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Informations Rapides · 21 December 2023 · n° 325
Informations rapidesIn December 2023, the business climate in manufacturing industry has slightly rebounded, returning to its long-term average Monthly business survey (goods-producing industries) - December 2023

According to the business managers surveyed in December 2023, the business climate in manufacturing industry has risen by one point, returning to its long term average (100). The improvement in the balance of opinion on the evolution of the production over the last three months mainly explains this rebound.

Informations rapides
No 325
Paru le :Paru le21/12/2023
Prochaine parution le : 19/09/2025 at 08:45 - September 2025
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According to the business managers surveyed in December 2023, the business climate in manufacturing industry has risen by one point, returning to its long term average (100). The improvement in the balance of opinion on the evolution of the production over the last three months mainly explains this rebound.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2023-12 100.0
2023-11 98.6
2023-10 98.8
2023-09 99.1
2023-08 96.8
2023-07 100.7
2023-06 100.1
2023-05 98.9
2023-04 100.9
2023-03 103.6
2023-02 103.3
2023-01 102.2
2022-12 101.4
2022-11 101.6
2022-10 103.7
2022-09 102.7
2022-08 103.3
2022-07 105.3
2022-06 107.2
2022-05 106.6
2022-04 107.9
2022-03 107.5
2022-02 111.2
2022-01 112.2
2021-12 109.2
2021-11 110.1
2021-10 108.0
2021-09 107.7
2021-08 109.5
2021-07 109.1
2021-06 107.3
2021-05 107.4
2021-04 103.8
2021-03 98.5
2021-02 97.0
2021-01 95.8
2020-12 94.9
2020-11 92.4
2020-10 95.0
2020-09 95.1
2020-08 91.3
2020-07 81.3
2020-06 76.7
2020-05 69.7
2020-04 66.4
2020-03 97.4
2020-02 100.1
2020-01 101.9
2019-12 99.1
2019-11 102.5
2019-10 100.2
2019-09 102.4
2019-08 101.9
2019-07 101.0
2019-06 101.8
2019-05 103.4
2019-04 101.1
2019-03 103.4
2019-02 102.8
2019-01 103.0
2018-12 103.6
2018-11 105.5
2018-10 104.8
2018-09 107.9
2018-08 108.6
2018-07 108.5
2018-06 109.4
2018-05 109.5
2018-04 110.3
2018-03 110.5
2018-02 112.2
2018-01 113.6
2017-12 112.0
2017-11 112.0
2017-10 111.8
2017-09 111.5
2017-08 110.0
2017-07 108.5
2017-06 108.9
2017-05 108.3
2017-04 108.3
2017-03 105.3
2017-02 106.4
2017-01 105.8
2016-12 105.8
2016-11 102.1
2016-10 102.1
2016-09 103.4
2016-08 101.5
2016-07 101.5
2016-06 101.4
2016-05 104.3
2016-04 104.7
2016-03 102.5
2016-02 102.9
2016-01 102.7
2015-12 102.5
2015-11 102.3
2015-10 103.1
2015-09 104.8
2015-08 103.5
2015-07 101.5
2015-06 100.2
2015-05 101.7
2015-04 101.4
2015-03 98.8
2015-02 98.4
2015-01 98.7
2014-12 98.6
2014-11 98.7
2014-10 97.3
2014-09 96.8
2014-08 96.5
2014-07 96.1
2014-06 96.5
2014-05 98.3
2014-04 100.2
2014-03 100.7
2014-02 98.2
2014-01 99.5
2013-12 99.2
2013-11 98.1
2013-10 97.8
2013-09 95.7
2013-08 98.4
2013-07 94.6
2013-06 92.5
2013-05 91.8
2013-04 87.3
2013-03 90.3
2013-02 90.3
2013-01 89.6
2012-12 90.7
2012-11 91.4
2012-10 86.8
2012-09 92.4
2012-08 92.7
2012-07 90.8
2012-06 92.9
2012-05 94.6
2012-04 95.5
2012-03 96.3
2012-02 94.7
2012-01 94.8
2011-12 94.5
2011-11 97.4
2011-10 97.2
2011-09 99.1
2011-08 101.2
2011-07 104.8
2011-06 109.9
2011-05 107.3
2011-04 110.2
2011-03 110.2
2011-02 107.0
2011-01 108.8
2010-12 104.2
2010-11 101.8
2010-10 104.1
2010-09 102.9
2010-08 100.4
2010-07 97.2
2010-06 95.7
2010-05 96.5
2010-04 95.1
2010-03 91.1
2010-02 88.6
2010-01 90.1
2009-12 87.3
2009-11 87.4
2009-10 85.0
2009-09 83.8
2009-08 80.7
2009-07 76.1
2009-06 74.5
2009-05 71.8
2009-04 70.0
2009-03 66.0
2009-02 67.9
2009-01 72.1
2008-12 72.9
2008-11 79.4
2008-10 86.7
2008-09 91.4
2008-08 97.9
2008-07 98.6
2008-06 103.3
2008-05 104.1
2008-04 107.3
2008-03 110.0
2008-02 110.3
2008-01 110.6
2007-12 112.5
2007-11 112.3
2007-10 110.0
2007-09 110.6
2007-08 111.0
2007-07 111.5
2007-06 111.3
2007-05 110.1
2007-04 112.0
2007-03 111.3
2007-02 111.8
2007-01 108.3
2006-12 109.2
2006-11 109.6
2006-10 107.2
2006-09 108.1
2006-08 108.5
2006-07 108.9
2006-06 108.6
2006-05 108.8
2006-04 107.9
2006-03 106.3
2006-02 106.5
2006-01 103.0
2005-12 104.0
2005-11 100.9
2005-10 101.0
2005-09 98.8
2005-08 99.5
2005-07 100.0
2005-06 98.9
2005-05 96.9
2005-04 96.4
2005-03 99.6
2005-02 103.1
2005-01 103.3

