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Informations Rapides · 26 March 2026 · n° 74
Informations rapidesIn March 2026, the business climate in manufacturing industry has darkened again and has moved back below its long-term average Monthly business survey (goods-producing industries) - March 2026

In March 2026, the business climate in manufacturing industry has decreased again. At 99, the synthetic indicator has lost three points and has moved back below its long-term average (100). This decrease mainly comes from the marked deterioration in the balances on past production and the ones on order books, both global and foreign, and is primarily driven by the “other transport equipment” sector.

Informations rapides
No 74
Paru le :Paru le26/03/2026
Prochaine parution le : 23/04/2026 at 08:45 - April 2026
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Responses to this survey have been collected between 26 February and 23 March 2026; in terms of turnover, about four-fifths of responses have been collected after the start of the war in Middle East (28 February 2026).

In March 2026, the business climate in manufacturing industry has decreased again. At 99, the synthetic indicator has lost three points and has moved back below its long-term average (100). This decrease mainly comes from the marked deterioration in the balances on past production and the ones on order books, both global and foreign, and is primarily driven by the “other transport equipment” sector.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2026-03 98.7
2026-02 101.7
2026-01 105.4
2025-12 102.3
2025-11 98.1
2025-10 100.9
2025-09 96.7
2025-08 97.1
2025-07 96.1
2025-06 96.5
2025-05 97.2
2025-04 100.0
2025-03 96.7
2025-02 97.4
2025-01 96.0
2024-12 96.6
2024-11 96.1
2024-10 92.6
2024-09 98.3
2024-08 99.4
2024-07 96.2
2024-06 99.4
2024-05 99.8
2024-04 100.4
2024-03 102.8
2024-02 101.2
2024-01 99.6
2023-12 99.0
2023-11 98.7
2023-10 98.8
2023-09 97.9
2023-08 97.0
2023-07 101.5
2023-06 100.8
2023-05 99.5
2023-04 101.1
2023-03 103.6
2023-02 103.6
2023-01 102.9
2022-12 101.1
2022-11 101.4
2022-10 103.3
2022-09 101.6
2022-08 103.6
2022-07 106.1
2022-06 108.2
2022-05 107.6
2022-04 108.4
2022-03 107.8
2022-02 111.8
2022-01 113.1
2021-12 108.8
2021-11 110.1
2021-10 107.4
2021-09 106.5
2021-08 109.3
2021-07 109.5
2021-06 107.8
2021-05 107.8
2021-04 103.7
2021-03 98.2
2021-02 97.0
2021-01 96.0
2020-12 94.0
