Informations Rapides ·
18 December 2025 · n° 316
In December 2025, the business climate has confirmed its autumnal improvement Business indicator - December 2025
In December 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has gained one point for the third month in a row and stands at the highest since June 2024; the one of employment climate has fallen back.
In December 2025, the synthetic indicator of business climate, calculated from the responses of the business managers from the main market sectors, has gained one point for the third month in a row and stands at the highest since June 2024; the one of employment climate has fallen back.
In December 2025, the business climate indicator has gained one point again
In December 2025, the synthetic indicator of business climate in France has gained one point for the third month in a row. At 99, it has moved closer to its long term average (100) and has reached its highest level since June 2024. The business climate has sharply rebounded in retail trade and in manufacturing industry, more moderately in building construction, and has maintained in services.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2025-12 | 98.7 |
| 2025-11 | 97.7 |
| 2025-10 | 96.5 |
| 2025-09 | 95.9 |
| 2025-08 | 96.2 |
| 2025-07 | 95.8 |
| 2025-06 | 96.0 |
| 2025-05 | 95.5 |
| 2025-04 | 97.1 |
| 2025-03 | 96.6 |
| 2025-02 | 95.9 |
| 2025-01 | 95.4 |
| 2024-12 | 95.0 |
| 2024-11 | 96.1 |
| 2024-10 | 97.0 |
| 2024-09 | 97.4 |
| 2024-08 | 96.6 |
| 2024-07 | 94.4 |
| 2024-06 | 99.6 |
| 2024-05 | 99.9 |
| 2024-04 | 99.8 |
| 2024-03 | 100.4 |
| 2024-02 | 99.0 |
| 2024-01 | 99.5 |
| 2023-12 | 98.9 |
| 2023-11 | 98.1 |
| 2023-10 | 98.8 |
| 2023-09 | 99.9 |
| 2023-08 | 100.2 |
| 2023-07 | 100.6 |
| 2023-06 | 100.8 |
| 2023-05 | 100.6 |
| 2023-04 | 103.5 |
| 2023-03 | 103.0 |
| 2023-02 | 103.6 |
| 2023-01 | 102.8 |
| 2022-12 | 103.4 |
| 2022-11 | 102.9 |
| 2022-10 | 103.0 |
| 2022-09 | 102.2 |
| 2022-08 | 104.2 |
| 2022-07 | 103.7 |
| 2022-06 | 104.9 |
| 2022-05 | 106.4 |
| 2022-04 | 107.1 |
| 2022-03 | 107.3 |
| 2022-02 | 114.1 |
| 2022-01 | 109.2 |
| 2021-12 | 110.8 |
| 2021-11 | 114.9 |
| 2021-10 | 114.4 |
| 2021-09 | 112.1 |
| 2021-08 | 111.1 |
| 2021-07 | 113.5 |
| 2021-06 | 115.3 |
| 2021-05 | 111.0 |
| 2021-04 | 97.3 |
| 2021-03 | 98.3 |
| 2021-02 | 91.1 |
| 2021-01 | 94.3 |
| 2020-12 | 93.3 |
| 2020-11 | 78.0 |
| 2020-10 | 90.5 |
| 2020-09 | 93.8 |
| 2020-08 | 94.5 |
| 2020-07 | 90.9 |
| 2020-06 | 84.5 |
| 2020-05 | 58.7 |
| 2020-04 | 45.7 |
| 2020-03 | 93.8 |
| 2020-02 | 106.1 |
| 2020-01 | 106.8 |
| 2019-12 | 106.7 |
| 2019-11 | 107.0 |
| 2019-10 | 107.0 |
| 2019-09 | 107.1 |
| 2019-08 | 106.3 |
| 2019-07 | 106.4 |
| 2019-06 | 107.2 |
| 2019-05 | 107.3 |
| 2019-04 | 107.6 |
| 2019-03 | 106.2 |
| 2019-02 | 104.9 |
| 2019-01 | 104.6 |
| 2018-12 | 104.1 |
| 2018-11 | 107.0 |
| 2018-10 | 106.7 |
| 2018-09 | 107.5 |
| 2018-08 | 107.9 |
| 2018-07 | 108.2 |
| 2018-06 | 109.2 |
| 2018-05 | 109.6 |
| 2018-04 | 111.3 |
| 2018-03 | 111.8 |
| 2018-02 | 111.8 |
