Insee
Informations Rapides · 22 February 2023 · n° 44
Informations rapidesIn February 2023, the business climate in manufacturing industry has slightly improved again Monthly business survey (goods-producing industries) - February 2023

According to the business managers surveyed in February 2023, the indicator of the business climate in the manufacturing industry has slightly improved, for the third month in a row. At 104, the synthetic indicator is above its long term average. The balance of opinion on the change in the past production and the one on the level of overall order-books have contributed the most to the rise of the synthetic indicator.

Informations rapides
No 44
Paru le :Paru le22/02/2023
Prochaine parution le : 23/01/2025 at 08:45 - January 2025
Imprimer
Découvrir la collection
Données
(xls, 1 Mo)

According to the business managers surveyed in February 2023, the indicator of the business climate in the manufacturing industry has slightly improved, for the third month in a row. At 104, the synthetic indicator is above its long term average. The balance of opinion on the change in the past production and the one on the level of overall order-books have contributed the most to the rise of the synthetic indicator.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2023-02 104.3
2023-01 102.9
2022-12 102.0
2022-11 101.0
2022-10 102.9
2022-09 101.5
2022-08 103.4
2022-07 105.6
2022-06 107.9
2022-05 106.3
2022-04 107.6
2022-03 107.4
2022-02 112.3
2022-01 112.8
2021-12 109.7
2021-11 109.4
2021-10 106.9
2021-09 106.4
2021-08 109.5
2021-07 109.1
2021-06 107.7
2021-05 107.0
2021-04 103.4
2021-03 98.4
2021-02 98.0
2021-01 96.3
2020-12 95.1
2020-11 91.7
2020-10 94.0
2020-09 94.0
2020-08 91.3
2020-07 81.5
2020-06 77.2
2020-05 70.0
2020-04 66.6
2020-03 97.3
2020-02 100.9
2020-01 102.6
2019-12 99.3
2019-11 101.8
2019-10 99.4
2019-09 101.5
2019-08 102.0
2019-07 101.2
2019-06 101.7
2019-05 103.7
2019-04 101.2
2019-03 103.3
2019-02 103.4
2019-01 103.5
2018-12 103.5
2018-11 105.0
2018-10 104.2
2018-09 107.1
2018-08 108.6
2018-07 108.3
2018-06 109.6
2018-05 109.7
2018-04 110.4
2018-03 110.5
2018-02 112.5
2018-01 113.7
2017-12 111.8
2017-11 111.5
2017-10 111.0
2017-09 110.9
2017-08 110.0
2017-07 108.0
2017-06 108.8
2017-05 108.7
2017-04 108.5
2017-03 105.5
2017-02 106.7
2017-01 105.9
2016-12 105.7
2016-11 102.1
2016-10 102.1
2016-09 103.4
2016-08 101.5
2016-07 101.5
2016-06 101.4
2016-05 104.2
2016-04 104.7
2016-03 102.5
2016-02 102.9
2016-01 102.7
2015-12 102.5
2015-11 102.2
2015-10 103.1
2015-09 104.7
2015-08 103.5
2015-07 101.5
2015-06 100.2
2015-05 101.7
2015-04 101.5
2015-03 98.9
2015-02 98.4
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
2014-04 100.2
2014-03 100.7
2014-02 98.2
2014-01 99.5
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 92.6
2013-05 91.9
2013-04 87.5
2013-03 90.5
2013-02 90.4
2013-01 89.7
2012-12 90.8
2012-11 91.5
2012-10 86.9
2012-09 92.6
2012-08 92.8
2012-07 90.9
2012-06 93.0
2012-05 94.7
2012-04 95.5
2012-03 96.4
2012-02 94.8
2012-01 94.8
2011-12 94.6
2011-11 97.4
2011-10 97.3
2011-09 99.1
2011-08 101.2
2011-07 104.8
2011-06 109.8
2011-05 107.2
2011-04 110.1
2011-03 110.1
2011-02 106.8
2011-01 108.6
2010-12 104.1
2010-11 101.7
2010-10 104.0
2010-09 102.8
2010-08 100.3
2010-07 97.1
2010-06 95.6
2010-05 96.4
2010-04 94.9
2010-03 91.0
2010-02 88.5
2010-01 90.0
2009-12 87.2
2009-11 87.3
2009-10 85.0
2009-09 83.7
2009-08 80.7
2009-07 76.2
2009-06 74.6
2009-05 72.1
2009-04 70.3
2009-03 66.3
2009-02 68.2
2009-01 72.4
2008-12 73.1
2008-11 79.6
2008-10 86.9
2008-09 91.5
2008-08 98.0
2008-07 98.7
2008-06 103.4
2008-05 104.1
2008-04 107.3
2008-03 109.9
2008-02 110.2
2008-01 110.5
2007-12 112.4
2007-11 112.2
2007-10 109.9
2007-09 110.5
2007-08 110.9
2007-07 111.4
2007-06 111.2
2007-05 110.0
2007-04 111.9
2007-03 111.3
2007-02 111.7
2007-01 108.2
2006-12 109.2
2006-11 109.6
2006-10 107.1
2006-09 108.0
2006-08 108.5
2006-07 108.9
2006-06 108.6
2006-05 108.8
2006-04 107.8
2006-03 106.3
2006-02 106.5
2006-01 103.0
2005-12 104.0
2005-11 101.0
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 96.5
2005-03 99.6
2005-02 103.0
2005-01 103.2

