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Informations Rapides · 25 April 2025 · n° 100
Informations rapidesIn April 2025, the business climate in manufacturing industry has sharply rebounded Monthly business survey (goods-producing industries) - April 2025

In April 2025, the business climate in manufacturing industry has sharply rebounded. At 99, the synthetic indicator has gained three points and has moved closer to its long-term average (100). This increase in the climate comes from almost all the balances of opinion contributing to its calculation, except for general production prospects and the current level of finished-goods inventories.

Informations rapides
No 100
Paru le :Paru le25/04/2025
Prochaine parution le : 20/06/2025 at 08:45 - June 2025
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In April 2025, the business climate in manufacturing industry has sharply rebounded. At 99, the synthetic indicator has gained three points and has moved closer to its long-term average (100). This increase in the climate comes from almost all the balances of opinion contributing to its calculation, except for general production prospects and the current level of finished-goods inventories.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2025-04 99.5
2025-03 96.1
2025-02 97.0
2025-01 95.7
2024-12 97.0
2024-11 96.7
2024-10 92.9
2024-09 99.1
2024-08 98.9
2024-07 95.4
2024-06 98.9
2024-05 99.5
2024-04 100.0
2024-03 102.1
2024-02 100.7
2024-01 99.1
2023-12 99.4
2023-11 99.0
2023-10 99.0
2023-09 98.7
2023-08 96.8
2023-07 100.8
2023-06 100.4
2023-05 99.3
2023-04 100.9
2023-03 103.1
2023-02 103.4
2023-01 102.6
2022-12 101.7
2022-11 102.0
2022-10 103.8
2022-09 102.5
2022-08 103.3
2022-07 105.5
2022-06 107.6
2022-05 107.1
2022-04 108.0
2022-03 107.2
2022-02 111.4
2022-01 112.7
2021-12 109.4
2021-11 110.6
2021-10 108.1
2021-09 107.6
2021-08 109.3
2021-07 109.2
2021-06 107.4
2021-05 107.5
2021-04 103.6
2021-03 98.1
2021-02 97.0
2021-01 95.9
2020-12 94.8
2020-11 92.4
2020-10 94.6
2020-09 94.7
2020-08 91.0
2020-07 81.1
2020-06 76.5
2020-05 69.8
2020-04 66.2
2020-03 97.3
2020-02 100.3
2020-01 102.3
2019-12 99.2
2019-11 102.9
2019-10 100.3
2019-09 102.6
2019-08 102.0
2019-07 101.0
2019-06 101.8
2019-05 103.6
2019-04 101.1
2019-03 103.4
2019-02 102.9
2019-01 103.2
2018-12 103.7
2018-11 105.8
2018-10 105.0
2018-09 108.2
2018-08 108.7
2018-07 108.5
2018-06 109.6
2018-05 109.8
2018-04 110.4
2018-03 110.7
2018-02 112.4
2018-01 113.9
2017-12 112.2
2017-11 112.3
2017-10 112.1
2017-09 111.8
2017-08 110.1
2017-07 108.6
2017-06 109.1
2017-05 108.4
2017-04 108.2
2017-03 105.5
2017-02 106.6
2017-01 105.9
2016-12 105.9
2016-11 102.2
2016-10 102.2
2016-09 103.5
2016-08 101.6
2016-07 101.7
2016-06 101.6
2016-05 104.4
2016-04 104.8
2016-03 102.6
2016-02 103.1
2016-01 102.9
2015-12 102.7
2015-11 102.3
2015-10 103.2
2015-09 104.8
2015-08 103.6
2015-07 101.5
2015-06 100.2
2015-05 101.7
2015-04 101.5
2015-03 99.0
2015-02 98.3
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
2014-04 100.3
2014-03 100.7
2014-02 98.2
2014-01 99.6
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 92.5
2013-05 91.8
2013-04 87.3
2013-03 90.3
2013-02 90.3
2013-01 89.6
2012-12 90.6
2012-11 91.4
2012-10 86.7
2012-09 92.5
2012-08 92.7
2012-07 90.9
2012-06 92.9
2012-05 94.6
2012-04 95.5
2012-03 96.4
2012-02 94.8
2012-01 94.7
2011-12 94.5
2011-11 97.5
2011-10 97.3
2011-09 99.1
2011-08 101.3
2011-07 104.9
2011-06 110.0
2011-05 107.3
2011-04 110.3
2011-03 110.3
2011-02 106.9
2011-01 108.8
2010-12 104.2
2010-11 101.7
2010-10 104.0
2010-09 102.8
2010-08 100.2
2010-07 97.0
2010-06 95.4
2010-05 96.2
2010-04 94.7
2010-03 90.7
2010-02 88.2
2010-01 89.7
2009-12 86.9
2009-11 87.0
2009-10 84.6
2009-09 83.3
2009-08 80.3
2009-07 75.7
2009-06 74.1
2009-05 71.6
2009-04 69.8
2009-03 65.8
2009-02 67.8
2009-01 72.0
2008-12 72.6
2008-11 79.3
2008-10 86.7
2008-09 91.5
2008-08 98.0
2008-07 98.7
2008-06 103.5
2008-05 104.2
2008-04 107.5
2008-03 110.2
2008-02 110.5
2008-01 110.7
2007-12 112.7
2007-11 112.5
2007-10 110.2
2007-09 110.8
2007-08 111.3
2007-07 111.8
2007-06 111.6
2007-05 110.3
2007-04 112.2
2007-03 111.6
2007-02 112.0
2007-01 108.5
2006-12 109.4
2006-11 109.8
2006-10 107.4
2006-09 108.3
2006-08 108.7
2006-07 109.1
2006-06 108.8
2006-05 109.0
2006-04 108.0
2006-03 106.5
2006-02 106.7
2006-01 103.2
2005-12 104.1
2005-11 101.0
2005-10 101.1
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
2005-02 103.1
2005-01 103.3