Business climate in manufacturing - Composite indicator

  • Source: INSEE

Industrialists’ opinion on manufacturing industry

Balance of opinion, in %, SA
Industrialists’ opinion on manufacturing industry (Balance of opinion, in %, SA)
Manufacturing industry Ave.* Sep-23 Oct-23 Nov-23 Dec-23
Business climate 100 99 99 99 100
Past production 5 -6 -9 -9 0
Finished-goods inventory 12 14 15 13 14
Overall order books -18 -22 -17 -17 -17
Foreign order books -14 -13 -4 -6 -5
Past workforce size -8 5 4 5 5
Expected workforce size -9 10 7 7 6
Personal production expectations 6 17 5 6 4
General production expectations -7 -6 -10 -11 -10
Expected trend in selling prices 4 4 0 -2 -3
Economic uncertainty felt** 30 27 28 28 25
  • * Long-term average since 1976 except for the economic uncertainty felt (April 2021).
  • ** Non-seasonally adjusted balance of opinion
  • Source: INSEE - Monthly business tendency survey in industry

The balance of opinion on the past production has highly rebounded

In December 2023, the balance of opinion on the evolution of the production over the last three months has highly rebounded but remains below its long-term average. The balance on the general production prospects in the industry has rebounded less strongly and also remains below its average. Conversely, the balance of opinion on the personal production expectations over the next three months has fallen slightly and has gone back below its long-period average. The economic uncertainty felt by the business leaders has also diminished.

The balances of opinion associated with the level of the overall and foreign order-books are almost stable, above their respective average.

The balance of opinion associated with the current level of finished-good inventories has rebounded slightly and has moved away from its long-term average.

The balances of opinion on the past and expected change in the workforce size are nearly stable, well above their long-term average.

The balance of opinion related to the expected trend in selling prices over the next three months has decreased again and has reached its lowest level since September 2020.

The share of companies declaring being limited in their production by workforce shortage is stable in December and the share of companies declaring sourcing difficulties as a factor limiting their production has diminished. In total, the share of companies declaring supply-side obstacles only has reduced: at 31%, it remains nevertheless above its long-term average. Conversely, the share of companies declaring difficulties of demand only has increased a bit: at 23%, it is nonetheless well below its long-period average.

