Informations rapides
26 March 2019
2019- n° 75
In March 2019, the business climate is virtually stable in the manufacturing industry Monthly business survey (goods-producing industries) - March 2019

According to the business managers surveyed in March 2019, the business climate in industry remains above its average. The composite indicator stands at 102 after three months in a row at 103.

Informations rapides
No 75
Paru le :Paru le26/03/2019
Prochaine parution le : 19/09/2025 at 08:45 - September 2025
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According to the business managers surveyed in March 2019, the business climate in industry remains above its average. The composite indicator stands at 102 after three months in a row at 103.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
1998-01 112.6
1998-02 113.1
1998-03 117.0
1998-04 115.1
1998-05 114.8
1998-06 115.1
1998-07 113.7
1998-08 112.7
1998-09 111.9
1998-10 106.7
1998-11 104.0
1998-12 102.1
1999-01 101.4
1999-02 101.8
1999-03 96.7
1999-04 98.3
1999-05 100.5
1999-06 99.6
1999-07 105.8
1999-08 109.0
1999-09 111.8
1999-10 113.2
1999-11 116.5
1999-12 114.1
2000-01 115.6
2000-02 117.4
2000-03 119.7
2000-04 119.7
2000-05 121.1
2000-06 124.0
2000-07 121.1
2000-08 121.3
2000-09 121.0
2000-10 120.0
2000-11 118.0
2000-12 114.1
2001-01 113.0
2001-02 112.8
2001-03 111.5
2001-04 107.2
2001-05 105.4
2001-06 103.8
2001-07 101.4
2001-08 98.5
2001-09 95.2
2001-10 94.8
2001-11 90.8
2001-12 92.1
2002-01 93.3
2002-02 94.8
2002-03 96.8
2002-04 98.3
2002-05 102.0
2002-06 100.3
2002-07 97.3
2002-08 98.0
2002-09 98.9
2002-10 95.7
2002-11 96.3
2002-12 100.8
2003-01 97.6
2003-02 97.2
2003-03 92.7
2003-04 91.7
2003-05 91.4
2003-06 89.8
2003-07 92.5
2003-08 92.3
2003-09 92.6
2003-10 95.5
2003-11 99.9
2003-12 100.5
2004-01 100.2
2004-02 100.5
2004-03 103.6
2004-04 103.3
2004-05 104.7
2004-06 105.4
2004-07 105.2
2004-08 105.3
2004-09 105.3
2004-10 105.1
2004-11 103.1
2004-12 103.3
2005-01 103.3
2005-02 103.2
2005-03 99.8
2005-04 96.5
2005-05 97.1
2005-06 99.0
2005-07 100.1
2005-08 99.6
2005-09 99.0
2005-10 101.0
2005-11 100.9
2005-12 104.0
2006-01 102.9
2006-02 106.5
2006-03 106.3
2006-04 107.9
2006-05 108.8
2006-06 108.6
2006-07 108.7
2006-08 108.3
2006-09 107.9
2006-10 107.2
2006-11 109.6
2006-12 109.2
2007-01 108.2
2007-02 111.7
2007-03 111.2
2007-04 111.9
2007-05 109.9
2007-06 111.0
2007-07 111.4
2007-08 110.8
2007-09 110.4
2007-10 109.9
2007-11 112.2
2007-12 112.4
2008-01 110.5
2008-02 110.3
2008-03 109.9
2008-04 107.4
2008-05 104.1
2008-06 103.4
2008-07 98.7
2008-08 97.8
2008-09 91.4
2008-10 86.8
2008-11 79.5
2008-12 73.1
2009-01 72.1
2009-02 68.0
2009-03 66.2
2009-04 70.2
2009-05 72.1
2009-06 74.9
2009-07 76.4
2009-08 81.0
2009-09 84.1
2009-10 85.4
2009-11 87.9
2009-12 87.7
2010-01 90.4
2010-02 88.9
2010-03 91.4
2010-04 95.5
2010-05 96.9
2010-06 96.0
2010-07 97.4
2010-08 100.7
2010-09 103.1
2010-10 104.4
2010-11 101.9
2010-12 104.3
2011-01 108.9
2011-02 107.2
2011-03 110.3
2011-04 110.1
2011-05 107.3
2011-06 110.0
2011-07 104.8
2011-08 101.2
2011-09 99.1
2011-10 97.3
2011-11 97.4
2011-12 94.5
2012-01 94.9
2012-02 94.8
2012-03 96.3
2012-04 95.5
2012-05 94.7
2012-06 92.9
2012-07 90.9
2012-08 92.8
2012-09 92.4
2012-10 87.0
2012-11 91.6
2012-12 90.8
2013-01 89.6
2013-02 90.4
2013-03 90.4
2013-04 87.7
2013-05 92.0
2013-06 92.6
2013-07 94.7
2013-08 98.6
2013-09 95.8
2013-10 97.9
2013-11 98.2
2013-12 99.3
2014-01 99.5
2014-02 98.3
2014-03 100.8
2014-04 100.3
2014-05 98.4
2014-06 96.6
2014-07 96.3
2014-08 96.6
2014-09 96.8
2014-10 97.4
2014-11 98.9
2014-12 98.6
2015-01 98.7
2015-02 98.4
2015-03 98.8
2015-04 101.4
2015-05 101.9
2015-06 100.2
2015-07 101.7
2015-08 103.7
2015-09 104.8
2015-10 103.1
2015-11 102.4
2015-12 102.2
2016-01 102.4
2016-02 102.7
2016-03 102.3
2016-04 104.6
2016-05 104.6
2016-06 101.3
2016-07 101.7
2016-08 101.8
2016-09 103.4
2016-10 101.9
2016-11 102.2
2016-12 105.4
2017-01 105.7
2017-02 106.4
2017-03 105.5
2017-04 108.4
2017-05 109.2
2017-06 108.8
2017-07 108.2
2017-08 110.6
2017-09 110.8
2017-10 110.8
2017-11 111.8
2017-12 111.2
2018-01 113.3
2018-02 112.0
2018-03 110.4
2018-04 110.1
2018-05 110.2
2018-06 109.6
2018-07 108.8
2018-08 109.7
2018-09 107.1
2018-10 104.0
2018-11 105.5
2018-12 102.7
2019-01 102.8
2019-02 102.8
2019-03 102.4

