Informations Rapides · 24 February 2026 · n° 41

In February 2026, the business climate in manufacturing industry has fallen back, but remains above its long-term average Monthly business survey (goods-producing industries) - February 2026

In February 2026, the business climate in manufacturing industry has fallen back. At 102, the synthetic indicator has lost three points but remains above its long-term average (100). The opinion of manufacturers on their production (past and expected) as well as on their global order books has deteriorated sharply.

In February 2026, the balance of opinion associated with personal production prospects has fallen back strongly but remains above its average. The one relating to general production prospects in the industry has also fallen back, just above its own. Regarding the balance associated with the change in past production, it has decreased again and moved back just below its average. The balance of opinion on economic uncertainty felt by business leaders has slightly declined but remains above its own.

The balance of opinion associated with the level of global order books has markedly resumed declining but remains above its average. The one associated with the level of foreign order books is stable, well above its own.

The balance of opinion on the current level of finished goods inventories has slightly rebounded but remains below its average.

The balances of opinion relating to the evolution of workforce size, both past and expected, have decreased. The one on the expected evolution remains well above its average, while the one on the past evolution has edged closer to its own.

The balance of opinion relating to the expected trend in selling prices over the next three months has increased after three months of stability and has moved back above its long-term average.

The share of companies reporting being limited in their production by workforce shortage has decreased sharply and has almost moved back to its average. The share of those reporting sourcing difficulties as a limiting factor to their production has increased, for the third consecutive month, and has reached its highest level since November 2023. Overall, the proportion of companies declaring supply-side obstacles only has increased, after three months of stability, and has reached its highest level since January 2024: at 27%, it has moved away from its average. The proportion of companies reporting obstacles linked to demand only has increased again: at 25%, it stays however well below its long-term average. Finally, the share of companies reporting obstacles both linked to supply and demand has decreased again and has moved back to its average.

In February 2026, the business climate indicator in the manufacturing of food products has fallen back strongly. At 92, it has moved away from its long-term average (100). This downturn mainly comes from the balance relating to global order books, and to a lesser extent, of the one associated with personal production prospects.

In the manufacturing of machinery and equipment goods, the synthetic indicator of the business climate has rebounded slightly and has returned to its long-term average (100). At the sub-sector level, the indicator has rebounded in the manufacturing of computer, electronic and optical products, where it stands well above its average. It has also resumed increasing in the manufacturing of electrical equipment, while it has decreased in the manufacturing of machinery and equipment; in both of these sub-sectors, the indicator is below its average.

In the manufacturing of transport equipment, the business climate indicator has fallen back slightly: at 110, it remains well above its long-term average (100). It has fallen back in the sector of motor vehicles, trailers and semi-trailers, where it has moved away from its average; all of the balances included in the computation of the climate have contributed to its decrease. However, it is stable in “other transport equipment”, well above its average level.

Finally, the business climate indicator in “other manufacturing” has fallen back and has left its long-term average (100). However, it remains at a level higher than that observed over the past three years, having reached last month its highest since July 2022. At the sub-sector level, the indicator has fallen back strongly in the manufacturing of chemicals and chemical products, where it remains below its average, and in the manufacturing of basic metals and fabricated metal products, where it has sharply moved back below its own. Conversely, it has rebounded in “other manufacturing industries”, where it remains well above its own and has reached its highest level since September 2023.

The business climate in manufacturing industry of January 2026 has not been revised (after rounding).