Informations Rapides ·
18 December 2025 · n° 320
In December 2025, the business climate in services remains slightly below its long-term
average Monthly survey of services - December 2025
According to the business managers surveyed in December 2025, the business climate in services is stable compared with the previous month. At 98, the indicator that synthesises it remains below its long-term average (100).
According to the business managers surveyed in December 2025, the business climate in services is stable compared with the previous month. At 98, the indicator that synthesises it remains below its long-term average (100).
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-12 | 98.1 |
| 2025-11 | 98.2 |
| 2025-10 | 95.2 |
| 2025-09 | 97.7 |
| 2025-08 | 95.8 |
| 2025-07 | 96.3 |
| 2025-06 | 95.5 |
| 2025-05 | 95.0 |
| 2025-04 | 99.2 |
| 2025-03 | 97.4 |
| 2025-02 | 97.5 |
| 2025-01 | 96.2 |
| 2024-12 | 96.5 |
| 2024-11 | 97.8 |
| 2024-10 | 99.9 |
| 2024-09 | 98.3 |
| 2024-08 | 97.5 |
| 2024-07 | 96.1 |
| 2024-06 | 101.6 |
| 2024-05 | 102.8 |
| 2024-04 | 101.2 |
| 2024-03 | 102.7 |
| 2024-02 | 100.0 |
| 2024-01 | 101.6 |
| 2023-12 | 100.5 |
| 2023-11 | 99.7 |
| 2023-10 | 100.1 |
| 2023-09 | 100.6 |
| 2023-08 | 101.6 |
| 2023-07 | 102.3 |
| 2023-06 | 102.4 |
| 2023-05 | 101.8 |
| 2023-04 | 104.4 |
| 2023-03 | 103.9 |
| 2023-02 | 105.6 |
| 2023-01 | 104.8 |
| 2022-12 | 104.3 |
| 2022-11 | 104.4 |
| 2022-10 | 105.3 |
| 2022-09 | 105.2 |
| 2022-08 | 106.8 |
| 2022-07 | 106.2 |
| 2022-06 | 107.6 |
| 2022-05 | 109.3 |
| 2022-04 | 109.6 |
| 2022-03 | 108.5 |
| 2022-02 | 112.6 |
| 2022-01 | 106.1 |
| 2021-12 | 108.5 |
| 2021-11 | 114.5 |
| 2021-10 | 113.9 |
| 2021-09 | 110.4 |
| 2021-08 | 108.7 |
| 2021-07 | 111.2 |
| 2021-06 | 112.6 |
| 2021-05 | 107.5 |
| 2021-04 | 92.7 |
| 2021-03 | 94.0 |
| 2021-02 | 87.5 |
| 2021-01 | 91.4 |
| 2020-12 | 90.0 |
| 2020-11 | 76.0 |
| 2020-10 | 87.9 |
| 2020-09 | 93.5 |
| 2020-08 | 93.4 |
| 2020-07 | 88.6 |
| 2020-06 | 76.7 |
| 2020-05 | 48.6 |
| 2020-04 | 37.6 |
| 2020-03 | 91.9 |
| 2020-02 | 105.6 |
| 2020-01 | 106.4 |
| 2019-12 | 106.8 |
| 2019-11 | 106.3 |
| 2019-10 | 106.0 |
| 2019-09 | 105.9 |
| 2019-08 | 105.4 |
| 2019-07 | 105.4 |
| 2019-06 | 106.3 |
| 2019-05 | 106.2 |
| 2019-04 | 107.0 |
| 2019-03 | 105.0 |
| 2019-02 | 104.0 |
| 2019-01 | 103.9 |
| 2018-12 | 102.7 |
| 2018-11 | 104.4 |
| 2018-10 | 103.9 |
| 2018-09 | 104.8 |
| 2018-08 | 104.3 |
| 2018-07 | 105.0 |
| 2018-06 | 104.9 |
| 2018-05 | 104.9 |
| 2018-04 | 106.8 |
| 2018-03 | 107.4 |
| 2018-02 | 106.6 |
| 2018-01 | 107.6 |
| 2017-12 | 109.3 |
| 2017-11 | 108.0 |
| 2017-10 | 107.3 |
| 2017-09 | 107.1 |
| 2017-08 | 107.0 |
| 2017-07 | 104.4 |
| 2017-06 | 103.7 |
| 2017-05 | 103.4 |
| 2017-04 | 103.9 |
| 2017-03 | 103.6 |
| 2017-02 | 103.2 |
| 2017-01 | 101.8 |
| 2016-12 | 103.6 |
| 2016-11 | 100.9 |
| 2016-10 | 100.7 |
| 2016-09 | 100.7 |
