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Informations Rapides · 21 March 2025 · n° 69
Informations rapidesIn March 2025, the business climate in manufacturing industry has slightly retreated Monthly business survey (goods-producing industries) - March 2025

In March 2025, the business climate in manufacturing industry has slightly retreated. At 96, the synthetic indicator has lost one point and has moved away from its long-term average (100). This decrease in the climate results mainly from the decline in the balances of opinion on order books.

Informations rapides
No 69
Paru le :Paru le21/03/2025
Prochaine parution le : 19/09/2025 at 08:45 - September 2025
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In March 2025, the business climate in manufacturing industry has slightly retreated. At 96, the synthetic indicator has lost one point and has moved away from its long-term average (100). This decrease in the climate results mainly from the decline in the balances of opinion on order books.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2025-03 95.9
2025-02 97.0
2025-01 95.7
2024-12 97.0
2024-11 96.7
2024-10 92.9
2024-09 99.1
2024-08 98.9
2024-07 95.4
2024-06 98.9
2024-05 99.5
2024-04 100.0
2024-03 102.1
2024-02 100.7
2024-01 99.1
2023-12 99.4
2023-11 99.0
2023-10 99.0
2023-09 98.7
2023-08 96.8
2023-07 100.8
2023-06 100.4
2023-05 99.3
2023-04 100.9
2023-03 103.1
2023-02 103.4
2023-01 102.6
2022-12 101.7
2022-11 102.0
2022-10 103.8
2022-09 102.5
2022-08 103.3
2022-07 105.5
2022-06 107.6
2022-05 107.1
2022-04 108.0
2022-03 107.2
2022-02 111.4
2022-01 112.7
2021-12 109.4
2021-11 110.6
2021-10 108.1
2021-09 107.6
2021-08 109.3
2021-07 109.2
2021-06 107.4
2021-05 107.5
2021-04 103.6
2021-03 98.1
2021-02 97.0
2021-01 95.9
2020-12 94.8
2020-11 92.4
2020-10 94.7
2020-09 94.7
2020-08 91.0
2020-07 81.1
2020-06 76.6
2020-05 69.9
2020-04 66.2
2020-03 97.3
2020-02 100.3
2020-01 102.3
2019-12 99.2
2019-11 102.9
2019-10 100.3
2019-09 102.6
2019-08 102.0
2019-07 101.0
2019-06 101.8
2019-05 103.6
2019-04 101.1
2019-03 103.4
2019-02 102.9
2019-01 103.2
2018-12 103.7
2018-11 105.7
2018-10 105.0
2018-09 108.2
2018-08 108.7
2018-07 108.5
2018-06 109.6
2018-05 109.8
2018-04 110.4
2018-03 110.7
2018-02 112.4
2018-01 113.8
2017-12 112.2
2017-11 112.3
2017-10 112.1
2017-09 111.8
2017-08 110.1
2017-07 108.6
2017-06 109.1
2017-05 108.4
2017-04 108.2
2017-03 105.5
2017-02 106.6
2017-01 105.9
2016-12 105.8
2016-11 102.2
2016-10 102.2
2016-09 103.5
2016-08 101.6
2016-07 101.7
2016-06 101.6
2016-05 104.4
2016-04 104.8
2016-03 102.6
2016-02 103.1
2016-01 102.9
2015-12 102.7
2015-11 102.3
2015-10 103.2
2015-09 104.8
2015-08 103.6
2015-07 101.5
2015-06 100.2
2015-05 101.7
2015-04 101.5
2015-03 99.0
2015-02 98.3
2015-01 98.7
2014-12 98.7
2014-11 98.8
2014-10 97.3
2014-09 96.8
2014-08 96.5
2014-07 96.2
2014-06 96.4
2014-05 98.2
2014-04 100.3
2014-03 100.7
2014-02 98.2
2014-01 99.6
2013-12 99.2
2013-11 98.0
2013-10 97.8
2013-09 95.8
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 90.6
2012-11 91.4
2012-10 86.7
2012-09 92.5
2012-08 92.7
2012-07 90.9
2012-06 92.9
2012-05 94.6
2012-04 95.5
2012-03 96.4
2012-02 94.8
2012-01 94.7
2011-12 94.5
2011-11 97.5
2011-10 97.3
2011-09 99.1
2011-08 101.3
2011-07 104.9
2011-06 109.9
2011-05 107.3
2011-04 110.3
2011-03 110.3
2011-02 106.9
2011-01 108.8
2010-12 104.2
2010-11 101.7
2010-10 104.0
2010-09 102.8
2010-08 100.2
2010-07 97.0
2010-06 95.4
2010-05 96.2
2010-04 94.7
2010-03 90.8
2010-02 88.2
2010-01 89.7
2009-12 86.9
2009-11 87.0
2009-10 84.6
2009-09 83.4
2009-08 80.3
2009-07 75.7
2009-06 74.1
2009-05 71.6
2009-04 69.9
2009-03 65.8
2009-02 67.8
2009-01 72.0
2008-12 72.6
2008-11 79.3
2008-10 86.8
2008-09 91.5
2008-08 98.0
2008-07 98.7
2008-06 103.5
2008-05 104.2
2008-04 107.5
2008-03 110.2
2008-02 110.5
2008-01 110.7
2007-12 112.7
2007-11 112.5
2007-10 110.2
2007-09 110.8
2007-08 111.2
2007-07 111.8
2007-06 111.6
2007-05 110.3
2007-04 112.2
2007-03 111.6
2007-02 112.0
2007-01 108.5
2006-12 109.3
2006-11 109.8
2006-10 107.4
2006-09 108.3
2006-08 108.7
2006-07 109.1
2006-06 108.7
2006-05 109.0
2006-04 108.0
2006-03 106.5
2006-02 106.7
2006-01 103.2
2005-12 104.1
2005-11 101.0
2005-10 101.1
2005-09 98.8
2005-08 99.5
2005-07 100.0
2005-06 98.9
2005-05 96.9
2005-04 96.5
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.* Dec-24 Jan-25 Feb-25 Mar-25
Business climate 100 97 96 97 96
Past production 4 -9 0 -3 -3
Finished-goods inventory 12 15 10 9 9
Overall order books -18 -18 -26 -24 -26
Foreign order books -14 -8 -19 -17 -22
Past workforce size -8 -3 -5 -6 -5
Expected workforce size -9 -1 -1 -4 -3
Personal production prospects 6 -1 1 6 7
General production prospects -7 -19 -15 -15 -12
Expected trend in selling prices 4 2 9 6 5
Economic uncertainty felt** 29 32 28 29 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 balances of opinion on order books have fallen back