2020-11 91.4
2020-10 93.5
2020-09 93.4
2020-08 90.7
2020-07 81.1
2020-06 77.0
2020-05 70.6
2020-04 66.7
2020-03 97.7
2020-02 100.7
2020-01 103.0
2019-12 99.1
2019-11 102.4
2019-10 99.7
2019-09 101.9
2019-08 102.2
2019-07 101.1
2019-06 102.1
2019-05 104.3
2019-04 101.7
2019-03 103.8
2019-02 103.1
2019-01 103.6
2018-12 103.6
2018-11 105.2
2018-10 104.4
2018-09 107.4
2018-08 108.8
2018-07 108.7
2018-06 109.9
2018-05 110.4
2018-04 111.2
2018-03 111.1
2018-02 112.7
2018-01 114.1
2017-12 112.3
2017-11 111.8
2017-10 111.6
2017-09 111.3
2017-08 110.2
2017-07 108.8
2017-06 109.3
2017-05 108.8
2017-04 108.9
2017-03 105.6
2017-02 106.8
2017-01 106.1
2016-12 105.8
2016-11 102.2
2016-10 102.3
2016-09 103.5
2016-08 101.6
2016-07 101.8
2016-06 101.7
2016-05 104.3
2016-04 104.9
2016-03 102.8
2016-02 103.2
2016-01 103.1
2015-12 102.8
2015-11 102.3
2015-10 103.2
2015-09 104.7
2015-08 103.7
2015-07 101.5
2015-06 100.2
2015-05 101.6
2015-04 101.5
2015-03 99.1
2015-02 98.3
2015-01 98.7
2014-12 98.7
2014-11 98.8
2014-10 97.3
2014-09 96.8
2014-08 96.5
2014-07 96.2
2014-06 96.2
2014-05 98.1
2014-04 100.3
2014-03 100.7
2014-02 98.2
2014-01 99.6
2013-12 99.1
2013-11 97.9
2013-10 97.7
2013-09 95.8
2013-08 98.3
2013-07 94.5
2013-06 92.4
2013-05 91.7
2013-04 87.2
2013-03 90.2
2013-02 90.3
2013-01 89.7
2012-12 90.5
2012-11 91.5
2012-10 86.7
2012-09 92.6
2012-08 92.7
2012-07 91.0
2012-06 93.0
2012-05 94.6
2012-04 95.5
2012-03 96.5
2012-02 94.8
2012-01 94.7
2011-12 94.6
2011-11 97.6
2011-10 97.4
2011-09 99.1
2011-08 101.3
2011-07 104.9
2011-06 109.9
2011-05 107.3
2011-04 110.2
2011-03 110.3
2011-02 106.6
2011-01 108.6
2010-12 104.0
2010-11 101.5
2010-10 103.7
2010-09 102.6
2010-08 99.8
2010-07 96.7
2010-06 95.0
2010-05 95.6
2010-04 94.1
2010-03 90.3
2010-02 87.7
2010-01 89.1
2009-12 86.3
2009-11 86.3
2009-10 84.1
2009-09 82.8
2009-08 79.9
2009-07 75.4
2009-06 73.7
2009-05 71.4
2009-04 69.8
2009-03 65.7
2009-02 67.8
2009-01 72.0
2008-12 72.4
2008-11 79.2
2008-10 86.8
2008-09 91.6
2008-08 98.2
2008-07 98.8
2008-06 103.6
2008-05 104.3
2008-04 107.7
2008-03 110.4
2008-02 110.7
2008-01 110.8
2007-12 112.8
2007-11 112.7
2007-10 110.4
2007-09 111.0
2007-08 111.5
2007-07 112.0
2007-06 111.8
2007-05 110.5
2007-04 112.4
2007-03 111.8
2007-02 112.1
2007-01 108.5
2006-12 109.4
2006-11 109.9
2006-10 107.5
2006-09 108.4
2006-08 108.9
2006-07 109.3
2006-06 108.9
2006-05 109.2
2006-04 108.1
2006-03 106.6
2006-02 106.8
2006-01 103.2

