In Q3 2024, the margin rate of non-financial corporations (NFCs) increased significantly, reaching 32.4% of their value added, or +1.1 points compared to the previous quarter, driven by the improvement in terms of trade: the price of oil fell and energy companies and transport services benefitted from the rise in electricity and maritime freight prices. The effect of the Olympic and Paralympic Games on growth also led to accounting gains in productivity and thus supported margins (as the Olympic and Paralympic Games organising committee is considered an NFC in national accounting), while real labour costs and taxes on production contributed almost nothing to the change. The margin rate of NFCs is more than one point above its pre-health crisis average (30.9% in 2019) but this comes mainly from the energy and transport services sectors. In the manufacturing industry and market services excluding transport, it is only scarcely above its 2019 level...