Informations Rapides ·
21 March 2025 · n° 72
In March 2025, the business climate in services is stable, below its average Monthly survey of services - March 2025
According to the business managers surveyed in March 2025, the business climate in services is stable. At 98, the indicator that synthesizes it remains for the fifth month in a row below its long-term average (100).
According to the business managers surveyed in March 2025, the business climate in services is stable. At 98, the indicator that synthesizes it remains for the fifth month in a row below its long-term average (100).
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-03 | 97.5 |
| 2025-02 | 97.6 |
| 2025-01 | 96.1 |
| 2024-12 | 96.5 |
| 2024-11 | 98.4 |
| 2024-10 | 100.9 |
| 2024-09 | 99.2 |
| 2024-08 | 98.0 |
| 2024-07 | 95.1 |
| 2024-06 | 101.1 |
| 2024-05 | 102.4 |
| 2024-04 | 100.1 |
| 2024-03 | 101.8 |
| 2024-02 | 99.9 |
| 2024-01 | 101.1 |
| 2023-12 | 100.3 |
| 2023-11 | 100.0 |
| 2023-10 | 100.5 |
| 2023-09 | 101.4 |
| 2023-08 | 101.7 |
| 2023-07 | 101.6 |
| 2023-06 | 101.6 |
| 2023-05 | 101.4 |
| 2023-04 | 103.0 |
| 2023-03 | 103.6 |
| 2023-02 | 105.3 |
| 2023-01 | 104.1 |
| 2022-12 | 103.6 |
| 2022-11 | 103.9 |
| 2022-10 | 105.0 |
| 2022-09 | 105.6 |
| 2022-08 | 106.6 |
| 2022-07 | 106.2 |
| 2022-06 | 107.4 |
| 2022-05 | 109.0 |
| 2022-04 | 108.4 |
| 2022-03 | 108.0 |
| 2022-02 | 112.1 |
| 2022-01 | 105.0 |
| 2021-12 | 107.4 |
| 2021-11 | 114.1 |
| 2021-10 | 113.3 |
| 2021-09 | 110.5 |
| 2021-08 | 109.0 |
| 2021-07 | 111.2 |
| 2021-06 | 112.7 |
| 2021-05 | 106.9 |
| 2021-04 | 91.4 |
| 2021-03 | 93.2 |
| 2021-02 | 87.6 |
| 2021-01 | 90.8 |
| 2020-12 | 89.2 |
| 2020-11 | 75.4 |
| 2020-10 | 87.5 |
| 2020-09 | 93.7 |
| 2020-08 | 93.6 |
| 2020-07 | 88.6 |
| 2020-06 | 77.4 |
| 2020-05 | 49.0 |
| 2020-04 | 37.6 |
| 2020-03 | 91.7 |
| 2020-02 | 105.9 |
| 2020-01 | 106.1 |
| 2019-12 | 106.5 |
| 2019-11 | 106.0 |
| 2019-10 | 105.6 |
| 2019-09 | 106.0 |
| 2019-08 | 105.5 |
| 2019-07 | 105.0 |
| 2019-06 | 105.9 |
| 2019-05 | 105.6 |
| 2019-04 | 105.6 |
| 2019-03 | 104.5 |
| 2019-02 | 103.7 |
| 2019-01 | 103.6 |
| 2018-12 | 101.8 |
| 2018-11 | 103.6 |
| 2018-10 | 103.3 |
| 2018-09 | 104.7 |
| 2018-08 | 104.5 |
| 2018-07 | 104.7 |
| 2018-06 | 104.7 |
| 2018-05 | 104.4 |
| 2018-04 | 105.9 |
| 2018-03 | 106.9 |
| 2018-02 | 107.0 |
| 2018-01 | 107.8 |
| 2017-12 | 108.9 |
| 2017-11 | 107.2 |
| 2017-10 | 106.8 |
| 2017-09 | 106.9 |
| 2017-08 | 106.8 |
| 2017-07 | 104.1 |
| 2017-06 | 103.6 |
| 2017-05 | 102.9 |
| 2017-04 | 103.2 |
| 2017-03 | 103.2 |
| 2017-02 | 102.9 |
| 2017-01 | 101.7 |
| 2016-12 | 103.6 |
| 2016-11 | 101.0 |
| 2016-10 | 100.8 |
| 2016-09 | 100.8 |
| 2016-08 | 100.1 |
| 2016-07 | 100.4 |
| 2016-06 | 99.2 |
| 2016-05 | 100.8 |
| 2016-04 | 98.3 |
| 2016-03 | 99.5 |
| 2016-02 | 99.9 |
| 2016-01 | 100.2 |
| 2015-12 | 97.1 |
| 2015-11 | 99.3 |