| 2016-08 | 100.1 |
| 2016-07 | 100.3 |
| 2016-06 | 99.1 |
| 2016-05 | 100.8 |
| 2016-04 | 98.2 |
| 2016-03 | 99.5 |
| 2016-02 | 99.9 |
| 2016-01 | 100.1 |
| 2015-12 | 97.0 |
| 2015-11 | 99.2 |
| 2015-10 | 99.4 |
| 2015-09 | 97.5 |
| 2015-08 | 98.5 |
| 2015-07 | 97.4 |
| 2015-06 | 96.8 |
| 2015-05 | 95.3 |
| 2015-04 | 93.8 |
| 2015-03 | 92.2 |
| 2015-02 | 91.2 |
| 2015-01 | 91.0 |
| 2014-12 | 91.1 |
| 2014-11 | 91.0 |
| 2014-10 | 90.9 |
| 2014-09 | 90.8 |
| 2014-08 | 91.3 |
| 2014-07 | 92.3 |
| 2014-06 | 92.0 |
| 2014-05 | 92.0 |
| 2014-04 | 93.0 |
| 2014-03 | 92.9 |
| 2014-02 | 92.0 |
| 2014-01 | 92.1 |
| 2013-12 | 90.6 |
| 2013-11 | 92.2 |
| 2013-10 | 91.5 |
| 2013-09 | 92.2 |
| 2013-08 | 88.4 |
| 2013-07 | 86.2 |
| 2013-06 | 85.6 |
| 2013-05 | 84.3 |
| 2013-04 | 82.9 |
| 2013-03 | 83.8 |
| 2013-02 | 86.9 |
| 2013-01 | 88.0 |
| 2012-12 | 86.8 |
| 2012-11 | 85.1 |
| 2012-10 | 85.8 |
| 2012-09 | 86.9 |
| 2012-08 | 87.1 |
| 2012-07 | 89.3 |
| 2012-06 | 89.8 |
| 2012-05 | 91.8 |
| 2012-04 | 95.5 |
| 2012-03 | 93.1 |
| 2012-02 | 91.7 |
| 2012-01 | 92.2 |
| 2011-12 | 94.4 |
| 2011-11 | 94.9 |
| 2011-10 | 97.2 |
| 2011-09 | 98.2 |
| 2011-08 | 100.5 |
| 2011-07 | 105.1 |
| 2011-06 | 107.4 |
| 2011-05 | 107.7 |
| 2011-04 | 109.2 |
| 2011-03 | 110.7 |
| 2011-02 | 109.5 |
| 2011-01 | 107.4 |
| 2010-12 | 107.1 |
| 2010-11 | 104.9 |
| 2010-10 | 102.9 |
| 2010-09 | 101.7 |
| 2010-08 | 100.7 |
| 2010-07 | 99.1 |
| 2010-06 | 98.3 |
| 2010-05 | 99.4 |
| 2010-04 | 97.8 |
| 2010-03 | 94.3 |
| 2010-02 | 94.2 |
| 2010-01 | 93.9 |
| 2009-12 | 92.5 |
| 2009-11 | 92.1 |
| 2009-10 | 90.5 |
| 2009-09 | 87.3 |
| 2009-08 | 83.8 |
| 2009-07 | 81.3 |
| 2009-06 | 77.3 |
| 2009-05 | 72.4 |
| 2009-04 | 68.1 |
| 2009-03 | 67.8 |
| 2009-02 | 73.0 |
| 2009-01 | 74.2 |
| 2008-12 | 77.0 |
| 2008-11 | 80.0 |
| 2008-10 | 84.0 |
| 2008-09 | 93.0 |
| 2008-08 | 94.9 |
| 2008-07 | 96.5 |
| 2008-06 | 101.1 |
| 2008-05 | 104.4 |
| 2008-04 | 106.9 |
| 2008-03 | 108.8 |
| 2008-02 | 108.8 |
| 2008-01 | 110.8 |
| 2007-12 | 109.2 |
| 2007-11 | 110.5 |
| 2007-10 | 110.4 |
| 2007-09 | 111.8 |
| 2007-08 | 112.7 |
| 2007-07 | 113.6 |
| 2007-06 | 113.0 |
| 2007-05 | 113.2 |
| 2007-04 | 113.4 |
| 2007-03 | 113.8 |
| 2007-02 | 112.9 |
| 2007-01 | 111.2 |
| 2006-12 | 111.7 |
| 2006-11 | 113.5 |
| 2006-10 | 111.2 |
| 2006-09 | 111.1 |
| 2006-08 | 110.9 |
| 2006-07 | 110.8 |
| 2006-06 | 109.5 |
| 2006-05 | 111.0 |
| 2006-04 | 108.1 |
| 2006-03 | 107.9 |
| 2006-02 | 106.6 |
| 2006-01 | 109.3 |
| 2005-12 | 107.3 |
| 2005-11 | 106.8 |
| 2005-10 | 108.7 |
| 2005-09 | 107.2 |
| 2005-08 | 107.6 |
| 2005-07 | 108.0 |
| 2005-06 | 108.7 |
| 2005-05 | 106.4 |
| 2005-04 | 108.4 |
| 2005-03 | 108.6 |
| 2005-02 | 106.5 |
| 2005-01 | 106.7 |
graphiqueBusiness climate composite indicator
- Source: INSEE.
Business managers’ opinion on both their activity and the business outlook of their sector is virtually stable