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.* Nov-22 Dec-22 Jan-23 Feb-23
Composite indicator 100 101 102 103 104
Past production 5 0 8 11 16
Finished-goods inventory 12 27 25 14 18
Overall order books -18 -16 -15 -16 -14
Foreign order books -14 -10 -15 -12 -10
Past workforce size -9 10 13 14 11
Expected workforce size -10 12 14 12 12
Personal production expectations 6 17 16 14 14
General production expectations -7 -10 -6 -7 0
Expected trend in selling prices 4 39 47 33 28
Economic uncertainty felt** 30 36 40 38 32
  • * 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 production on the change in the past production has grown again

In February 2023, the balance of opinion on the change in the past production during the last three months has grown for the third consecutive month and is now well above its average. The one on the change in the production over the next three months is stable, also above its average. The general production expectations for the entire manufacturing industries have distinctly improved according to the business leaders; the associated balance of opinion is at its highest level since the beginning of the war in Ukraine.

The balance of opinion associated with the current level of the inventories of finished-goods has bounced back after a sharp decline in January.

The balances of opinion on the order-books, overall as well as foreign, have increased in February and have moved away from their respective averages.

The balance of opinion related to the expected trend in selling prices during the next three months has diminished again. Although it remains high, it has nevertheless reached its lowest level since October 2021. The balance of opinion on economic uncertainty felt by the business managers has markedly declined but remains above its average.

The balance of opinion associated with the change in the workforce size over the last three months has shrunk after four months of increase. The one on the expected change in the workforce size is stable. These two balances of opinion are well above their respective averages.

The share of companies declaring sourcing difficulties as a factor limiting their production has reduced again in February. At 28%, it has reached its lowest level since June 2021, but remains above its average. The share of companies declaring being limited in their production by workforce shortage has diminished to 19% after a slight rise last month. It also remains above its 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.** Nov-22 Dec-22 Jan-23 Feb-23
Difficulties of supply and demand 9 10 12 13 11
Sourcing difficulties 11 32 32 30 28
Workforce shortage 9 20 20 21 19
Difficulties of supply only 22 49 47 45 42
Difficulties of demand only 40 15 15 15 15
  • * 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 – Quarterly business survey in industry

The business climate has improved in motor vehicles and food products but has slightly worsened in the machinery and equipment goods as well as in the “other industries”

The indicator of the business climate has clearly bounced back in the manufacture of food products and beverages and is back above its long term average.

On the contrary, the business climate has slightly deteriorated in the manufacture of machinery and equipment goods. Yet, the synthetic indicator remains well above its average.

In the manufacture of transport equipment, the indicator of the business climate has increased for the second month in a row and has moved away from its average. It has clearly grown in the manufacture of motor vehicles, trailers and semi-trailers while it has slowed down in the manufacture of other transport equipment. In particular, the balance of opinion on the past change in production in the manufacture of motor vehicles is at its highest level since October 2020.