Business climate in manufacturing - Composite indicator

  • Source: INSEE.

Industrialists’ opinion on manufacturing activity

Balance of opinion, in %, SA
Industrialists’ opinion on manufacturing activity (Balance of opinion, in %, SA)
Ave.* déc.-18 janv.-19 févr.-19 mars-19
Manufacturing industry
Composite indicator 100 103 103 103 102
Past activity 5 5 7 9 6
Finished-goods inventory 12 10 8 10 14
Overall order books -18 -13 -12 -14 -14
Export order books -14 -9 -11 -10 -12
Past workforce size -10 1 0 3 5
Expected workforce size -12 4 0 3 2
Personal production expectations 5 11 10 7 8
General production expectations -8 -10 -11 -4 0
  • * Long-term average since 1976.
  • Source: INSEE - Monthly business tendency survey in industry

The balance of manufacturers’ opinion on past activity drops

The balance of opinion on past activity has fallen back to its long-term average. Conversely, that on personal production expectations has bounced back and stands above its long-term average.

Industrialists are increasingly optimistic about the general production prospects for the sector as a whole. The corresponding balance is now well above its long-term average. It had reached in January its lowest level in four years.

Industrialists’ opinion on overall order books has slightly improved despite the decline in export order books.Both balances remain above their average.

More manufacturers than in Februaryconsider their finished-goods inventories to be above normal. The corresponding balance has increased again andexceeds its long-term mean.

As regards employment, the balances of opinion on past and expected workforce size are stable or virtually stable,significantly above their long-term average.

