In Q1 2025, the margin rate of non-financial corporations (NFCs) fell slightly, by 0.2 points quarter on quarter, to 31.8% of their value added. The effect of the productivity gains generated by the fall in private payroll employment was offset by the rise in the real cost of labour, due to the dynamism of the average wage per capita at the start of the year. The reduction in net taxes on production gave a slight boost to the margin rate, following an increase in the property tax on business premises at the end of the year, but production subsidies decreased. Lastly, the deterioration in the terms of trade contributed -0.3 points to the change in the margin rate, due to the fall in the sale price of electricity in the domestic market. While the export price of electricity once again benefited from rising wholesale prices in European markets at the start of the year, its sale price in the domestic market fell in the wake of the cut in regulated tariffs in February, while the price paid by consumers fell to a lesser extent because of the tax hike introduced at the same time. In Q1 2025, therefore, the margin rate fell for the energy and transport services branches, it fell slightly in market services (excluding transport, finance and real estate), while it recovered in manufacturing due to relatively dynamic production prices...