| 2015-10 | 99.5 |
| 2015-09 | 97.6 |
| 2015-08 | 98.5 |
| 2015-07 | 97.4 |
| 2015-06 | 96.8 |
| 2015-05 | 95.4 |
| 2015-04 | 93.9 |
| 2015-03 | 92.3 |
| 2015-02 | 91.4 |
| 2015-01 | 91.1 |
| 2014-12 | 91.2 |
| 2014-11 | 91.1 |
| 2014-10 | 91.0 |
| 2014-09 | 90.9 |
| 2014-08 | 91.4 |
| 2014-07 | 92.4 |
| 2014-06 | 92.2 |
| 2014-05 | 92.2 |
| 2014-04 | 93.2 |
| 2014-03 | 93.1 |
| 2014-02 | 92.1 |
| 2014-01 | 92.2 |
| 2013-12 | 90.8 |
| 2013-11 | 92.3 |
| 2013-10 | 91.8 |
| 2013-09 | 92.3 |
| 2013-08 | 88.6 |
| 2013-07 | 86.5 |
| 2013-06 | 85.7 |
| 2013-05 | 84.4 |
| 2013-04 | 83.0 |
| 2013-03 | 83.9 |
| 2013-02 | 86.9 |
| 2013-01 | 88.0 |
| 2012-12 | 87.0 |
| 2012-11 | 85.4 |
| 2012-10 | 85.9 |
| 2012-09 | 87.0 |
| 2012-08 | 87.3 |
| 2012-07 | 89.4 |
| 2012-06 | 90.0 |
| 2012-05 | 91.9 |
| 2012-04 | 95.6 |
| 2012-03 | 93.2 |
| 2012-02 | 91.8 |
| 2012-01 | 92.3 |
| 2011-12 | 94.4 |
| 2011-11 | 95.0 |
| 2011-10 | 97.2 |
| 2011-09 | 98.3 |
| 2011-08 | 100.6 |
| 2011-07 | 105.2 |
| 2011-06 | 107.3 |
| 2011-05 | 107.5 |
| 2011-04 | 109.0 |
| 2011-03 | 110.5 |
| 2011-02 | 109.3 |
| 2011-01 | 107.3 |
| 2010-12 | 106.9 |
| 2010-11 | 104.9 |
| 2010-10 | 103.0 |
| 2010-09 | 101.7 |
| 2010-08 | 100.7 |
| 2010-07 | 99.2 |
| 2010-06 | 98.3 |
| 2010-05 | 99.4 |
| 2010-04 | 97.8 |
| 2010-03 | 94.4 |
| 2010-02 | 94.3 |
| 2010-01 | 94.0 |
| 2009-12 | 92.6 |
| 2009-11 | 92.2 |
| 2009-10 | 90.6 |
| 2009-09 | 87.4 |
| 2009-08 | 84.0 |
| 2009-07 | 81.5 |
| 2009-06 | 77.6 |
| 2009-05 | 72.9 |
| 2009-04 | 68.6 |
| 2009-03 | 68.1 |
| 2009-02 | 73.2 |
| 2009-01 | 74.5 |
| 2008-12 | 77.1 |
| 2008-11 | 80.0 |
| 2008-10 | 84.0 |
| 2008-09 | 92.9 |
| 2008-08 | 94.9 |
| 2008-07 | 96.4 |
| 2008-06 | 100.9 |
| 2008-05 | 104.2 |
| 2008-04 | 106.7 |
| 2008-03 | 108.6 |
| 2008-02 | 108.6 |
| 2008-01 | 110.5 |
| 2007-12 | 109.1 |
| 2007-11 | 110.3 |
| 2007-10 | 110.2 |
| 2007-09 | 111.6 |
| 2007-08 | 112.5 |
| 2007-07 | 113.3 |
| 2007-06 | 112.9 |
| 2007-05 | 113.1 |
| 2007-04 | 113.2 |
| 2007-03 | 113.5 |
| 2007-02 | 112.6 |
| 2007-01 | 111.1 |
| 2006-12 | 111.4 |
| 2006-11 | 113.2 |
| 2006-10 | 110.9 |
| 2006-09 | 110.8 |
| 2006-08 | 110.6 |
| 2006-07 | 110.5 |
| 2006-06 | 109.3 |
| 2006-05 | 110.6 |
| 2006-04 | 107.8 |
| 2006-03 | 107.6 |
| 2006-02 | 106.3 |
| 2006-01 | 109.2 |
| 2005-12 | 107.2 |
| 2005-11 | 106.7 |
| 2005-10 | 108.5 |
| 2005-09 | 106.9 |
| 2005-08 | 107.3 |
| 2005-07 | 107.6 |
| 2005-06 | 108.3 |
| 2005-05 | 106.2 |
| 2005-04 | 108.1 |
| 2005-03 | 108.4 |
| 2005-02 | 106.5 |
| 2005-01 | 106.6 |
graphiqueBusiness climate composite indicator
- Source: INSEE.
The opinion of business managers on their past activity has deteriorated