The turning-point indicator remains in the zone indicating a favourable economic outlook.

Turning-point indicator

Turning-point indicator
Turning-point indicator
2010-01 0.37
2010-02 -0.28
2010-03 0.21
2010-04 0.46
2010-05 0.41
2010-06 0.25
2010-07 0.3
2010-08 0.68
2010-09 0.89
2010-10 0.94
2010-11 -0.48
2010-12 0.67
2011-01 0.95
2011-02 0.72
2011-03 0.79
2011-04 0.69
2011-05 0.48
2011-06 0.65
2011-07 -0.65
2011-08 -0.98
2011-09 -0.96
2011-10 -0.84
2011-11 -0.6
2011-12 -0.81
2012-01 -0.89
2012-02 -0.64
2012-03 0.05
2012-04 -0.15
2012-05 -0.12
2012-06 -0.89
2012-07 -0.92
2012-08 0.32
2012-09 0.25
2012-10 -0.81
2012-11 0.47
2012-12 0.17
2013-01 0.07
2013-02 0.08
2013-03 -0.03
2013-04 -0.88
2013-05 0.0
2013-06 0.6
2013-07 0.86
2013-08 0.94
2013-09 0.85
2013-10 0.84
2013-11 0.29
2013-12 0.87
2014-01 0.94
2014-02 0.72
2014-03 0.94
2014-04 0.78
2014-05 0.6
2014-06 0.44
2014-07 0.52
2014-08 0.49
2014-09 0.63
2014-10 0.48
2014-11 0.78
2014-12 0.67
2015-01 0.64
2015-02 0.57
2015-03 0.81
2015-04 0.79
2015-05 0.64
2015-06 0.62
2015-07 0.72
2015-08 0.88
2015-09 0.8
2015-10 0.18
2015-11 0.09
2015-12 0.27
2016-01 0.7
2016-02 0.65
2016-03 0.62
2016-04 0.65
2016-05 0.61
2016-06 0.18
2016-07 0.31
2016-08 0.31
2016-09 0.51
2016-10 0.51
2016-11 0.55
2016-12 0.6
2017-01 0.69
2017-02 0.77
2017-03 -0.58
2017-04 0.3
2017-05 0.5
2017-06 0.45
2017-07 0.53
2017-08 0.64
2017-09 0.86
2017-10 0.82
2017-11 0.72
2017-12 0.76
2018-01 0.95
2018-02 0.75
2018-03 0.6
2018-04 0.62
2018-05 0.5
2018-06 0.4
2018-07 0.28
2018-08 0.43
2018-09 0.51
2018-10 0.38
2018-11 0.57
2018-12 -0.04
2019-01 0.26
2019-02 0.38
2019-03 0.43

Turning-point indicator

  • How to read it: close to 1, the indicator points to a favourable short-term economic situation (-1 is unfavourable). The uncertainty area is between −0.3 and +0.3.
  • Source: INSEE.

In the agrofood industry, the business climate slightly falters

The business climate indicator in the manufacture of food products and beverages has decreased by one point again in March. At 107, it remains largely above its long-term average (100). This dip mainly comes from the decrease in the balance on personal production expectations.

The business climate in the manufacture of machinery and equipment goods has sharply deteriorated

In the overall manufacture of machinery and equipment goods, the business climate has deteriorated sharply and lost -5 points in March. At 100,it receded to the level of its long-term average. This deterioration comes from the drop in the balances on overall and export order books.

The business climate hasmarkedly deteriorated in the manufacture of computer, electronic and optical productsand in that of electrical equipment. In this latter industry, it has fallen below its long-term average level. By contrast, it has gained one point in machinery and equipment, and stands slightly above its long-term average.

In the manufacture of transport equipment, the business climate has sligthly recovered

In the manufacture of transport equipment, the business climate indicator has slightly increased after loosing two points in February. At 102, it stands above its long-term average (100).

The climate indicator has improved in the automotive industry, albeit remaining below its long-term average. Thisincrease mainly comes from the rise in the balance on overall order books.