Share of companies declaring obstacles limiting their production*

Share of companies, in % of answers, SA
Share of companies declaring obstacles limiting their production* (Share of companies, in % of answers, SA)
Manufacturing industry Ave.** Sep-23 Oct-23 Nov-23 Dec-23
Difficulties of supply and demand 9 11 11 9 9
Sourcing difficulties 11 22 19 21 19
Workforce shortage 9 24 22 22 22
Difficulties of supply only 22 36 32 34 31
Difficulties of demand only 40 20 24 22 23
  • * Quaterly series from January 1991 then monthly series from May 2022
  • ** Long-term average since 1991 on monthly series (over the quarterly collection period, the point collected in the first month of each quarter was carried over identically to the following two months).
  • Sources : INSEE – Monthly business survey in industry

The business climate has brightened in most sub-sectors while it has darkened in the manufacture of machinery and equipment goods

In December 2023, the business climate indicator in the manufacture of food products and beverages has increased a little again but it remains clearly below its long-period average. The balances of opinion on the evolution of the production have highly rebounded while those associated with the level of the order-books have declined and remain very degraded.

In the manufacture of machinery and equipment goods, the synthetic indicator of the business climate has withdrawn and has gone back below its long-term average for the first time since December 2020. This decline is driven by a new fall of the balance of opinion on the evolution of the production over the last three months and also by the retreat of the balances of opinion associated with the level of the order-books.

In the manufacture of transport equipment, the synthetic indicator of the business climate has increased and remains well above its average. While it has fallen and is back to its average in the sub-sector of “motor vehicles, trailers and semi-trailers”, it has increased in the sub-sector of “other transport equipment” where it has reached a level unobserved since the start of this series (1990).