In December 2025, the business managers in services maintain their assessment concerning both their expected and past activity, and the general outlook of their sector: the associated balances are virtually stable. The balances related to activity remain below their long-term average, while the one related to the general outlook stands just above it. The balance related to expected demand has slightly deteriorated and has moved away from its long-term average.
The balance of opinion on expected change in workforce size has retreated and stands below its average level, while the one related to past change in workforce size has increased, below its average.
The balance related to past selling prices has decreased again and has moved closer to its long-term average, whereas the one related to expected selling prices has rebounded and has moved away from its own.
The balance on the economic uncertainty felt is stable, at its average.
tableauEconomic outlook in the services sector
| Average* | Sept. 2025 | Oct. 2025 | Nov. 2025 | Dec. 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 98 | 95 | 98 | 98 |
| General outlook | -7 | -10 | -9 | -7 | -6 |
| Past activity | 2 | 1 | -4 | -2 | -1 |
| Expected activity | 1 | 1 | -5 | -2 | -1 |
| Expected demand | 0 | -2 | -8 | -2 | -4 |
| Past selling prices | -3 | 2 | 2 | 0 | -2 |
| Expected selling prices | -2 | 0 | 1 | 0 | 2 |
| Past employment | 2 | -12 | -7 | -7 | -5 |
| Past employment except temporary work agencies | 0 | -10 | -11 | -6 | -5 |
| Expected employment | 2 | -8 | -5 | -2 | -6 |
| Expected employment except temporary work agencies | -1 | -6 | -5 | -4 | -6 |
| Economic uncertainty felt** | 12 | 12 | 13 | 12 | 12 |
- * Average since 1989 for the composite indicator and since 1988 for the balances of opinion, except general outlook (June 2000) and uncertainty (April 2021).
- ** Balance of opinion not seasonally adjusted.
- Source: INSEE, monthly business survey in services.
The business climate in corporate services has confirmed its improvement
In December 2025, the business climate indicator in information-communication is stable, slightly below its long-term average. The rebound in the balance related to the general outlook of the sector has been offset by the decrease in those on expected demand and past workforce size.
In professional, scientific and technical activities, the business climate has brightened again, but remains below its long-term average. In particular, the balances related to the general outlook of the sector and to expected activity have increased again.
In administrative and support services, the business climate has brightened for the third month in a row. Just below its long-term average, it has reached its highest level since December 2023. This increase is mainly due to the sharp improvement in the balances related to both past activity and past workforce size.