In March 2025, the balances of opinion associated with the level of order books, both global and foreign, have fallen back. Both are fluctuating well below their respective average.

The balance of opinion on personal production prospects has slightly increased and is just above its long-term average. The one relating to general production prospects in the industry has risen more strongly but remains at a level below its long-term average. The balance of opinion on past production is stable, also well below its average. The balance of opinion on economic uncertainty felt by business leaders has retreated and has moved away from its own.

The balance of opinion on the current level of finished-goods inventories is almost stable, below its long-term average.

The balances of opinion on the evolution of workforce size, both past and expected, have slightly rebounded. Both stand above their respective average.

The balance of opinion relating to the expected trend in selling prices over the next three months has slightly decreased again and has moved closer to its average.

The share of companies reporting being limited in their production by workforce shortage has slightly diminished and has moved closer to its average. The share reporting sourcing difficulties as a limiting factor to their production has increased a little more stronger and has moved further away from its average, standing well below the peak reached in 2022. Overall, the proportion of companies declaring supply-side obstacles only has slightly risen: at 25%, it has moved away from its long-term average. The share of companies reporting obstacles linked to demand only is stable: at 24%, it remains well below its long-term 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.** Dec-24 Jan-25 Feb-25 Mar-25
Difficulties of supply and demand 9 13 11 11 10
Sourcing difficulties 11 14 18 17 19
Workforce shortage 9 12 12 12 11
Difficulties of supply only 22 24 24 24 25
Difficulties of demand only 39 25 25 24 24
  • * 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).
  • Source: INSEE – Monthly business survey in industry.

