In Q4 2024, the margin rate of non-financial corporations (NFC) edged down slightly, by 0.2 points compared to the previous quarter, settling at 32.2% of their value added. This decline partly offsets the growth profile in H2 2024, as a result of the Olympic and Paralympic Games in the summer. The revenue of the Organising Committee of the Olympic and Paralympic Games, considered as an NFC in national accounting, generated accounting gains in productivity in the summer, before an automatic downturn in the autumn. Once again, the real labour cost increased in a context of disinflation, hampering company margins. Nevertheless, this effect is offset by the continuing improvement in the terms of trade, due to the fall in the price of imported crude oil and the rise in the price of electricity for export. Thus at the end of 2024, the margin rate of NFCs was more than one point above its pre-health crisis average (30.9% in 2019), but this increase comes mainly from the energy and transport services branches. In the manufacturing industry and market services excluding transport, it is scarcely higher than its 2019 level...