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Informations Rapides · 21 March 2024 · n° 70
Informations rapidesIn March 2024, the business climate in France has improved Business indicator - March 2024

In March 2024, the business climate in France has improved compared to February. The indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, has gained two points. At 100, it has reached back its long-term average, for the first time since September 2023. This improvement is the result of the more favourable business situation in all business sectors, except in building construction.

Informations rapides
No 70
Paru le :Paru le21/03/2024
Prochaine parution le : 25/04/2024 at 08:45 - April 2024

In March 2024, the business climate has reached back its long-term average

In March 2024, the business climate in France has improved compared to February. The indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, has gained two points. At 100, it has reached back its long-term average, for the first time since September 2023. This improvement is the result of the more favourable business situation in all business sectors, except in building construction.

French business climate composite indicator

French business climate composite indicator
French business climate composite indicator
2024-03 99.8
2024-02 98.2
2024-01 98.6
2023-12 97.9
2023-11 97.3
2023-10 98.2
2023-09 100.3
2023-08 100.0
2023-07 100.1
2023-06 100.4
2023-05 99.7
2023-04 102.3
2023-03 103.2
2023-02 102.9
2023-01 102.1
2022-12 102.3
2022-11 102.0
2022-10 102.2
2022-09 102.6
2022-08 104.1
2022-07 103.5
2022-06 104.8
2022-05 105.9
2022-04 106.4
2022-03 107.5
2022-02 113.1
2022-01 108.2
2021-12 109.6
2021-11 113.9
2021-10 113.1
2021-09 111.8
2021-08 110.7
2021-07 112.9
2021-06 114.6
2021-05 109.8
2021-04 96.2
2021-03 97.9
2021-02 90.8
2021-01 93.6
2020-12 92.4
2020-11 78.0
2020-10 89.9
2020-09 93.9
2020-08 94.2
2020-07 90.8
2020-06 84.7
2020-05 59.7
2020-04 47.3
2020-03 94.2
2020-02 105.7
2020-01 106.2
2019-12 106.1
2019-11 106.2
2019-10 106.1
2019-09 106.8
2019-08 105.9
2019-07 105.7
2019-06 106.5
2019-05 106.6
2019-04 106.6
2019-03 106.0
2019-02 104.5
2019-01 104.1
2018-12 103.6
2018-11 106.5
2018-10 106.1
2018-09 107.4
2018-08 107.9
2018-07 108.2
2018-06 108.9
2018-05 109.2
2018-04 110.9
2018-03 111.6
2018-02 111.7
2018-01 112.6
2017-12 113.2
2017-11 111.6
2017-10 110.6
2017-09 110.8
2017-08 110.5
2017-07 109.5
2017-06 108.6
2017-05 107.5
2017-04 107.0
2017-03 106.6
2017-02 106.8
2017-01 106.1
2016-12 105.9
2016-11 103.6
2016-10 103.7
2016-09 103.5
2016-08 103.4
2016-07 103.8
2016-06 102.9
2016-05 104.3
2016-04 102.3
2016-03 102.9
2016-02 102.9
2016-01 103.9
2015-12 101.5
2015-11 102.8
2015-10 102.9
2015-09 102.0
2015-08 102.7
2015-07 101.1
2015-06 100.7
2015-05 99.4
2015-04 98.3
2015-03 97.0
2015-02 95.8
2015-01 94.8
2014-12 94.0
2014-11 93.9
2014-10 92.0
2014-09 92.0
2014-08 93.0
2014-07 94.5
2014-06 95.1
2014-05 95.7
2014-04 96.2
2014-03 96.3
2014-02 95.1
2014-01 95.5
2013-12 94.2
2013-11 94.8
2013-10 95.4
2013-09 95.5
2013-08 91.9
2013-07 88.6
2013-06 86.9
2013-05 85.7
2013-04 84.6
2013-03 86.0
2013-02 88.1
2013-01 88.0
2012-12 88.4
2012-11 87.8
2012-10 86.5
2012-09 88.3
2012-08 89.7
2012-07 90.8
2012-06 91.8
2012-05 93.0
2012-04 97.2
2012-03 95.5
2012-02 93.1
2012-01 93.2
2011-12 94.7
2011-11 95.6
2011-10 97.6
2011-09 98.7
2011-08 101.4
2011-07 106.3
2011-06 107.7
2011-05 108.0
2011-04 108.6
2011-03 109.4
2011-02 108.9
2011-01 107.6
2010-12 106.7
2010-11 105.1
2010-10 104.2
2010-09 102.4
2010-08 100.4
2010-07 98.3
2010-06 96.3
2010-05 96.9
2010-04 95.6
2010-03 91.9
2010-02 92.5
2010-01 91.9
2009-12 90.3
2009-11 90.1
2009-10 88.4
2009-09 85.6
2009-08 82.8
2009-07 79.7
2009-06 77.7
2009-05 74.2
2009-04 71.3
2009-03 69.5
2009-02 73.5
2009-01 75.1
2008-12 76.8
2008-11 79.6
2008-10 83.5
2008-09 92.6
2008-08 94.9
2008-07 96.5
2008-06 100.0
2008-05 103.2
2008-04 105.9
2008-03 108.0
2008-02 108.1
2008-01 109.3
2007-12 109.9
2007-11 110.1
2007-10 109.7
2007-09 111.0
2007-08 111.6
2007-07 112.5
2007-06 113.4
2007-05 112.4
2007-04 112.2
2007-03 111.6
2007-02 111.3
2007-01 109.5
2006-12 109.5
2006-11 110.9
2006-10 109.3
2006-09 109.2
2006-08 108.6
2006-07 108.0
2006-06 106.1
2006-05 106.4
2006-04 104.6
2006-03 104.1
2006-02 103.7
2006-01 106.0
2005-12 104.6
2005-11 102.9
2005-10 103.5
2005-09 100.6
2005-08 101.3
2005-07 101.5
2005-06 101.7
2005-05 100.8
2005-04 103.3
2005-03 104.2
2005-02 104.1
2005-01 103.7