In the manufacture of other transport equipment, on the opposite, the business climate has slightly deteriorated, while remaining well above its average

The business climate is stable in « other manufacturing »

The business climate in the overall « other manufacturing » industry is stable. At 101, it remains slightly above its long-term average.

By subsector, the business climate indicator has increased in rubber and plastic products, and basic metals. Conversely, it has declined in wood-paper, clothing-textiles and « other manufacturing industries ». It is stable in the chemicals.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2011-01 109.3 104.9 105.0 105.1
2011-02 107.7 103.0 99.4 108.2
2011-03 106.8 107.3 106.0 109.6
2011-04 109.0 105.4 105.6 109.7
2011-05 109.7 104.0 105.0 107.5
2011-06 108.7 105.0 109.2 108.6
2011-07 111.0 103.1 103.7 104.7
2011-08 103.7 101.1 101.6 100.2
2011-09 102.0 100.0 98.6 97.9
2011-10 104.5 98.6 100.0 96.2
2011-11 102.3 96.3 102.0 94.0
2011-12 98.2 96.7 99.9 94.4
2012-01 99.9 96.5 94.7 94.0
2012-02 100.5 96.6 93.5 95.8
2012-03 102.2 97.0 102.7 97.0
2012-04 99.3 96.5 93.8 97.7
2012-05 93.7 95.2 94.7 95.7
2012-06 95.0 91.5 95.5 93.5
2012-07 94.9 91.2 95.0 92.2
2012-08 94.0 90.7 95.1 93.3
2012-09 96.9 91.4 96.9 93.4
2012-10 91.4 86.3 95.5 89.3
2012-11 98.7 87.6 92.6 92.2
2012-12 99.0 88.0 92.1 91.7
2013-01 97.9 88.2 92.3 91.1
2013-02 98.1 89.2 94.1 90.2
2013-03 94.1 89.4 93.6 91.1
2013-04 92.0 90.2 92.7 89.2
2013-05 91.8 90.0 94.7 91.7
2013-06 92.8 89.5 94.7 93.1
2013-07 92.4 90.1 98.7 94.9
2013-08 95.7 92.1 101.3 97.0
2013-09 95.2 90.5 97.4 97.0
2013-10 95.7 90.8 103.4 97.7
2013-11 98.5 93.0 101.8 98.5
2013-12 98.9 92.3 99.8 99.0
2014-01 99.7 91.7 102.3 98.4
2014-02 99.3 94.4 97.8 98.2
2014-03 99.9 93.2 100.5 102.1
2014-04 96.0 93.1 102.6 99.9
2014-05 98.3 94.2 98.1 99.2
2014-06 96.1 92.3 97.9 98.3
2014-07 97.3 89.8 99.2 98.8
2014-08 95.7 93.8 97.7 100.3
2014-09 94.5 92.6 100.6 97.0
2014-10 95.8 93.1 97.0 98.3
2014-11 96.3 92.6 100.0 99.6
2014-12 99.2 92.6 99.5 99.9
2015-01 103.4 93.9 101.5 99.4
2015-02 99.4 95.7 100.9 100.0
2015-03 100.6 94.6 105.0 99.8
2015-04 104.5 97.2 106.7 100.4
2015-05 102.5 97.7 104.8 101.3
2015-06 105.5 97.6 105.0 100.6
2015-07 109.0 98.9 104.7 102.7
2015-08 103.8 97.9 107.7 101.4
2015-09 105.5 96.7 108.9 102.4
2015-10 104.2 98.8 107.5 99.7
2015-11 102.5 100.2 107.6 99.4
2015-12 99.9 98.5 107.5 101.3
2016-01 101.9 101.0 107.8 99.0
2016-02 100.0 101.2 108.6 99.6
2016-03 101.5 99.7 105.7 100.8
2016-04 105.7 100.6 108.8 101.0
2016-05 104.2 98.1 105.9 103.8
2016-06 103.6 97.6 105.8 101.1
2016-07 104.6 98.2 105.1 101.6
2016-08 99.9 98.7 103.9 101.3
2016-09 108.5 99.0 105.1 100.4
2016-10 106.3 98.0 105.4 100.9
2016-11 107.9 100.2 102.3 101.3
2016-12 108.2 103.8 104.2 104.2
2017-01 104.3 102.8 106.4 104.9
2017-02 105.1 104.3 106.0 105.9
2017-03 104.4 105.2 105.3 104.7
2017-04 103.7 107.4 105.6 107.6
2017-05 106.7 109.5 105.4 107.2
2017-06 112.1 108.6 105.1 108.1
2017-07 108.7 109.4 108.3 106.7
2017-08 109.7 107.1 108.6 108.3
2017-09 106.4 107.7 109.2 108.4
2017-10 110.5 110.0 108.2 109.9
2017-11 112.7 110.0 109.1 111.0
2017-12 110.8 111.2 109.9 109.9
2018-01 111.4 112.7 111.8 110.4
2018-02 109.7 111.1 111.7 109.7
2018-03 109.2 110.3 111.3 109.2
2018-04 109.6 110.1 112.1 107.5
2018-05 108.9 111.8 108.0 107.9
2018-06 110.2 108.2 109.9 105.3
2018-07 107.9 108.8 106.1 106.6
2018-08 109.2 108.3 106.8 105.8
2018-09 106.5 107.7 105.0 104.8
2018-10 101.9 107.4 103.4 102.3
2018-11 109.0 102.3 104.0 102.8
2018-12 107.5 102.3 101.9 101.5
2019-01 107.7 103.4 102.1 101.4
2019-02 108.1 105.0 100.2 100.9
2019-03 107.3 99.9 101.9 101.0