| 2018-01 | 112.9 |
| 2017-12 | 113.5 |
| 2017-11 | 112.4 |
| 2017-10 | 111.1 |
| 2017-09 | 111.2 |
| 2017-08 | 110.8 |
| 2017-07 | 109.8 |
| 2017-06 | 108.9 |
| 2017-05 | 107.9 |
| 2017-04 | 107.5 |
| 2017-03 | 106.7 |
| 2017-02 | 107.4 |
| 2017-01 | 106.5 |
| 2016-12 | 106.1 |
| 2016-11 | 103.7 |
| 2016-10 | 103.7 |
| 2016-09 | 103.6 |
| 2016-08 | 103.5 |
| 2016-07 | 103.9 |
| 2016-06 | 103.1 |
| 2016-05 | 104.5 |
| 2016-04 | 102.4 |
| 2016-03 | 103.1 |
| 2016-02 | 103.2 |
| 2016-01 | 104.2 |
| 2015-12 | 101.7 |
| 2015-11 | 103.1 |
| 2015-10 | 103.1 |
| 2015-09 | 102.2 |
| 2015-08 | 103.0 |
| 2015-07 | 101.3 |
| 2015-06 | 100.8 |
| 2015-05 | 99.7 |
| 2015-04 | 98.6 |
| 2015-03 | 97.0 |
| 2015-02 | 95.8 |
| 2015-01 | 94.9 |
| 2014-12 | 94.0 |
| 2014-11 | 93.8 |
| 2014-10 | 91.9 |
| 2014-09 | 92.0 |
| 2014-08 | 93.0 |
| 2014-07 | 94.5 |
| 2014-06 | 95.1 |
| 2014-05 | 95.8 |
| 2014-04 | 96.3 |
| 2014-03 | 96.4 |
| 2014-02 | 95.3 |
| 2014-01 | 95.6 |
| 2013-12 | 94.2 |
| 2013-11 | 94.9 |
| 2013-10 | 95.4 |
| 2013-09 | 95.7 |
| 2013-08 | 91.8 |
| 2013-07 | 88.5 |
| 2013-06 | 86.7 |
| 2013-05 | 85.3 |
| 2013-04 | 84.2 |
| 2013-03 | 85.7 |
| 2013-02 | 87.8 |
| 2013-01 | 87.7 |
| 2012-12 | 88.3 |
| 2012-11 | 87.4 |
| 2012-10 | 85.9 |
| 2012-09 | 87.9 |
| 2012-08 | 89.4 |
| 2012-07 | 90.7 |
| 2012-06 | 91.5 |
| 2012-05 | 92.8 |
| 2012-04 | 97.2 |
| 2012-03 | 95.4 |
| 2012-02 | 92.7 |
| 2012-01 | 92.8 |
| 2011-12 | 94.3 |
| 2011-11 | 95.4 |
| 2011-10 | 97.6 |
| 2011-09 | 98.6 |
| 2011-08 | 101.3 |
| 2011-07 | 106.4 |
| 2011-06 | 108.0 |
| 2011-05 | 108.3 |
| 2011-04 | 109.0 |
| 2011-03 | 109.9 |
| 2011-02 | 109.3 |
| 2011-01 | 108.1 |
| 2010-12 | 107.2 |
| 2010-11 | 105.6 |
| 2010-10 | 104.8 |
| 2010-09 | 102.9 |
| 2010-08 | 100.8 |
| 2010-07 | 98.6 |
| 2010-06 | 96.8 |
| 2010-05 | 97.3 |
| 2010-04 | 96.1 |
| 2010-03 | 92.1 |
| 2010-02 | 92.9 |
| 2010-01 | 92.3 |
| 2009-12 | 90.7 |
| 2009-11 | 90.6 |
| 2009-10 | 88.8 |
| 2009-09 | 85.9 |
| 2009-08 | 82.9 |
| 2009-07 | 79.7 |
| 2009-06 | 77.6 |
| 2009-05 | 74.0 |
| 2009-04 | 70.8 |
| 2009-03 | 69.1 |
| 2009-02 | 72.7 |
| 2009-01 | 74.5 |
| 2008-12 | 76.2 |
| 2008-11 | 79.1 |
| 2008-10 | 82.7 |
| 2008-09 | 92.4 |
| 2008-08 | 94.7 |
| 2008-07 | 96.1 |
| 2008-06 | 99.8 |
| 2008-05 | 103.3 |
| 2008-04 | 105.9 |
| 2008-03 | 108.3 |
| 2008-02 | 108.5 |
| 2008-01 | 109.6 |
| 2007-12 | 110.2 |
| 2007-11 | 110.3 |
| 2007-10 | 110.1 |
| 2007-09 | 111.4 |
| 2007-08 | 112.1 |
| 2007-07 | 113.2 |
| 2007-06 | 114.0 |
| 2007-05 | 113.0 |
| 2007-04 | 112.7 |
| 2007-03 | 112.1 |
| 2007-02 | 111.7 |
| 2007-01 | 109.9 |
| 2006-12 | 109.9 |
| 2006-11 | 111.5 |
| 2006-10 | 109.7 |
| 2006-09 | 109.7 |
| 2006-08 | 109.1 |
| 2006-07 | 108.5 |
| 2006-06 | 106.4 |
| 2006-05 | 106.9 |
| 2006-04 | 105.1 |
| 2006-03 | 104.5 |
| 2006-02 | 104.0 |
| 2006-01 | 106.5 |
| 2005-12 | 105.0 |
| 2005-11 | 103.2 |
| 2005-10 | 103.9 |
| 2005-09 | 100.8 |
| 2005-08 | 101.6 |
| 2005-07 | 101.8 |
| 2005-06 | 102.0 |
| 2005-05 | 100.9 |
| 2005-04 | 103.6 |
| 2005-03 | 104.5 |