In March 2025, the balance of opinion of business managers in services on the past activity has sharply retreated and has clearly moved below from its average. Conversely, they are more optimistic than in the previous month about the general business outlook for their sector: the associated balance of opinion has rebounded and has moved above its average level. Their personal business outlook is stable: the balances of opinion on demand and activity, both expected, are virtually stable, below their average.
The balances related to the recent and expected selling prices change have slightly rebounded and have moved away from their respective average.
The balance on the economic uncertainty felt has slightly decreased again.
The balance of opinion on the change in the workforce size over the last three months, which had sharply declined last month, has sharply rebounded, the one on the expected workforce size over the next three months has slightly rebounded. Both remain below their average.
tableauEconomic outlook in the services sector
| Average* | Dec. 2024 | Jan. 2025 | Feb. 2025 | March 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 96 | 96 | 98 | 98 |
| General outlook | -7 | -9 | -8 | -8 | -6 |
| Past activity | 2 | 1 | -3 | 3 | -5 |
| Expected activity | 1 | -3 | -4 | -2 | -3 |
| Expected demand | 0 | -5 | -7 | -3 | -3 |
| Past selling prices | -3 | 1 | 2 | -1 | 0 |
| Expected selling prices | -2 | 4 | 4 | -1 | 0 |
| Past employment | 2 | -8 | -5 | -11 | -2 |
| Past employment except temporary work agencies | 0 | -3 | -4 | -8 | -4 |
| Expected employment | 2 | -6 | -7 | -9 | -8 |
| Expected employment except temporary work agencies | 0 | -3 | -2 | -6 | -4 |
| Economic uncertainty felt** | 12 | 11 | 13 | 12 | 11 |
- * Average since 1989 for the composite indicator and since 1988 for the balances of opinion, except general outlook (June 2000) and uncertainty (April 2021).
- ** Balance of opinion not seasonally adjusted.
- Source: INSEE, monthly business survey in services.
The business climate has improved in accommodation and food services and in administrative and support services
In March 2025, the business climate indicator in information-communication has slightly brightened again. The balance on the expect activity has sharply improved and has moved above its average. Those on the expected demand, on the workforce size (past and expected) and on the general business outlook have also increased but more moderately. Conversely, the balance on the past activity has sharply retreated et has reached its lowest level since July 2016, excluding health crisis.
In professional, scientific and technical activities, the business climate has slightly retreated, just below its average level. This decrease is mainly due to the fall back in the balances on activity and demand, both expected.
In administrative and support services, the business climate has rebounded but remains deteriorated. In particular, the balances on the expected demand and on the past workforce size have sharply rebounded, but still remain far below their average.