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.* Jan-25 Feb-25 Mar-25 Apr-25
Business climate 100 96 97 96 99
Past production 4 0 -3 -3 1
Finished-goods inventory 12 10 9 9 8
Overall order books -18 -26 -24 -26 -18
Foreign order books -14 -19 -17 -21 -17
Past workforce size -8 -5 -6 -5 -2
Expected workforce size -9 -1 -4 -2 -1
Personal production prospects 6 1 6 6 11
General production prospects -7 -15 -15 -11 -16
Expected trend in selling prices 4 9 6 5 7
Economic uncertainty felt** 29 28 29 24 29
  • * 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 balances of opinion on order books have strongly rebounded

In April 2025, the balances of opinion associated with the level of order books, both global and foreign, have strongly rebounded. The balance relative to global order books has returned to its long-term average, while the one relating to foreign order books remains below its own.

The balance of opinion on personal production prospects has markedly increased and has moved away from its long-term average. The one relating to past production has also increased but remains below its own. However, the balance associated with general production prospects in the industry has sharply retreated and has moved away from its average. Regarding the balance of opinion on economic uncertainty felt by business leaders, it has rebounded and has returned to its own.

The balance of opinion on the current level of finished-goods inventories has decreased anew and has moved away from its long-term average.

The balances of opinion on the evolution of workforce size, both past and expected, have increased again. The one associated with past evolution has risen more strongly. Both have moved away from their respective average.

The balance of opinion relating to the expected trend in selling prices over the next three months has rebounded and has moved away from its average.

The share of companies reporting being limited in their production by workforce shortage has increased and has moved away from its average. The share of those reporting sourcing difficulties as a limiting factor to their production has decreased more sharply but remains above its average. Overall, the proportion of companies declaring supply-side obstacles only has slightly diminished: at 24%, it remains above its long-term average. The share of companies reporting obstacles linked to demand only has increased anew: at 27%, it is nevertheless well below its long-term 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.** Jan-25 Feb-25 Mar-25 Apr-25
Difficulties of supply and demand 9 11 11 10 9
Sourcing difficulties 11 18 17 19 14
Workforce shortage 9 12 12 11 13
Difficulties of supply only 22 24 24 25 24
Difficulties of demand only 39 25 24 24 27
  • * 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).
  • Source: INSEE – Monthly business survey in industry.