Business climate in manufacturing - Composite indicator

  • Source: INSEE.

Industrialists’ opinion on manufacturing industry

Balance of opinion, in %, SA
Industrialists’ opinion on manufacturing industry (Balance of opinion, in %, SA)
Manufacturing industry Ave.* Dec-25 Jan-26 Feb-26 Mar-26
Business climate 100 102 105 102 99
Past production 4 9 7 3 -4
Finished-goods inventory 12 19 7 9 14
Overall order books -18 -17 -11 -17 -19
Foreign order books -14 -7 -6 -8 -14
Past workforce size -8 -2 -3 -5 -1
Expected workforce size -9 -1 -1 -2 0
Personal production prospects 6 10 18 10 8
General production prospects -7 -6 -4 -6 -9
Expected trend in selling prices 4 2 2 5 9
Economic uncertainty felt** 29 33 33 32 31
  • * Long-term average since 1976 except for the economic uncertainty felt (April 2021).
  • ** Non-seasonally adjusted balance of opinion.
  • Source: INSEE - Monthly business tendency survey in industry.

The balances of opinion relating to order books have declined again

In March 2026, the balances of opinion associated with the level of order books, both global and foreign, have decreased again. The one relating to foreign order books has returned to its average and the one on global orders has moved back below its own.

The balance of opinion associated with personal production prospects has decreased again. It remains nevertheless above its average. The one relating to general production prospects in the industry has also continued to decline and has moved back below its average. Regarding the balance associated with the change in past production, it has decreased for the third consecutive month and moved away from its average. The balance of opinion on economic uncertainty felt by business leaders has slightly declined again but remains above its own.

The balance of opinion on the current level of finished goods inventories has increased again and has moved back above its average.

The balances of opinion relating to the evolution of workforce size, both past and expected, have rebounded and have moved away from their respective average.

The balance of opinion relating to the expected trend in selling prices over the next three months has increased again, deviated from its long-term average, and reached its highest level since January 2025. Besides refiners, this increase mainly affects the sectors of “wood, paper and printing”, “chemicals” and “rubber and plastic products”.

The share of companies reporting being limited in their production by workforce shortage is stable, just above its average. The share of those reporting sourcing difficulties as a limiting factor to their production is also stable, markedly above its own. Overall, the proportion of companies declaring supply-side obstacles only has slightly increased: at 28%, it has moved away from its average, at a level unseen since the end of 2023. The proportion of companies reporting obstacles linked to demand only has fallen back: at 23%, it is well below its long-term average.

Share of companies declaring obstacles limiting their production*

Share of companies, in % of answers, SA
Share of companies declaring obstacles limiting their production* (Share of companies, in % of answers, SA)
Manufacturing industry Ave.** Dec-25 Jan-26 Feb-26 Mar-26
Difficulties of supply and demand 9 14 10 9 8
Sourcing difficulties 11 15 18 19 19
Workforce shortage 9 11 14 10 10
Difficulties of supply only 22 24 24 27 28
Difficulties of demand only 39 22 24 25 23
  • * Quaterly series from January 1991 then monthly series from May 2022.
  • ** Long-term average since 1991 on monthly series (over the quarterly collection period, the point collected in the first month of each quarter was carried over identically to the following two months).
  • Source: INSEE – Monthly business survey in industry.

The business climate has darkened mainly in the manufacturing of “other transport equipment”

In March 2026, the business climate indicator in the manufacturing of food products has slightly rebounded. At 94, it is well below its long-term average (100). This rebound mainly comes from the balance of opinion relating to global order books which has improved slightly.

In the manufacturing of machinery and equipment goods, the synthetic indicator of the business climate has slightly increased again. At 101, it has departed from its long-term average (100). At the sub-sector level, the indicator has increased again in the manufacturing of computer, electronic and optical products, where it stands well above its average. However, it is stable in the manufacturing of electrical equipment and it has decreased again 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 declined again markedly: at 101, it remains just above its long-term average (100). It has rebounded in the sector of motor vehicles, trailers and semi-trailers, though still below its average, driven by the balances of opinion relating to order books and to personal production prospects which have picked up again. Conversely, it has decreased again clearly in “other transport equipment”, where the balances of opinion associated with order books have fallen back.

Finally, the business climate indicator in “other manufacturing” has rebounded slightly, at 99 just below its long-term average (100). At the sub-sector level, the climate indicator has increased particularly in the manufacturing of basic metals and fabricated metal products and in textiles, clothing industries, leather and footwear industry.