| 2005-02 | 104.4 |
| 2005-01 | 103.9 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
In December 2025, the business climate has sharply rebounded in the whole sector comprising retail trade and trade and repair of motor vehicles. At 104, the synthetic indicator has gained seven points, has clearly moved above its long-term average (100), and has reached its highest level since January 2024. This rebound mainly results from a rise in the balances related to ordering intentions both in retail trade (excluding motor vehicles) and in trade and repair of motor vehicles.
The business climate has rebounded also in manufacturing industry, mainly in the manufacturing of “other transport equipment”. At 102, the synthetic indicator has gained four points, returned above its long-term average (100), and has reached its highest level since March 2024. This increase comes from the strong improvement in the balance of opinion on the evolution of past production and from the rebound of those relating to order books.
The business climate has rebounded more moderately in building construction. At 96, the synthetic indicator has gained one point but remains below its long-term average (100). The opinion of the business managers on their activity, both past and expected, has improved compared to November.
Lastly, the business climate has maintained in services. At 98, the synthetic indicator remains stable, slightly below its long term average (100). The business climate has particularly confirmed its improvement in corporate services.
tableauBusiness and employment climates
| Aug. 25 | Sep. 25 | Oct. 25 | Nov. 25 | Dec. 25 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 96 | 96 | 97 | 98 | 99 |
| Manufacturing industry | 97 | 97 | 101 | 98 | 102 |
| Building construction | 97 | 98 | 96 | 95 | 96 |
| Services | 96 | 98 | 95 | 98 | 98 |
| Retail trade* | 93 | 92 | 99 | 97 | 104 |
| Wholesale trade | 98 | 98 | |||
| Employment | 95 | 93 | 95 | 96 | 95 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has fallen back
In December 2025, the synthetic indicator of employment climate has lost one point and has returned to its October level. This decrease is mainly due to the downturn in the balance of future workforce size in services (including temporary work agencies).
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2025-12 | 94.5 |
| 2025-11 | 96.4 |
| 2025-10 | 94.7 |
| 2025-09 | 93.4 |
| 2025-08 | 94.8 |
| 2025-07 | 95.9 |
| 2025-06 | 98.3 |
| 2025-05 | 93.6 |
| 2025-04 | 97.8 |
| 2025-03 | 96.4 |
| 2025-02 | 93.5 |
| 2025-01 | 97.0 |
| 2024-12 | 96.5 |
| 2024-11 | 98.4 |
| 2024-10 | 97.4 |
| 2024-09 | 98.6 |
| 2024-08 | 98.4 |
| 2024-07 | 97.2 |
| 2024-06 | 100.1 |
| 2024-05 | 101.7 |
| 2024-04 | 102.2 |
| 2024-03 | 100.9 |
| 2024-02 | 103.0 |
| 2024-01 | 99.6 |
| 2023-12 | 101.0 |
| 2023-11 | 99.9 |
| 2023-10 | 103.0 |
| 2023-09 | 104.1 |
| 2023-08 | 102.2 |
| 2023-07 | 106.4 |
| 2023-06 | 106.6 |
| 2023-05 | 107.0 |
| 2023-04 | 110.4 |
| 2023-03 | 109.7 |
| 2023-02 | 110.2 |