The business climate has strongly rebounded in the sub-sector of motor vehicles, trailers and semi-trailers and in the manufacturing of food products and beverages

In April 2025, the business climate indicator in the manufacturing of food products and beverages has sharply rebounded. At 98, it has moved closer to its long-term average (100). The balance of opinion on past production has strongly begun to rise and is the main contributor to this increase in the climate. The balances of opinion relating to order books have also improved.

In the manufacturing of machinery and equipment goods, the synthetic indicator of the business climate is stable, just below its long-term average. It is stable or almost stable in all the sub-sectors. The balance of opinion relating to past production has increased for the fourth consecutive month and the one relating to personal production prospects for the third consecutive month. In particular, the balance relating to personal production prospects has reached its highest level since March 2023. However, the balance associated with foreign order books has decreased anew.

In the manufacturing of transport equipment, the business climate indicator has rebounded very sharply and has gone back above its long-term average. It has strongly rebounded in the sub-sector of motor vehicles, trailers and semi-trailers, after a marked decline in March, and it has increased more moderately in the “other transport equipment”. In the sub-sector of motor vehicles, trailers and semi-trailers, the indicator has almost returned to its long-term average (100), mainly because of the balances of opinion relating to order books and to past production.

Finally, the business climate indicator in “other manufacturing” is stable. At 94, the indicator remains well below its long-term average. The balance of opinion relating to past production has strongly retreated while the balances of opinion associated with order books (global and foreign) have slightly increased. The business climate indicator has particularly decreased in the textiles, clothing industries, leather and footwear industry, while it has increased the most in “other manufacturing industries”.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2025-04 97.6 98.9 104.8 93.8
2025-03 93.8 99.1 97.1 94.3
2025-02 97.2 96.1 101.6 94.6
2025-01 96.9 94.0 98.9 94.6
2024-12 97.9 96.7 109.7 93.2
2024-11 97.0 96.9 101.5 94.2
2024-10 95.9 95.9 95.5 94.3
2024-09 94.9 98.5 110.1 94.0
2024-08 97.3 95.7 110.1 95.1
2024-07 92.0 97.3 100.2 94.2
2024-06 92.3 99.2 109.4 95.3
2024-05 90.3 99.4 109.0 96.8
2024-04 92.1 97.0 111.1 95.3
2024-03 89.6 102.3 112.2 96.0
2024-02 86.8 98.5 111.1 96.5
2024-01 86.8 98.8 112.3 94.4
2023-12 85.8 98.7 111.5 95.3
2023-11 86.0 103.8 110.5 94.4
2023-10 85.0 101.2 111.9 94.9
2023-09 88.0 104.7 103.2 95.9
2023-08 88.0 102.3 102.9 95.2
2023-07 91.6 106.4 111.9 94.7
2023-06 87.1 105.7 105.1 94.8
2023-05 92.4 106.4 103.7 95.0
2023-04 93.9 109.8 103.4 97.4
2023-03 97.2 111.6 103.5 98.5
2023-02 101.8 110.0 104.2 96.5
2023-01 100.8 111.1 103.1 96.8
2022-12 99.6 112.3 102.3 96.0
2022-11 104.9 111.0 103.6 96.0
2022-10 108.9 114.1 104.7 97.0
2022-09 107.4 111.6 99.5 98.7
2022-08 107.6 112.9 99.9 99.7
2022-07 107.3 112.6 105.2 101.8
2022-06 107.5 112.4 101.8 105.8
2022-05 107.1 112.0 101.4 105.0
2022-04 109.3 113.4 101.7 108.5
2022-03 109.8 112.0 99.6 107.8
2022-02 110.9 114.9 103.9 111.8
2022-01 112.3 115.9 104.5 111.0
2021-12 116.6 116.6 91.1 112.4
2021-11 116.0 116.5 97.3 114.1
2021-10 113.6 116.0 90.4 111.9
2021-09 109.8 116.1 89.3 113.3
2021-08 111.3 119.6 92.4 113.2
2021-07 114.4 114.9 91.8 114.9
2021-06 116.6 115.4 89.8 110.9
2021-05 116.2 111.9 89.7 110.5
2021-04 105.8 112.9 88.5 107.2