Finally, the indicator of the business climate has slightly diminished in the so-called “other industries” sector. It has been mainly pulled down by the balance of opinion on the past change in production, which has gone below its average.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2023-02 102.7 110.0 106.1 96.1
2023-01 98.1 111.2 104.1 96.7
2022-12 99.7 111.3 100.8 96.2
2022-11 104.3 110.1 102.4 95.5
2022-10 107.0 112.9 105.5 95.7
2022-09 106.4 110.2 99.3 97.9
2022-08 107.0 112.4 100.6 99.2
2022-07 107.1 111.8 106.2 101.3
2022-06 108.6 110.8 103.0 105.8
2022-05 105.4 110.4 102.3 104.3
2022-04 107.7 112.5 101.9 108.7
2022-03 110.5 111.5 100.6 108.0
2022-02 110.4 114.9 106.0 111.5
2022-01 109.9 116.1 106.2 110.5
2021-12 116.8 115.9 90.8 112.3
2021-11 115.4 115.5 96.5 113.3
2021-10 111.6 115.4 91.5 110.3
2021-09 109.2 115.0 89.0 112.2
2021-08 111.3 119.6 93.5 112.4
2021-07 114.5 114.9 92.9 114.1
2021-06 118.7 114.8 90.7 110.6
2021-05 115.0 111.5 91.0 109.7
2021-04 104.1 113.2 89.5 107.2
2021-03 100.3 106.5 84.7 104.1
2021-02 93.8 105.8 91.0 101.4
2021-01 89.3 104.6 88.5 100.5
2020-12 89.5 96.2 88.1 101.9
2020-11 92.3 91.6 89.8 94.7
2020-10 93.3 94.5 91.7 94.6
2020-09 102.2 91.2 92.3 92.3
2020-08 95.8 91.6 91.5 87.5
2020-07 88.9 85.0 80.3 81.2
2020-06 92.3 78.8 77.1 78.7
2020-05 89.9 75.9 75.5 73.9
2020-04 91.3 76.7 73.1 73.2
2020-03 106.7 97.9 96.0 97.2
2020-02 107.4 99.3 100.6 100.2
2020-01 107.3 100.6 106.2 99.3
2019-12 107.3 97.1 99.8 97.9
2019-11 103.6 97.6 105.7 100.9
2019-10 105.1 96.2 100.8 98.9
2019-09 107.5 99.2 101.5 101.2
2019-08 108.1 99.6 101.5 101.4
2019-07 104.3 102.5 99.5 100.2
2019-06 108.5 98.6 101.0 100.4
2019-05 111.5 103.9 102.8 101.9
2019-04 106.1 101.0 101.4 100.7
2019-03 105.9 100.5 103.0 101.3
2019-02 107.9 104.5 101.2 101.1
2019-01 107.3 103.0 103.0 101.9
2018-12 107.1 101.9 102.8 102.3
2018-11 109.2 101.7 104.3 102.7
2018-10 102.0 106.4 104.0 102.7
2018-09 106.8 106.8 105.5 104.6
2018-08 107.5 107.6 106.8 105.5
2018-07 107.4 107.7 106.4 106.2
2018-06 110.1 107.5 110.3 105.4
2018-05 107.6 110.9 108.6 107.4
2018-04 108.9 109.6 112.9 107.4
2018-03 108.5 109.6 111.8 109.2
2018-02 109.8 110.4 112.7 109.8
2018-01 110.9 112.1 112.7 110.8
2017-12 110.5 110.7 110.8 110.4
2017-11 112.1 109.2 109.5 110.9
2017-10 110.7 109.1 108.9 110.1
2017-09 107.0 107.0 109.8 108.3
2017-08 108.4 106.4 108.9 108.0
2017-07 108.4 108.6 108.7 106.5
2017-06 111.4 108.0 105.6 108.2
2017-05 105.6 108.6 105.9 106.9
2017-04 103.4 106.7 106.4 107.6
2017-03 103.8 104.5 105.9 104.6
2017-02 105.2 103.7 106.8 106.0
2017-01 103.5 102.3 107.2 105.2
2016-12 108.1 103.4 104.9 104.6
2016-11 107.5 99.7 102.7 101.2
2016-10 106.2 97.5 106.1 100.9
2016-09 108.5 98.4 105.6 100.2
2016-08 98.8 98.2 104.2 101.1
2016-07 104.1 97.7 105.5 101.4
2016-06 102.7 97.2 106.3 101.2
2016-05 103.1 97.6 106.4 103.6
2016-04 105.5 100.1 109.5 101.0
2016-03 101.1 99.0 106.3 100.9
2016-02 99.8 100.5 109.4 99.6
2016-01 101.3 100.5 108.5 99.3
2015-12 99.4 98.1 108.1 101.4
2015-11 101.9 99.6 108.2 99.2
2015-10 104.0 98.2 108.2 99.6
2015-09 105.3 96.2 109.5 102.3
2015-08 102.8 97.5 108.2 101.2
2015-07 108.2 98.3 105.2 102.5
2015-06 104.7 97.1 105.6 100.6
2015-05 101.7 97.1 105.3 101.3
2015-04 104.2 96.6 107.4 100.4
2015-03 100.2 94.1 105.7 99.9
2015-02 99.0 95.2 101.5 100.0
2015-01 102.9 93.6 102.1 99.5
2014-12 98.7 92.3 100.1 100.0
2014-11 95.7 92.3 100.4 99.5
2014-10 95.2 92.6 97.6 98.3
2014-09 94.0 92.2 101.2 97.0
2014-08 94.9 93.5 98.2 100.4
2014-07 96.6 89.6 99.6 98.9
2014-06 95.2 91.9 98.5 98.3
2014-05 97.7 93.8 98.6 99.2
2014-04 95.4 92.6 103.2 99.9
2014-03 99.5 92.8 101.1 102.1
2014-02 98.7 94.0 98.4 98.0
2014-01 99.0 91.4 102.8 98.4
2013-12 98.0 91.9 100.3 98.9
2013-11 97.8 92.9 102.4 98.4
2013-10 95.0 90.6 104.0 97.4
2013-09 94.5 90.2 97.9 96.9
2013-08 95.1 91.9 101.8 96.8
2013-07 91.9 89.8 99.1 94.7
2013-06 92.2 89.2 95.1 93.0
2013-05 91.0 89.7 95.2 91.6
2013-04 91.3 89.8 93.2 89.1
2013-03 93.6 89.0 94.1 91.1
2013-02 97.5 88.8 94.6 90.1
2013-01 97.1 87.8 92.7 91.1
2012-12 98.4 87.8 92.5 91.7
2012-11 97.8 87.3 93.0 92.1
2012-10 90.6 86.0 95.8 89.2
2012-09 96.2 90.9 97.4 93.5
2012-08 93.2 90.3 95.5 93.3
2012-07 94.1 90.8 95.4 92.1
2012-06 94.5 91.0 95.9 93.5
2012-05 93.0 94.6 95.2 95.7
2012-04 98.5 96.0 94.3 97.5
2012-03 101.9 96.5 103.3 96.9
2012-02 99.9 95.9 94.0 95.7
2012-01 99.2 95.9 95.2 93.9
2011-12 97.8 96.1 100.4 94.3
2011-11 101.6 95.8 102.5 94.0
2011-10 104.0 98.1 100.5 96.2
2011-09 101.4 99.3 99.2 97.9
2011-08 103.1 100.5 102.2 100.1
2011-07 111.0 102.6 104.2 104.6
2011-06 108.1 104.5 109.8 108.5
2011-05 109.3 103.4 105.6 107.3
2011-04 108.6 104.8 106.2 109.6
2011-03 106.3 106.7 106.6 109.3
2011-02 107.1 102.5 100.0 108.0
2011-01 108.7 104.4 105.5 104.9