In real estate activities, the business climate is virtually stable, at its long-term average. Whereas the balances of opinion on demand and activity, both expected, have declined, those on the past activity and on the general business outlook have rebounded.
In accommodation and food services, the business climate has brightened again and has moved above its average. The balance on the general business outlook has sharply risen and has moved far above from its average level. The balances on the workforce size, past and expected, have improved too, whereas the one on the expected demand has sharply decreased, and has returned far above from its average.
Finally, the business climate in road freight transport is stable, below its average level. The balances of opinion on the past and expected workforce size and on the expected demand have risen, whereas the one on the general business outlook has sharply decreased.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Dec. 2024 | Jan. 2025 | Feb. 2025 | March 2025 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 94 | 96 | 97 | 97 |
| General outlook | -18 | -24 | -22 | -15 | -23 |
| Past activity | -6 | -14 | -17 | -16 | -15 |
| Expected activity | -7 | -18 | -11 | -11 | -11 |
| Expected demand | -10 | -23 | -19 | -17 | -13 |
| Past employment | -6 | -10 | -8 | -16 | -8 |
| Expected employment | -7 | -4 | -11 | -12 | -10 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 101 | 98 | 99 | 102 |
| General outlook | -13 | -14 | -15 | -15 | -1 |
| Past activity | -7 | -13 | 8 | 10 | 11 |
| Expected activity | -7 | -6 | -12 | -17 | -16 |
| Expected demand | -9 | -3 | -17 | -7 | -18 |
| Past employment | -5 | -3 | -1 | -1 | 2 |
| Expected employment | -5 | -2 | 4 | -1 | 0 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 94 | 94 | 96 | 97 |
| General outlook | 0 | -4 | -2 | -4 | -1 |
| Past activity | 8 | 10 | -6 | 17 | -16 |
| Expected activity | 9 | -2 | -7 | 3 | 17 |
| Expected demand | 10 | -6 | -4 | 9 | 13 |
| Past employment | 6 | -9 | -8 | -9 | -5 |
| Expected employment | 10 | 1 | 2 | 0 | 3 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 106 | 104 | 100 | 100 |
| General outlook | -4 | -3 | 1 | -3 | -1 |
| Past activity | 6 | 12 | 7 | 10 | 15 |
| Expected activity | 6 | 14 | 6 | 5 | 1 |
| Expected demand | 1 | 9 | 3 | 4 | 0 |
| Past employment | 2 | 1 | 0 | -5 | -2 |
| Expected employment | 3 | 3 | 6 | 9 | 6 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 97 | 97 | 100 | 99 |
| General outlook | -8 | -10 | -9 | -8 | -8 |
| Past activity | -1 | -7 | -5 | -7 | -5 |
| Expected activity | -2 | -8 | -5 | -2 | -6 |
| Expected demand | -5 | -13 | -13 | -4 | -6 |
| Past employment | 1 | 6 | -5 | -7 | -2 |
| Expected employment | 1 | 2 | -5 | 0 | 0 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 96 | 96 | 89 | 92 |
| General outlook | -3 | -7 | -4 | -10 | -10 |
| Past activity | 5 | -6 | -4 | -5 | -2 |
| Expected activity | 4 | -3 | 1 | -8 | -6 |
| Expected demand | 3 | 4 | -5 | -13 | -7 |
| Past employment | 7 | -27 | -7 | -19 | -4 |
| Expected employment | 6 | -16 | -14 | -20 | -20 |
- The figures in parentheses indicate the weights used to aggregate the sub-sector balances of opinion. The “other services” sub-sector is not displayed due to its low weight.
- *Composite indicator: average since 1989 (2006 for road transport); balances of opinion: average since 1988, except general outlook since June 2000 (2006 for road transport).
- Source: INSEE, monthly business survey in services.
Revision
The business climate indicator in services of February 2025 has not been revised (after rounding).
For further information
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. 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. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.
This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to this survey were collected between 25 February and 18 March 2025; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 25 April 2025 at 8:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Abbreviated methodology (in French) (pdf,193 Ko)
Pour en savoir plus
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. 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. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.
This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to this survey were collected between 25 February and 18 March 2025; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 25 April 2025 at 8:45 am.