Finally, the business climate in the “other manufacturing” has recovered very slightly: at 95, it remains below its average. The climate has rebounded in the sub-sectors of “textiles, clothing industries, leather and footwear industry”, “wood, paper, printing” and “basic metals and fabricated metal products” but it has retreated in the sub-sectors of “chemicals and chemical products” and “rubber and plastic products”.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2023-12 85.7 98.8 114.0 94.8
2023-11 85.2 103.4 110.7 93.9
2023-10 84.2 100.6 112.4 94.4
2023-09 87.6 104.2 104.2 95.6
2023-08 87.4 101.3 103.3 95.1
2023-07 91.5 106.2 112.1 94.5
2023-06 85.8 105.3 105.3 94.7
2023-05 92.6 105.9 103.4 95.1
2023-04 94.0 109.6 103.1 97.8
2023-03 99.1 112.1 104.0 98.9
2023-02 102.4 109.9 104.0 96.1
2023-01 100.1 111.2 103.1 96.3
2022-12 99.4 111.7 102.2 95.9
2022-11 104.0 110.6 103.9 95.5
2022-10 107.8 113.3 105.7 96.5
2022-09 106.5 111.0 100.6 98.4
2022-08 106.9 111.8 100.6 99.6
2022-07 106.8 112.4 105.6 101.5
2022-06 106.3 111.9 102.1 105.6
2022-05 107.1 111.4 101.2 104.9
2022-04 109.1 113.0 101.3 108.7
2022-03 111.1 112.3 100.0 107.9
2022-02 111.2 114.8 103.9 111.2
2022-01 111.6 115.9 104.6 110.3
2021-12 116.2 116.1 91.4 112.1
2021-11 115.1 116.0 97.6 113.4
2021-10 112.5 115.4 91.5 111.2
2021-09 109.1 115.6 90.2 112.8
2021-08 111.0 118.6 93.0 113.0
2021-07 113.9 114.8 92.3 114.5
2021-06 115.9 115.1 90.0 110.6
2021-05 116.3 111.6 89.8 110.4
2021-04 105.6 112.7 88.6 107.3
2021-03 101.2 106.4 83.7 104.1
2021-02 94.6 105.2 89.0 101.2
2021-01 91.3 103.4 87.2 100.3
2020-12 89.2 95.4 89.0 101.7
2020-11 92.6 91.2 91.0 94.8
2020-10 93.6 93.2 92.3 95.5
2020-09 102.1 90.4 93.3 92.7
2020-08 96.6 89.6 91.0 88.0
2020-07 88.1 85.1 80.1 81.3
2020-06 90.7 79.3 76.2 78.7
2020-05 91.6 76.7 74.6 73.9
2020-04 93.0 76.9 72.3 72.7
2020-03 108.3 98.3 95.2 97.0
2020-02 107.7 99.0 99.3 100.0
2020-01 107.8 99.9 105.2 99.1
2019-12 107.4 97.2 100.9 97.7
2019-11 104.4 98.1 107.5 100.9
2019-10 105.1 96.0 101.9 99.5
2019-09 108.1 99.6 102.7 101.6
2019-08 108.7 98.7 101.4 101.7
2019-07 102.8 102.8 99.8 100.3
2019-06 108.5 98.8 100.5 100.8
2019-05 111.1 103.9 102.0 102.2
2019-04 106.9 100.8 100.5 100.6
2019-03 107.9 100.4 102.4 101.3
2019-02 107.9 104.3 99.9 101.0
2019-01 107.6 102.4 102.1 101.8
2018-12 107.8 102.5 103.4 102.2
2018-11 108.7 102.0 105.4 102.8
2018-10 102.0 106.2 104.8 103.3
2018-09 107.7 107.4 106.0 105.1
2018-08 107.8 106.8 106.7 105.7
2018-07 107.2 107.8 106.9 106.5
2018-06 109.4 107.5 109.9 105.7
2018-05 108.0 110.7 108.2 107.6
2018-04 109.8 109.0 111.6 107.4
2018-03 109.1 109.2 111.3 109.2
2018-02 109.6 110.0 111.9 109.9
2018-01 111.0 111.3 112.1 110.9
2017-12 111.3 110.9 111.3 110.5
2017-11 111.8 109.6 110.5 111.2
2017-10 111.4 108.9 109.5 110.9
2017-09 107.0 107.5 110.2 108.9
2017-08 108.6 105.7 108.9 108.2
2017-07 109.2 108.6 109.3 106.9
2017-06 111.6 108.2 105.1 108.5
2017-05 105.5 108.2 105.3 106.8
2017-04 104.9 106.3 104.4 107.6
2017-03 104.0 104.0 104.9 104.4
2017-02 105.0 103.3 106.0 106.1
2017-01 103.5 101.5 106.5 105.4
2016-12 108.4 103.1 104.9 104.7
2016-11 107.7 99.4 102.3 101.3
2016-10 106.5 97.3 106.1 101.1
2016-09 108.9 98.4 105.6 100.3
2016-08 99.3 98.2 104.2 101.3
2016-07 104.4 97.5 105.5 101.5
2016-06 103.0 97.1 106.2 101.3
2016-05 103.2 97.2 106.1 103.7
2016-04 105.8 99.9 109.4 101.1
2016-03 101.4 99.1 106.1 101.0
2016-02 100.1 100.7 109.3 99.8
2016-01 101.5 100.6 108.3 99.3
2015-12 99.9 98.0 108.1 101.6
2015-11 102.3 99.6 108.0 99.4
2015-10 104.2 98.1 108.2 99.7
2015-09 105.4 96.0 109.4 102.5
2015-08 103.1 97.2 108.5 101.4
2015-07 108.3 98.3 105.1 102.7
2015-06 104.9 97.1 105.5 100.8
2015-05 101.7 97.2 105.1 101.4
2015-04 104.6 96.6 107.3 100.4
2015-03 100.7 94.2 105.4 100.0
2015-02 99.3 95.0 100.9 100.1
2015-01 103.1 93.3 101.7 99.6
2014-12 99.1 92.0 99.7 100.1
2014-11 96.0 92.1 100.2 99.6
2014-10 95.5 92.5 97.3 98.3
2014-09 94.2 92.1 101.1 97.0
2014-08 95.5 93.4 97.9 100.4
2014-07 97.0 89.2 99.1 98.9
2014-06 95.5 91.7 98.2 98.4
2014-05 98.0 93.7 98.1 99.3
2014-04 95.8 92.7 102.8 100.0
2014-03 99.6 92.8 100.8 102.2
2014-02 99.0 93.8 98.3 98.2
2014-01 99.2 91.1 102.3 98.5
2013-12 98.1 91.9 99.8 99.0
2013-11 98.0 92.2 102.3 98.6
2013-10 95.4 90.2 103.7 97.6
2013-09 94.8 89.9 97.5 97.0
2013-08 95.3 91.5 101.4 97.0
2013-07 92.3 89.6 98.7 94.8
2013-06 92.5 89.2 94.7 93.0
2013-05 91.4 89.4 95.0 91.6
2013-04 91.5 89.6 92.8 89.0
2013-03 93.8 88.9 93.6 91.1
2013-02 97.8 88.8 94.4 90.1
2013-01 97.4 87.9 92.8 91.1
2012-12 98.5 87.5 92.3 91.7
2012-11 98.0 87.3 92.9 92.1
2012-10 90.8 86.2 95.9 89.2
2012-09 96.6 91.0 97.5 93.4
2012-08 93.6 90.3 95.3 93.3
2012-07 94.4 90.8 95.4 92.1
2012-06 94.8 90.9 95.7 93.5
2012-05 93.2 94.8 95.1 95.7
2012-04 98.9 95.7 94.3 97.6
2012-03 102.3 96.4 103.2 97.0
2012-02 100.3 96.1 93.9 95.8
2012-01 99.7 96.1 94.9 93.9
2011-12 98.3 96.0 100.2 94.4
2011-11 102.0 95.9 102.7 94.0
2011-10 104.2 98.2 100.3 96.2
2011-09 101.7 99.4 98.8 97.9
2011-08 103.4 100.3 102.0 100.2
2011-07 111.3 102.3 103.8 104.8
2011-06 108.4 104.0 109.5 108.7
2011-05 109.6 103.1 105.3 107.6
2011-04 108.8 104.5 106.0 109.9
2011-03 106.5 106.3 106.4 109.6
2011-02 107.1 101.8 99.4 108.3
2011-01 108.8 103.8 105.2 105.1