| 2023-01 | 111.4 |
| 2022-12 | 110.1 |
| 2022-11 | 108.9 |
| 2022-10 | 109.5 |
| 2022-09 | 108.4 |
| 2022-08 | 109.4 |
| 2022-07 | 111.2 |
| 2022-06 | 109.2 |
| 2022-05 | 111.1 |
| 2022-04 | 112.5 |
| 2022-03 | 113.7 |
| 2022-02 | 114.4 |
| 2022-01 | 110.8 |
| 2021-12 | 110.4 |
| 2021-11 | 113.2 |
| 2021-10 | 112.6 |
| 2021-09 | 106.5 |
| 2021-08 | 108.2 |
| 2021-07 | 108.2 |
| 2021-06 | 106.6 |
| 2021-05 | 101.2 |
| 2021-04 | 92.0 |
| 2021-03 | 90.8 |
| 2021-02 | 83.9 |
| 2021-01 | 87.1 |
| 2020-12 | 83.7 |
| 2020-11 | 81.4 |
| 2020-10 | 89.4 |
| 2020-09 | 91.6 |
| 2020-08 | 88.8 |
| 2020-07 | 79.0 |
| 2020-06 | 68.4 |
| 2020-05 | 50.7 |
| 2020-04 | 42.0 |
| 2020-03 | 97.6 |
| 2020-02 | 105.8 |
| 2020-01 | 106.0 |
| 2019-12 | 107.5 |
| 2019-11 | 107.5 |
| 2019-10 | 107.2 |
| 2019-09 | 107.1 |
| 2019-08 | 108.0 |
| 2019-07 | 107.3 |
| 2019-06 | 108.2 |
| 2019-05 | 106.3 |
| 2019-04 | 108.8 |
| 2019-03 | 108.5 |
| 2019-02 | 108.2 |
| 2019-01 | 106.5 |
| 2018-12 | 105.3 |
| 2018-11 | 104.9 |
| 2018-10 | 107.5 |
| 2018-09 | 107.1 |
| 2018-08 | 108.4 |
| 2018-07 | 108.5 |
| 2018-06 | 109.8 |
| 2018-05 | 110.8 |
| 2018-04 | 110.2 |
| 2018-03 | 110.8 |
| 2018-02 | 109.5 |
| 2018-01 | 109.5 |
| 2017-12 | 108.6 |
| 2017-11 | 107.2 |
| 2017-10 | 108.1 |
| 2017-09 | 106.5 |
| 2017-08 | 106.0 |
| 2017-07 | 106.6 |
| 2017-06 | 107.4 |
| 2017-05 | 107.7 |
| 2017-04 | 107.2 |
| 2017-03 | 107.6 |
| 2017-02 | 104.4 |
| 2017-01 | 105.7 |
| 2016-12 | 106.4 |
| 2016-11 | 105.4 |
| 2016-10 | 104.8 |
| 2016-09 | 105.1 |
| 2016-08 | 102.4 |
| 2016-07 | 104.7 |
| 2016-06 | 101.0 |
| 2016-05 | 101.6 |
| 2016-04 | 99.6 |
| 2016-03 | 99.2 |
| 2016-02 | 100.4 |
| 2016-01 | 101.3 |
| 2015-12 | 100.5 |
| 2015-11 | 101.3 |
| 2015-10 | 99.5 |
| 2015-09 | 99.6 |
| 2015-08 | 100.1 |
| 2015-07 | 99.1 |
| 2015-06 | 98.7 |
| 2015-05 | 96.7 |
| 2015-04 | 96.6 |
| 2015-03 | 94.6 |
| 2015-02 | 95.1 |
| 2015-01 | 93.1 |
| 2014-12 | 94.1 |
| 2014-11 | 93.6 |
| 2014-10 | 93.6 |
| 2014-09 | 93.7 |
| 2014-08 | 93.5 |
| 2014-07 | 94.6 |
| 2014-06 | 94.6 |
| 2014-05 | 96.2 |
| 2014-04 | 96.9 |
| 2014-03 | 95.0 |
| 2014-02 | 93.6 |
| 2014-01 | 94.1 |
| 2013-12 | 93.7 |
| 2013-11 | 92.8 |
| 2013-10 | 93.6 |
| 2013-09 | 91.1 |
| 2013-08 | 90.4 |
| 2013-07 | 89.5 |
| 2013-06 | 88.5 |
| 2013-05 | 85.1 |
| 2013-04 | 86.4 |
| 2013-03 | 88.2 |
| 2013-02 | 88.9 |
| 2013-01 | 91.8 |
| 2012-12 | 89.3 |
| 2012-11 | 89.6 |
| 2012-10 | 91.3 |
| 2012-09 | 91.3 |
| 2012-08 | 93.0 |
| 2012-07 | 92.2 |
| 2012-06 | 93.4 |
| 2012-05 | 94.6 |
| 2012-04 | 97.7 |
| 2012-03 | 98.3 |
| 2012-02 | 97.4 |
| 2012-01 | 97.6 |
| 2011-12 | 98.4 |
| 2011-11 | 100.4 |
| 2011-10 | 99.6 |
| 2011-09 | 103.6 |
| 2011-08 | 105.2 |
| 2011-07 | 109.7 |
| 2011-06 | 111.1 |
| 2011-05 | 111.2 |
| 2011-04 | 109.0 |
| 2011-03 | 109.0 |
| 2011-02 | 110.5 |
| 2011-01 | 102.8 |
| 2010-12 | 105.5 |
| 2010-11 | 104.2 |
| 2010-10 | 102.7 |
| 2010-09 | 99.7 |
| 2010-08 | 98.2 |
| 2010-07 | 97.5 |
| 2010-06 | 97.5 |
| 2010-05 | 96.5 |
| 2010-04 | 95.1 |
| 2010-03 | 93.0 |