Business climates in a sector-based approach

  • Legend: (C1): Manufacture of food products and beverages - (C3): Machinery and equipment goods - (C4): Manufacture of transport equipment - (C5): Other manufacturing
  • Source: INSEE.

Business climates in a sector-based approach

Average = 100 and standard deviation = 10 since 1990
Business climates in a sector-based approach (Average = 100 and standard deviation = 10 since 1990)
NA* : (A17) et [A38 et A64] Weights** (%) févr.-19 févr.-19 mars-19
(C1) Man. of food products and beverages 21 108 108 109
(C3) Machinery and equipment goods 11 103 105 100
[CI] Computer, electronic and optical products 3 112 110 100
[CJ] Electrical equipment 3 101 105 97
[CK] Machinery and equipment 5 100 100 101
(C4) Man. of transport equipment 17 102 99 98
[CL1] Motor vehicles, trailers and semi-trailers 8 98 90 88
[CL2] Other transport equipment 9 104 106 106
(C5) Other manufacturing 46 101 101 102
[CB] Textiles, clothing industries, leather and footwear industry 2 112 111 109
[CC] Wood, paper, printing 5 94 98 99
[CE] Chemicals and chemical products 9 101 98 99
[CG] Rubber and plastic products 7 102 102 106
[CH] Basic metals and fabricated metal products 11 99 98 100
[CM] Other manufacturing industries 9 102 104 102
  • * NA: aggregated classification, based on the French classification of activities NAF rév.2.
  • ** Weights used to aggregate sub-sector's balances of opinion.
  • Source: INSEE - Monthly business tendency survey in industry

For further information

A balance of opinion is calculated as the difference between the percentage of « increase » responses and the percentage of « decrease » responses.

Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the « Documentation » tab of this page.

Next issue :24 Avril 2019 at 8h45

Documentation

Methodology (pdf,133 Ko)

Monthly outlook survey in industry

Aggregated classification - NA, 2008

Pour en savoir plus

A balance of opinion is calculated as the difference between the percentage of « increase » responses and the percentage of « decrease » responses.

Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the « Documentation » tab of this page.

Next issue :24 Avril 2019 at 8h45

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