In real estate activities, the business climate has rebounded, but remains below its long-term average for the sixth month in a row. The balance related to expected activity has continued its decrease, whereas the balances on workforce size, both past and expected, have rebounded.
In accommodation and food services, the business climate has very slightly decreased, just below its long-term average. The balances related to both expected demand and expected activity have increased, while those related to past activity and expected workforce size have strongly decreased.
Finally, the business climate in road freight transport has retreated after last month’s improvement and has moved away from its average level. In particular, the balance related to expected demand has very strongly retreated and has moved back below its average.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Sept. 2025 | Oct. 2025 | Nov. 2025 | Dec. 2025 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 95 | 96 | 100 | 97 |
| General outlook | -19 | -23 | -19 | -18 | -17 |
| Past activity | -6 | -1 | -1 | 2 | 4 |
| Expected activity | -7 | -15 | -13 | -11 | -13 |
| Expected demand | -10 | -21 | -22 | -4 | -21 |
| Past employment | -6 | -12 | -9 | -12 | -3 |
| Expected employment | -7 | -16 | -12 | -9 | -18 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 99 | 100 | 99 | 98 |
| General outlook | -13 | -17 | -9 | -11 | -13 |
| Past activity | -7 | -12 | -1 | -5 | -16 |
| Expected activity | -8 | -11 | -13 | -13 | -7 |
| Expected demand | -9 | -10 | -18 | -16 | -14 |
| Past employment | -5 | -8 | -2 | -3 | -4 |
| Expected employment | -5 | -2 | 1 | -2 | -12 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 99 | 95 | 98 | 98 |
| General outlook | 0 | -3 | -2 | -3 | 1 |
| Past activity | 8 | 9 | -2 | 3 | 6 |
| Expected activity | 9 | 18 | 2 | 7 | 6 |
| Expected demand | 10 | 14 | 3 | 9 | 2 |
| Past employment | 6 | -13 | -8 | 0 | -7 |
| Expected employment | 10 | 5 | -1 | 3 | 6 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 94 | 97 | 94 | 96 |
| General outlook | -4 | -3 | -3 | -4 | -4 |
| Past activity | 6 | 1 | 1 | 5 | 5 |
| Expected activity | 6 | 0 | 6 | 3 | 1 |
| Expected demand | 1 | -5 | -3 | -4 | -1 |
| Past employment | 2 | -4 | 2 | -6 | 2 |
| Expected employment | 2 | -3 | -6 | -10 | -5 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 95 | 94 | 96 | 98 |
| General outlook | -8 | -13 | -12 | -8 | -6 |
| Past activity | -1 | -1 | -10 | -9 | -12 |
| Expected activity | -3 | -10 | -11 | -8 | -5 |
| Expected demand | -6 | -13 | -13 | -10 | -10 |
| Past employment | 0 | -2 | -6 | -9 | -5 |
| Expected employment | 1 | -7 | -6 | -6 | -4 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 94 | 95 | 98 | 99 |
| General outlook | -3 | -8 | -5 | -5 | -3 |
| Past activity | 5 | -2 | -2 | -4 | 3 |
| Expected activity | 4 | -2 | -3 | 2 | 3 |
| Expected demand | 2 | -3 | -5 | 2 | 3 |
| Past employment | 6 | -22 | -8 | -9 | -3 |
| Expected employment | 6 | -17 | -5 | 2 | -6 |
- The figures in parentheses indicate the weights used to aggregate the sub-sector balances of opinion. The “other services” sub-sector is not displayed due to its low weight.
- *Composite indicator: average since 1989 (2006 for road transport); balances of opinion: average since 1988, except general outlook since June 2000 (2006 for road transport).
- Source: INSEE, monthly business survey in services.
Revision
The business climate in services for November 2025 has not been revised (after rounding).
For further information
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. 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. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.
This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to this survey were collected between 26 November and 15 December 2025; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 23 January 2026 at 8:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Abbreviated methodology (in French) (pdf,193 Ko)
Pour en savoir plus
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. 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. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.
This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to this survey were collected between 26 November and 15 December 2025; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 23 January 2026 at 8:45 am.