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) and [A38 and A64] Weights** (%) Oct-23 Nov-23 Dec-23
(C1) Man. of food products and beverages 20 84 85 86
(C3) Machinery and equipment goods 11 101 103 99
[CI] Computer, electronic and optical products 4 112 112 108
[CJ] Electrical equipment 3 95 101 95
[CK] Machinery and equipment 5 97 98 96
(C4) Man. of transport equipment 19 112 111 114
[CL1] Motor vehicles, trailers and semi-trailers 9 103 103 100
[CL2] Other transport equipment 10 117 115 119
(C5) Other manufacturing 45 94 94 95
[CB] Textiles, clothing industries, leather and footwear industry 2 103 96 102
[CC] Wood, paper, printing 4 90 87 92
[CE] Chemicals and chemical products 8 91 91 89
[CG] Rubber and plastic products 7 88 91 87
[CH] Basic metals and fabricated metal products 11 93 92 97
[CM] Other manufacturing industries / Manufacture of other industrial products 10 101 101 103
  • * NA: aggregated classification, based on the French classification of activities NAF rév.2.
  • ** Weights used to aggregate sub-sectors’ balances of opinion.
  • Source: INSEE - Monthly business tendency survey in industry

Revisions

The business climate in manufacturing industry of November 2023 is unchanged (after rounding).

For further information

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 24 November and 18 December 2023.

Next issue: 25 January 2024 at 8:45 am.

Documentation

Changes to business tendency surveys related to European harmonisation – October 2021 (pdf,181 Ko)

Abbreviated methodology (pdf,157 Ko)

Monthly outlook survey in industry

Aggregated classification - NA, 2008

Pour en savoir plus

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 24 November and 18 December 2023.

Next issue: 25 January 2024 at 8:45 am.

: bureau-de-presse@insee.fr

Publication calendar

Time series : Industry - Activity and demand

Ouvrir dans un nouvel ongletThe Joint Harmonised EU Programme of Business and Consumer Surveys (BCS)