2021-03 100.2 106.0 82.9 104.0
2021-02 94.6 105.1 88.8 101.5
2021-01 91.7 103.2 87.0 100.7
2020-12 89.3 95.2 88.8 101.9
2020-11 93.3 91.1 90.6 95.1
2020-10 94.5 93.0 91.4 95.8
2020-09 102.7 90.2 92.6 92.9
2020-08 96.6 89.7 90.6 87.7
2020-07 88.3 84.6 79.6 81.1
2020-06 90.9 79.1 75.9 78.4
2020-05 91.5 76.7 74.7 73.6
2020-04 93.5 76.8 72.3 72.3
2020-03 108.0 98.1 94.8 97.2
2020-02 108.2 98.9 99.3 100.3
2020-01 108.4 99.8 105.5 99.5
2019-12 107.7 97.3 100.8 97.9
2019-11 104.9 98.2 107.4 101.3
2019-10 105.9 96.1 101.3 100.0
2019-09 108.4 99.8 102.5 101.9
2019-08 108.7 99.2 101.5 101.9
2019-07 103.1 102.8 99.6 100.4
2019-06 108.7 98.8 100.4 100.8
2019-05 111.1 104.0 102.1 102.2
2019-04 107.4 101.1 100.4 100.5
2019-03 107.8 100.3 102.2 101.5
2019-02 108.5 104.3 99.5 101.3
2019-01 108.1 102.5 102.0 102.3
2018-12 108.0 102.7 103.0 102.4
2018-11 109.1 102.2 105.1 103.1
2018-10 102.8 106.4 104.2 103.8
2018-09 107.8 107.8 105.8 105.5
2018-08 107.9 107.3 106.6 105.9
2018-07 107.4 107.8 106.7 106.6
2018-06 109.6 107.5 109.9 105.8
2018-05 108.2 110.9 108.4 107.7
2018-04 110.4 109.2 111.6 107.5
2018-03 109.3 109.3 111.2 109.6
2018-02 110.2 110.1 111.7 110.3
2018-01 111.2 111.4 112.2 111.4
2017-12 111.3 111.4 111.0 110.7
2017-11 112.0 109.9 110.2 111.7
2017-10 112.1 109.1 109.1 111.6
2017-09 106.9 107.8 110.1 109.3
2017-08 108.9 106.2 108.9 108.4
2017-07 109.2 108.6 109.1 107.0
2017-06 111.8 108.3 104.9 108.7
2017-05 105.8 108.3 105.3 106.9
2017-04 105.6 106.4 103.9 107.7
2017-03 104.5 103.9 104.6 104.9
2017-02 105.5 103.3 105.7 106.5
2017-01 103.8 101.5 106.2 105.7
2016-12 108.8 103.2 104.6 105.0
2016-11 108.1 99.5 102.0 101.6
2016-10 106.9 97.3 105.9 101.3
2016-09 109.3 98.5 105.3 100.5
2016-08 99.6 98.3 104.1 101.5
2016-07 104.7 97.5 105.4 101.8
2016-06 103.3 97.2 106.0 101.6
2016-05 103.5 97.2 105.9 104.0
2016-04 106.2 100.0 109.2 101.3
2016-03 101.7 99.2 105.9 101.3
2016-02 100.3 100.8 109.3 100.0
2016-01 101.7 100.7 108.2 99.6
2015-12 100.1 98.1 108.0 101.8
2015-11 102.6 99.7 107.8 99.5
2015-10 104.5 98.2 108.2 99.9
2015-09 105.7 96.0 109.3 102.7
2015-08 103.3 97.3 108.5 101.6
2015-07 108.6 98.4 105.0 102.9
2015-06 105.2 97.1 105.3 101.0
2015-05 101.9 97.3 104.9 101.6
2015-04 104.9 96.7 107.1 100.7
2015-03 101.0 94.3 105.2 100.2
2015-02 99.6 95.0 100.5 100.3
2015-01 103.4 93.3 101.4 99.8
2014-12 99.4 92.0 99.4 100.3
2014-11 96.2 92.0 99.9 99.8
2014-10 95.7 92.5 97.0 98.5
2014-09 94.4 92.1 100.9 97.2
2014-08 95.8 93.4 97.6 100.7
2014-07 97.3 89.0 98.6 99.1
2014-06 95.7 91.7 97.7 98.6
2014-05 98.3 93.7 97.6 99.5
2014-04 96.0 92.8 102.5 100.2
2014-03 99.8 92.8 100.5 102.5
2014-02 99.3 93.7 98.0 98.3
2014-01 99.5 91.0 101.9 98.7
2013-12 98.3 91.9 99.4 99.2
2013-11 98.2 92.1 102.1 98.7
2013-10 95.6 90.1 103.5 97.7
2013-09 95.0 89.8 97.2 97.2
2013-08 95.5 91.4 101.1 97.1
2013-07 92.5 89.4 98.4 94.9
2013-06 92.8 89.1 94.4 93.2
2013-05 91.6 89.3 94.7 91.8
2013-04 91.7 89.5 92.5 89.1
2013-03 94.0 88.8 93.3 91.2
2013-02 98.1 88.8 94.2 90.2
2013-01 97.7 87.9 92.8 91.2
2012-12 98.8 87.4 92.2 91.8
2012-11 98.3 87.2 92.7 92.2
2012-10 91.0 86.1 95.9 89.3
2012-09 96.9 90.9 97.6 93.6
2012-08 93.9 90.2 95.1 93.5
2012-07 94.6 90.8 95.4 92.2
2012-06 95.1 90.9 95.5 93.6
2012-05 93.4 94.9 95.0 95.9
2012-04 99.2 95.7 94.3 97.8
2012-03 102.7 96.4 103.1 97.1
2012-02 100.7 96.1 93.6 95.9
2012-01 100.0 96.1 94.6 94.1
2011-12 98.7 96.1 99.9 94.5
2011-11 102.3 96.0 102.6 94.2
2011-10 104.6 98.3 100.2 96.4
2011-09 102.0 99.5 98.4 98.1
2011-08 103.7 100.4 101.8 100.4
2011-07 111.7 102.4 103.5 105.0
2011-06 108.7 104.1 109.4 109.0
2011-05 110.0 103.2 105.0 107.8
2011-04 109.1 104.6 105.8 110.2
2011-03 106.8 106.4 106.2 109.9
2011-02 107.4 101.7 98.8 108.6
2011-01 109.1 103.8 104.9 105.3