The business climate has strongly darkened in the manufacturing of food products and beverages and in the sub-sector of motor vehicles, trailers and semi-trailers

In March 2025, the business climate indicator in the manufacturing of food products and beverages has sharply decreased. At 93, it has fallen back to its lowest level since July 2024. The balance of opinion on past production has strongly dropped and has gone back below its average. The balances of opinion relating to global order books and to personal production prospects have also decreased again, while the one relating to the current level of finished-goods inventories has rebounded.

In the manufacturing of machinery and equipment goods, the synthetic indicator of the business climate has increased again and has moved closer to its long-term average. It has risen in all of the sub-sectors, and notably markedly in the manufacturing of computer, electronic and optical products. The balances of opinion relating to past production and to global order books have increased again. Personal production prospects have returned well above their average: the balance has sharply increased for the second month in a row and has reached a level unobserved for a year.

In the manufacturing of transport equipment, the synthetic indicator of the business climate has retreated and has gone back below its long-term average. While it has slightly increased in the “other transport equipment”, the indicator has strongly fallen back in the sub-sector of motor vehicles, trailers and semi-trailers, and has returned to its level of October 2024, which was its lowest since May 2013, excluding the COVID-19 pandemic. This decline in the business climate of the sub-sector of motor vehicles, trailers and semi-trailers results mainly from the fall back in balances of opinion on the level of order books, whereas balances relating to production, both past and expected, have risen.

