Informations Rapides · 23 October 2025 · n° 260

In October 2025, industrials anticipate an increase in demand Quarterly business survey (goods-producing industries) - October 2025

In October 2025, business leaders in the manufacturing industry view a little more favourably than in July the past evolutions of foreign demand, while their opinion on global demand has slightly deteriorated. Moreover, they anticipate an increase in demand, both global and foreign, over the next three months. Finally, business leaders consider production bottlenecks to be less restrictive than in July.

In October 2025, the balance of opinion on past change in foreign demand has rebounded slightly, above its average, while the one relating to global demand has fallen back and returned to its own. Regarding the three months outlook, balances of opinion on future changes in demand, both global and foreign, have rebounded and moved above their average.

In October 2025, the share of industrial companies estimating that they would not be able to increase their production with their current resources if they received more orders, has diminished: at 37%, this proportion remains high, well above its long period average. Slightly more business leaders than three months ago have deemed their production capacities sufficient given the expected change in orders over the coming months: the associated balance of opinion has increased slightly but remains well below its average. Finally, the production capacity utilisation rate has slightly decreased: at 81%, it has moved a little away from its average level.

The balance of opinion on the expected change in investments over the next three months has increased and returned to its average.

In October 2025, the share of companies reporting experiencing hiring difficulties has continued its decline started three years ago. However, these difficulties remain widespread: 38% of business leaders report experiencing them, a proportion higher than the long period average.

In October 2025, business leaders consider, on average, that their selling prices have decreased by 0.3% over the last three months. For the next three months, they anticipate a slight increase (0.1%) in their selling prices.

The balance of opinion on general prospects of change in hourly wages in industry has strongly diminished. It stands well below its long period average and has reached its lowest level since April 2009 (excluding COVID-19 pandemic).

The balance of opinion associated with the cash-flow situation of industrial enterprises is stable, below its average level.

In the manufacturing industry, fewer business leaders in October 2025 than in April 2025 have estimated that their investments will increase in 2025 compared to 2024. The associated balance of opinion has been particularly revised downwards in the manufacturing of machinery and equipment goods.

In October 2025, manufacturers have formulated an initial assessment on the expected change in their investments between 2025 and 2026: the associated balance of opinion for 2026 is slightly higher than the one envisioned for 2025 a year prior. However, this optimism solely comes from the manufacturing of other transport equipments. In the manufacturing of food products and beverages and in “other industries”, industrials are a little less optimistic than a year prior, while they are markedly less optimistic in the manufacturing of machinery and equipment goods.