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** (%) Feb-25 Mar-25 Apr-25
(C1) Man. of food products and beverages 20 97 94 98
(C3) Machinery and equipment goods 11 96 99 99
          [CI] Computer, electronic and optical products 4 104 108 108
          [CJ] Electrical equipment 3 97 99 98
          [CK] Machinery and equipment 5 91 94 94
(C4) Man. of transport equipment 19 102 97 105
          [CL1] Motor vehicles, trailers and semi-trailers 9 96 89 98
          [CL2] Other transport equipment 10 103 103 106
(C5) Other manufacturing 45 95 94 94
          [CB] Textiles, clothing industries, leather and footwear industry 2 104 103 93
          [CC] Wood, paper, printing 4 102 98 95
          [CE] Chemicals and chemical products 8 90 90 91
          [CG] Rubber and plastic products 7 88 88 91
          [CH] Basic metals and fabricated metal products 11 92 90 90
          [CM] Other manufacturing industries / Manufacture of other industrial products 10 104 102 107
  • * 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.

Revisions

The business climate in manufacturing industry of March 2025 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.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

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

Answers to this survey have been gathered between 27 March 2025 and 22 April 2025; most companies answer during the first two weeks of collection.

Next issue: 22 May 2025 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.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

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

Answers to this survey have been gathered between 27 March 2025 and 22 April 2025; most companies answer during the first two weeks of collection.

Next issue: 22 May 2025 at 8:45 am.

: bureau-de-presse@insee.fr
:

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