French business climate composite indicator

  • Source: INSEE

In wholesale trade, the bimonthly business climate indicator has improved sharply compared to January, held up by the increase in the balances of opinion on the deliveries received from abroad and the ordering intentions.

In services, the business climate has improved compared to February, the business managers of the sector being more optimistic regarding their activity and demand prospects.

In retail trade (including trade and repair of vehicles), the business climate is a bit more favourable in March, because of the increase in the balances of opinion related to the general business outlook and the ordering intentions.

In manufacturing industry, the business climate has improved a little, following the increase in the balances on the expected change in production and on the level of global order books.

Finally, in building construction, the business climate indicator has slightly deteriorated.

Business and employment climates

Business and employment climates
Nov. 23 Dec. 23 Jan. 24 Feb. 24 Mar. 24
Business climates
France 97 98 99 98 100
Manufacturing industry 99 99 98 101 102
Building construction 102 101 103 103 102
Services 99 100 101 100 102
Retail trade* 96 100 104 100 101
Wholesale trade 91 91 95
Employment 100 100 99 102 102
  • * including trade and repair of vehicles
  • Source : INSEE, business tendency surveys

The employment climate remains a little above its long-term average

In March 2024, the employment climate indicator is stable. At 102, it remains a little above its long-term average (100). This stability is the result of mixed movements, the degradation of the balance of opinion related to the expected change in the workforce size in services (excluding temporary work agencies) being offset by the improvement in the ones related to their past change in temporary work agencies and in retail trade.