Finally, the business climate indicator in “other manufacturing” has slightly decreased. At 94, the indicator stands well below its long-term average. The balances of opinion relating to global order books and to personal production prospects have mainly contributed to this decrease, and remain well under their long-period average. The business climate indicator has particularly darkened in the manufacturing of wood, paper, printing, in “other manufacturing industries” and in the manufacturing of basic metals and fabricated metal products, where it has reached its lowest level since April 2010, excluding COVID-19 pandemic.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2025-03 92.9 97.8 98.0 93.6
2025-02 97.2 96.1 101.6 94.6
2025-01 96.9 94.0 99.0 94.6
2024-12 97.9 96.7 109.7 93.2
2024-11 97.0 96.9 101.6 94.2
2024-10 95.9 95.9 95.5 94.3
2024-09 94.9 98.5 110.1 94.0
2024-08 97.3 95.7 110.1 95.1
2024-07 92.0 97.3 100.2 94.2
2024-06 92.3 99.2 109.4 95.2
2024-05 90.3 99.4 109.0 96.8
2024-04 92.1 97.0 111.1 95.3
2024-03 89.6 102.3 112.2 96.0
2024-02 86.8 98.5 111.1 96.5
2024-01 86.8 98.8 112.3 94.3
2023-12 85.8 98.7 111.5 95.2
2023-11 86.0 103.8 110.5 94.4
2023-10 85.0 101.2 111.9 94.9
2023-09 88.0 104.7 103.2 95.9
2023-08 88.0 102.3 102.9 95.2
2023-07 91.7 106.4 111.9 94.7
2023-06 87.1 105.7 105.1 94.8
2023-05 92.4 106.3 103.7 95.0
2023-04 93.9 109.8 103.4 97.3
2023-03 97.2 111.6 103.5 98.5
2023-02 101.7 109.9 104.2 96.5
2023-01 100.8 111.1 103.1 96.7
2022-12 99.6 112.3 102.3 96.0
2022-11 104.9 111.0 103.6 96.0
2022-10 108.9 114.1 104.7 97.0
2022-09 107.4 111.6 99.5 98.7
2022-08 107.6 112.9 99.9 99.7
2022-07 107.3 112.6 105.2 101.8
2022-06 107.5 112.4 101.8 105.8
2022-05 107.1 112.0 101.4 104.9
2022-04 109.3 113.4 101.7 108.5
2022-03 109.8 112.0 99.6 107.7
2022-02 110.9 114.9 103.9 111.8
2022-01 112.3 115.9 104.5 110.9
2021-12 116.6 116.6 91.1 112.4
2021-11 116.0 116.5 97.3 114.1
2021-10 113.6 116.0 90.4 111.9
2021-09 109.8 116.1 89.3 113.2
2021-08 111.3 119.5 92.4 113.2
2021-07 114.4 114.8 91.9 114.8
2021-06 116.6 115.4 89.8 110.8
2021-05 116.2 111.9 89.7 110.4
2021-04 105.8 112.9 88.5 107.1
2021-03 100.2 106.0 83.0 104.0
2021-02 94.6 105.1 88.8 101.5
2021-01 91.7 103.2 87.0 100.7
2020-12 89.3 95.2 88.8 101.9
2020-11 93.3 91.1 90.6 95.1
2020-10 94.5 93.0 91.4 95.8
2020-09 102.7 90.2 92.7 92.8
2020-08 96.6 89.7 90.6 87.7
2020-07 88.4 84.6 79.6 81.1
2020-06 90.9 79.1 75.9 78.4
2020-05 91.5 76.7 74.7 73.6
2020-04 93.5 76.8 72.3 72.4
2020-03 108.0 98.1 94.8 97.1
2020-02 108.2 98.9 99.3 100.3
2020-01 108.4 99.8 105.5 99.5
2019-12 107.7 97.3 100.8 97.9
2019-11 104.9 98.2 107.4 101.3
2019-10 105.9 96.1 101.3 100.0
2019-09 108.4 99.8 102.6 101.9
2019-08 108.7 99.2 101.5 101.8
2019-07 103.1 102.8 99.6 100.3
2019-06 108.7 98.8 100.4 100.8
2019-05 111.1 104.0 102.1 102.2
2019-04 107.4 101.1 100.4 100.5
2019-03 107.8 100.3 102.2 101.5
2019-02 108.5 104.3 99.5 101.3
2019-01 108.1 102.5 102.0 102.2
2018-12 107.9 102.7 103.0 102.4
2018-11 109.1 102.2 105.1 103.1
2018-10 102.8 106.4 104.2 103.8
2018-09 107.7 107.8 105.8 105.5
2018-08 107.9 107.3 106.6 105.9
2018-07 107.3 107.8 106.7 106.6
2018-06 109.6 107.5 109.9 105.8
2018-05 108.2 110.9 108.4 107.7
2018-04 110.4 109.2 111.6 107.4
2018-03 109.3 109.2 111.2 109.6
2018-02 110.2 110.0 111.7 110.3
2018-01 111.2 111.4 112.2 111.3
2017-12 111.3 111.3 111.0 110.7
2017-11 112.0 109.9 110.2 111.6
2017-10 112.1 109.1 109.1 111.5
2017-09 106.8 107.8 110.1 109.3
2017-08 108.9 106.1 108.9 108.4
2017-07 109.2 108.5 109.1 106.9
2017-06 111.8 108.3 104.9 108.6
2017-05 105.8 108.3 105.3 106.9
2017-04 105.6 106.4 103.9 107.7
2017-03 104.5 103.9 104.6 104.8
2017-02 105.5 103.3 105.7 106.4
2017-01 103.8 101.5 106.2 105.7
2016-12 108.7 103.2 104.6 105.0
2016-11 108.1 99.5 102.0 101.6
2016-10 106.9 97.3 105.9 101.3
2016-09 109.3 98.5 105.3 100.5
2016-08 99.6 98.3 104.1 101.5
2016-07 104.7 97.5 105.4 101.7
2016-06 103.3 97.2 106.0 101.5
2016-05 103.5 97.2 105.9 103.9
2016-04 106.2 100.0 109.2 101.3
2016-03 101.7 99.2 105.9 101.2
2016-02 100.3 100.8 109.3 99.9
2016-01 101.7 100.7 108.2 99.5
2015-12 100.1 98.1 108.0 101.8
2015-11 102.6 99.7 107.8 99.5
2015-10 104.5 98.2 108.2 99.9
2015-09 105.7 96.1 109.3 102.7
2015-08 103.3 97.3 108.5 101.5
2015-07 108.6 98.4 105.0 102.9
2015-06 105.2 97.1 105.4 100.9
2015-05 101.9 97.3 104.9 101.6
2015-04 104.8 96.7 107.1 100.7
2015-03 101.0 94.3 105.2 100.2
2015-02 99.6 95.0 100.6 100.3
2015-01 103.4 93.3 101.4 99.8
2014-12 99.4 92.0 99.4 100.3
2014-11 96.2 92.0 99.9 99.8
2014-10 95.7 92.5 97.0 98.5
2014-09 94.4 92.1 101.0 97.2
2014-08 95.8 93.4 97.6 100.6
2014-07 97.3 89.1 98.6 99.1
2014-06 95.7 91.7 97.7 98.5
2014-05 98.3 93.7 97.7 99.5
2014-04 96.0 92.8 102.5 100.2
2014-03 99.8 92.8 100.5 102.5
2014-02 99.3 93.7 98.0 98.3
2014-01 99.5 91.0 101.9 98.7
2013-12 98.3 91.9 99.4 99.2
2013-11 98.2 92.1 102.1 98.7
2013-10 95.6 90.1 103.5 97.7
2013-09 95.0 89.9 97.3 97.2
2013-08 95.5 91.4 101.1 97.1
2013-07 92.5 89.5 98.5 94.9
2013-06 92.8 89.1 94.4 93.2
2013-05 91.6 89.3 94.7 91.8
2013-04 91.7 89.5 92.6 89.1
2013-03 94.0 88.8 93.3 91.2
2013-02 98.1 88.8 94.3 90.2
2013-01 97.7 87.9 92.8 91.2
2012-12 98.8 87.4 92.2 91.8
2012-11 98.3 87.2 92.7 92.2
2012-10 91.0 86.1 95.9 89.3
2012-09 96.9 91.0 97.6 93.6
2012-08 93.9 90.2 95.1 93.5
2012-07 94.6 90.8 95.4 92.2
2012-06 95.1 90.9 95.5 93.6
2012-05 93.4 94.9 95.0 95.9
2012-04 99.2 95.7 94.3 97.8
2012-03 102.7 96.4 103.2 97.1
2012-02 100.7 96.2 93.6 95.9
2012-01 100.0 96.1 94.6 94.1
2011-12 98.7 96.1 100.0 94.5
2011-11 102.3 96.1 102.6 94.2
2011-10 104.6 98.3 100.2 96.4
2011-09 102.0 99.5 98.4 98.1
2011-08 103.7 100.4 101.8 100.4
2011-07 111.7 102.4 103.5 105.0
2011-06 108.7 104.1 109.4 109.0
2011-05 109.9 103.2 105.0 107.8
2011-04 109.1 104.6 105.8 110.2
2011-03 106.8 106.4 106.2 109.9
2011-02 107.4 101.7 98.8 108.6
2011-01 109.1 103.8 104.9 105.3

