| 2010-04 | 95.1 |
| 2010-03 | 93.1 |
| 2010-02 | 90.7 |
| 2010-01 | 90.1 |
| 2009-12 | 88.6 |
| 2009-11 | 86.8 |
| 2009-10 | 84.5 |
| 2009-09 | 83.0 |
| 2009-08 | 84.3 |
| 2009-07 | 79.3 |
| 2009-06 | 75.2 |
| 2009-05 | 74.3 |
| 2009-04 | 74.8 |
| 2009-03 | 74.6 |
| 2009-02 | 79.1 |
| 2009-01 | 81.0 |
| 2008-12 | 84.1 |
| 2008-11 | 88.5 |
| 2008-10 | 95.7 |
| 2008-09 | 100.2 |
| 2008-08 | 101.3 |
| 2008-07 | 106.7 |
| 2008-06 | 104.5 |
| 2008-05 | 108.6 |
| 2008-04 | 112.9 |
| 2008-03 | 112.7 |
| 2008-02 | 114.3 |
| 2008-01 | 114.5 |
| 2007-12 | 114.5 |
| 2007-11 | 113.8 |
| 2007-10 | 112.4 |
| 2007-09 | 114.0 |
| 2007-08 | 113.4 |
| 2007-07 | 111.7 |
| 2007-06 | 113.5 |
| 2007-05 | 114.5 |
| 2007-04 | 111.9 |
| 2007-03 | 111.4 |
| 2007-02 | 112.2 |
| 2007-01 | 109.7 |
| 2006-12 | 112.0 |
| 2006-11 | 111.2 |
| 2006-10 | 109.9 |
| 2006-09 | 108.7 |
| 2006-08 | 109.9 |
| 2006-07 | 110.5 |
| 2006-06 | 111.4 |
| 2006-05 | 108.9 |
| 2006-04 | 108.3 |
| 2006-03 | 105.8 |
| 2006-02 | 105.0 |
| 2006-01 | 105.1 |
| 2005-12 | 103.5 |
| 2005-11 | 104.1 |
| 2005-10 | 104.0 |
| 2005-09 | 104.1 |
| 2005-08 | 104.0 |
| 2005-07 | 103.6 |
| 2005-06 | 103.1 |
| 2005-05 | 103.9 |
| 2005-04 | 103.5 |
| 2005-03 | 105.8 |
| 2005-02 | 103.3 |
| 2005-01 | 103.3 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The business climate in manufacturing industry for April 2025 has been revised upwards by one point (after rounding), as did the business climate in France. The business climate in wholesale trade for March 2025 has been revised downwards by one point (after rounding). These revisions are mainly due to the inclusion of late responses from companies. The other synthetic indicators of climate have not been revised (after rounding).
For further information
The business climate indicator summarises the information provided by the business tendency surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from the 30 balances of opinion used in the build of the sectoral climates according to a dynamic approach, in order to include the bimonthly indicators of wholesale trade.
The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction. The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.
The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to these surveys were collected between 28 April and 19 May 2025; most companies answer during the first two weeks of collection.
Next issue: 20 June 2025 at 08:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Methodology note (in French) (pdf,245 Ko)
Pour en savoir plus
The business climate indicator summarises the information provided by the business tendency surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from the 30 balances of opinion used in the build of the sectoral climates according to a dynamic approach, in order to include the bimonthly indicators of wholesale trade.
The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction. The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.
The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to these surveys were collected between 28 April and 19 May 2025; most companies answer during the first two weeks of collection.
Next issue: 20 June 2025 at 08:45 am.