| 2010-02 | 90.6 |
| 2010-01 | 90.0 |
| 2009-12 | 88.5 |
| 2009-11 | 86.7 |
| 2009-10 | 84.4 |
| 2009-09 | 82.9 |
| 2009-08 | 84.1 |
| 2009-07 | 79.2 |
| 2009-06 | 75.1 |
| 2009-05 | 74.1 |
| 2009-04 | 74.6 |
| 2009-03 | 74.5 |
| 2009-02 | 79.0 |
| 2009-01 | 80.9 |
| 2008-12 | 84.0 |
| 2008-11 | 88.5 |
| 2008-10 | 95.7 |
| 2008-09 | 100.2 |
| 2008-08 | 101.3 |
| 2008-07 | 106.7 |
| 2008-06 | 104.6 |
| 2008-05 | 108.7 |
| 2008-04 | 113.1 |
| 2008-03 | 112.9 |
| 2008-02 | 114.4 |
| 2008-01 | 114.6 |
| 2007-12 | 114.7 |
| 2007-11 | 113.8 |
| 2007-10 | 112.4 |
| 2007-09 | 114.1 |
| 2007-08 | 113.5 |
| 2007-07 | 111.7 |
| 2007-06 | 113.6 |
| 2007-05 | 114.6 |
| 2007-04 | 111.9 |
| 2007-03 | 111.5 |
| 2007-02 | 112.2 |
| 2007-01 | 109.8 |
| 2006-12 | 112.0 |
| 2006-11 | 111.2 |
| 2006-10 | 109.8 |
| 2006-09 | 108.7 |
| 2006-08 | 109.9 |
| 2006-07 | 110.5 |
| 2006-06 | 111.4 |
| 2006-05 | 108.9 |
| 2006-04 | 108.3 |
| 2006-03 | 105.8 |
| 2006-02 | 105.1 |
| 2006-01 | 105.0 |
| 2005-12 | 103.4 |
| 2005-11 | 104.1 |
| 2005-10 | 104.1 |
| 2005-09 | 104.1 |
| 2005-08 | 104.0 |
| 2005-07 | 103.6 |
| 2005-06 | 103.0 |
| 2005-05 | 103.8 |
| 2005-04 | 103.4 |
| 2005-03 | 105.8 |
| 2005-02 | 103.2 |
| 2005-01 | 103.2 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The indicator of the business climate in building construction for November 2025 has been revised downwards by one point (after rounding). This revision is mainly due to the inclusion of late responses from companies. The other synthetic indicators of climate have not been revised (after rounding).
For further information
The business climate indicator summarises the information provided by the business tendency surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from the 26 balances of opinion used in the build of the sectoral climates according to a dynamic approach, in order to include the bimonthly indicators of wholesale trade.
The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction. The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.
The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to these surveys were collected between 26 November and 15 December 2025; most companies answer during the first two weeks of collection.
Next issue: 23 January 2026 at 08:45 am.
Documentation
Methodology Note (in french) (pdf,151 Ko)
Pour en savoir plus
The business climate indicator summarises the information provided by the business tendency surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from the 26 balances of opinion used in the build of the sectoral climates according to a dynamic approach, in order to include the bimonthly indicators of wholesale trade.
The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction. The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.
The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to these surveys were collected between 26 November and 15 December 2025; most companies answer during the first two weeks of collection.
Next issue: 23 January 2026 at 08:45 am.