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** (%) Jan-25 Feb-25 Mar-25
(C1) Man. of food products and beverages 20 97 97 93
(C3) Machinery and equipment goods 11 94 96 98
          [CI] Computer, electronic and optical products 4 104 104 108
          [CJ] Electrical equipment 3 93 97 98
          [CK] Machinery and equipment 5 89 91 92
(C4) Man. of transport equipment 19 99 102 98
          [CL1] Motor vehicles, trailers and semi-trailers 9 92 96 90
          [CL2] Other transport equipment 10 103 103 104
(C5) Other manufacturing 45 95 95 94
          [CB] Textiles, clothing industries, leather and footwear industry 2 104 104 103
          [CC] Wood, paper, printing 4 94 102 98
          [CE] Chemicals and chemical products 8 92 90 90
          [CG] Rubber and plastic products 7 90 88 88
          [CH] Basic metals and fabricated metal products 11 91 92 89
          [CM] Other manufacturing industries / Manufacture of other industrial products 10 102 104 102
  • * 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 February 2025 has not been revised (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 25 February 2025 and 18 March 2025; most companies answer during the first two weeks of collection.

Next issue: 25 April 2025 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 25 February 2025 and 18 March 2025; most companies answer during the first two weeks of collection.

Next issue: 25 April 2025 at 8:45 am.

: bureau-de-presse@insee.fr

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