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** (%) Dec-22 Jan-23 Feb-23
(C1) Man. of food products and beverages 20 100 98 103
(C3) Machinery and equipment goods 11 111 111 110
[CI] Computer, electronic and optical products 3 115 116 111
[CJ] Electrical equipment 3 97 100 100
[CK] Machinery and equipment 5 116 113 112
(C4) Man. of transport equipment 18 101 104 106
[CL1] Motor vehicles, trailers and semi-trailers 9 96 100 104
[CL2] Other transport equipment 9 104 105 104
(C5) Other manufacturing 46 96 97 96
[CB] Textiles, clothing industries, leather and footwear industry 2 101 103 105
[CC] Wood, paper, printing 5 92 88 88
[CE] Chemicals and chemical products 8 87 90 90
[CG] Rubber and plastic products 7 101 95 95
[CH] Basic metals and fabricated metal products 11 94 96 93
[CM] Other manufacturing industries / Manufacture of other industrial products 9 107 107 107
  • * 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

Updates

The business climate in manufacturing industry of January 2023 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.

Answers to this survey have been gathered between 27 January 2023 and 17 February 2023.

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

Next issue: 28 March 2023 at 8:45 am.

Documentation

Changes to business tendency surveys – 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.

Answers to this survey have been gathered between 27 January 2023 and 17 February 2023.

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

Next issue: 28 March 2023 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)