French employment climate composite indicator

French employment climate composite indicator
French employment climate composite indicator
2024-03 101.9
2024-02 102.2
2024-01 98.7
2023-12 100.3
2023-11 99.9
2023-10 102.7
2023-09 105.3
2023-08 101.7
2023-07 105.7
2023-06 106.2
2023-05 106.8
2023-04 110.0
2023-03 110.3
2023-02 110.6
2023-01 111.1
2022-12 110.1
2022-11 108.1
2022-10 109.3
2022-09 109.7
2022-08 107.9
2022-07 110.1
2022-06 108.2
2022-05 110.6
2022-04 111.4
2022-03 113.3
2022-02 113.9
2022-01 110.0
2021-12 108.8
2021-11 112.6
2021-10 110.7
2021-09 107.2
2021-08 108.5
2021-07 108.1
2021-06 106.4
2021-05 101.3
2021-04 92.4
2021-03 92.2
2021-02 85.6
2021-01 86.8
2020-12 85.2
2020-11 83.2
2020-10 89.1
2020-09 93.3
2020-08 88.8
2020-07 78.5
2020-06 69.6
2020-05 53.6
2020-04 47.1
2020-03 97.9
2020-02 105.9
2020-01 105.2
2019-12 106.5
2019-11 107.2
2019-10 106.2
2019-09 107.5
2019-08 106.6
2019-07 106.8
2019-06 107.4
2019-05 105.8
2019-04 107.6
2019-03 108.3
2019-02 107.3
2019-01 105.7
2018-12 104.5
2018-11 104.9
2018-10 106.9
2018-09 107.6
2018-08 107.5
2018-07 108.3
2018-06 109.8
2018-05 109.6
2018-04 109.1
2018-03 110.0
2018-02 109.5
2018-01 109.0
2017-12 108.3
2017-11 107.2
2017-10 108.1
2017-09 106.8
2017-08 105.1
2017-07 107.3
2017-06 107.5
2017-05 107.2
2017-04 106.5
2017-03 107.3
2017-02 104.5
2017-01 105.2
2016-12 106.2
2016-11 105.0
2016-10 104.6
2016-09 104.5
2016-08 102.7
2016-07 104.1
2016-06 101.1
2016-05 101.7
2016-04 100.0
2016-03 99.4
2016-02 100.4
2016-01 101.4
2015-12 100.4
2015-11 101.4
2015-10 99.7
2015-09 99.7
2015-08 100.1
2015-07 99.2
2015-06 98.8
2015-05 96.9
2015-04 96.9
2015-03 95.0
2015-02 95.3
2015-01 93.4
2014-12 94.2
2014-11 93.9
2014-10 93.9
2014-09 94.1
2014-08 93.9
2014-07 95.1
2014-06 94.9
2014-05 96.5
2014-04 97.2
2014-03 95.2
2014-02 94.0
2014-01 94.7
2013-12 94.4
2013-11 93.1
2013-10 94.2
2013-09 91.8
2013-08 90.6
2013-07 90.1
2013-06 88.9
2013-05 85.9
2013-04 86.9
2013-03 88.4
2013-02 89.1
2013-01 92.1
2012-12 89.6
2012-11 89.8
2012-10 91.5
2012-09 91.2
2012-08 93.3
2012-07 92.6
2012-06 93.8
2012-05 95.0
2012-04 97.8
2012-03 98.7
2012-02 97.5
2012-01 97.9
2011-12 98.7
2011-11 100.6
2011-10 100.2
2011-09 103.6
2011-08 105.5
2011-07 109.7
2011-06 111.3
2011-05 111.2
2011-04 109.4
2011-03 109.2
2011-02 110.2
2011-01 103.4
2010-12 105.3
2010-11 104.3
2010-10 103.0
2010-09 100.3
2010-08 98.6
2010-07 98.1
2010-06 97.9
2010-05 96.8
2010-04 95.0
2010-03 93.1
2010-02 90.6
2010-01 89.9
2009-12 88.4
2009-11 86.6
2009-10 84.3
2009-09 82.7
2009-08 83.7
2009-07 78.9
2009-06 75.0
2009-05 73.9
2009-04 74.5
2009-03 74.2
2009-02 78.9
2009-01 80.8
2008-12 83.5
2008-11 88.2
2008-10 95.4
2008-09 99.9
2008-08 101.1
2008-07 105.9
2008-06 104.6
2008-05 108.3
2008-04 112.5
2008-03 112.4
2008-02 113.8
2008-01 113.9
2007-12 114.2
2007-11 113.1
2007-10 111.8
2007-09 113.4
2007-08 112.7
2007-07 111.2
2007-06 113.0
2007-05 113.8
2007-04 111.6
2007-03 111.1
2007-02 111.5
2007-01 109.3
2006-12 111.1
2006-11 110.5
2006-10 109.1
2006-09 108.2
2006-08 109.3
2006-07 109.9
2006-06 110.4
2006-05 108.2
2006-04 107.5
2006-03 105.1
2006-02 104.5
2006-01 104.3
2005-12 103.0
2005-11 103.6
2005-10 103.6
2005-09 103.5
2005-08 103.3
2005-07 102.8
2005-06 102.3
2005-05 102.9
2005-04 102.3
2005-03 104.8
2005-02 102.3
2005-01 102.3

French employment climate composite indicator

  • Source: INSEE

Revisions

The composite indicator of the employment climate and the indicators of business climates in manufacturing industry, in services and in retail trade of February 2024 have been revised upwards by one point, as well as the business climate in wholesale trade of January 2024. These revisions are mainly explained by the inclusion of late responses from companies. The other business climate indicators are unchanged (after rounding).

For further information

The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from 30 balances of opinion from these surveys. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction.

The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.

The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

The responses to these surveys were collected between 26 February and 18 March 2024.

Next issue: 25 April 2024 at 08:45 am.

Pour en savoir plus

The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from 30 balances of opinion from these surveys. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction.

The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.

The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

The responses to these surveys were collected between 26 February and 18 March 2024.

Next issue: 25 April 2024 at 08:45 am.

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