Business climates in a sector-based approach

Business climates in a sector-based approach
C1: Manufacture of food products and beverages C3: Machinery and equipment goods C4: Manufacture of transport equipment C5: Other manufacturing
2026-03 93.6 100.8 101.5 98.7
2026-02 92.6 100.4 109.2 98.1
2026-01 95.5 99.0 111.7 100.4
2025-12 93.2 105.0 109.3 96.5
2025-11 94.8 103.4 99.9 96.8
2025-10 90.9 105.9 110.3 96.1
2025-09 97.4 101.8 99.1 95.1
2025-08 93.0 97.5 103.6 95.5
2025-07 98.2 99.2 100.8 94.3
2025-06 98.4 100.5 100.9 93.8
2025-05 94.3 101.6 100.3 95.1
2025-04 97.1 99.0 104.7 95.0
2025-03 95.8 98.7 97.1 95.2
2025-02 97.8 95.9 101.7 95.1
2025-01 96.8 95.1 98.8 94.5
2024-12 97.5 96.6 107.7 92.8
2024-11 96.6 97.0 100.7 93.5
2024-10 95.6 96.3 96.0 93.3
2024-09 94.7 98.1 109.8 93.3
2024-08 96.6 96.0 110.9 95.2
2024-07 92.1 97.5 101.2 94.7
2024-06 93.0 98.6 110.5 95.5
2024-05 90.5 98.9 109.6 97.3
2024-04 91.9 96.7 111.5 96.1
2024-03 91.3 102.0 113.0 96.9
2024-02 87.3 98.3 111.6 96.9
2024-01 86.6 99.9 112.8 94.2
2023-12 85.8 98.6 109.2 94.9
2023-11 85.3 104.0 109.9 93.7
2023-10 84.6 101.5 112.5 93.9
2023-09 87.7 104.5 102.3 95.2
2023-08 87.2 102.6 103.1 95.3
2023-07 91.6 106.7 112.9 95.1
2023-06 87.8 105.3 105.6 95.0
2023-05 92.6 106.0 103.8 95.6
2023-04 93.6 109.7 103.4 98.2
2023-03 98.5 111.7 103.7 99.3
2023-02 102.1 109.8 104.6 96.8
2023-01 100.9 112.1 103.3 96.6
2022-12 100.1 112.2 99.6 95.5
2022-11 104.3 111.3 102.3 95.4
2022-10 108.9 114.4 104.4 96.2
2022-09 107.1 111.7 98.1 98.2
2022-08 107.2 113.4 99.7 100.0
2022-07 107.2 112.9 105.9 102.3
2022-06 108.5 112.2 102.1 106.2
2022-05 107.3 112.0 101.6 105.8
2022-04 109.0 113.3 102.1 109.5
2022-03 110.9 112.2 100.1 108.6
2022-02 111.1 114.8 104.9 112.1
2022-01 112.6 116.7 104.8 111.0
2021-12 117.8 116.5 88.2 112.1
2021-11 115.4 116.9 96.1 113.7
2021-10 114.0 116.2 89.9 111.2
2021-09 109.5 116.4 87.7 113.0
2021-08 111.2 120.0 91.7 113.7
2021-07 114.3 115.1 91.9 115.5
2021-06 117.8 115.2 90.1 111.3
2021-05 116.4 111.9 89.8 111.3
2021-04 105.6 112.7 88.7 108.0
2021-03 101.0 106.2 83.2 104.6
2021-02 94.6 104.9 89.8 101.6
2021-01 91.9 103.6 87.4 100.6
2020-12 90.6 94.6 86.5 101.5
2020-11 92.8 91.0 89.1 94.6
2020-10 94.9 92.8 90.6 94.9
2020-09 102.5 90.0 91.0 92.5
2020-08 96.5 89.7 90.0 88.0
2020-07 88.1 84.5 79.2 81.3
2020-06 91.9 78.4 76.0 78.4
2020-05 91.6 76.6 75.4 74.1
2020-04 93.2 76.4 73.4 72.9
2020-03 108.7 98.3 95.6 97.5
2020-02 108.0 98.8 100.7 100.3
2020-01 108.5 100.1 106.6 99.3
2019-12 109.1 96.7 99.4 97.7
2019-11 104.4 98.2 106.5 100.9
2019-10 106.5 96.2 100.5 99.2
2019-09 108.3 99.9 101.4 101.7
2019-08 108.5 99.2 101.2 102.3
2019-07 103.1 102.8 99.3 100.8
2019-06 109.6 98.2 100.7 101.1
2019-05 111.2 104.3 102.6 102.9
2019-04 107.0 101.0 101.8 101.2
2019-03 108.1 100.5 103.0 101.8
2019-02 108.2 104.3 100.3 101.3
2019-01 108.3 102.8 102.5 102.1
2018-12 109.1 102.3 101.8 102.4
2018-11 108.9 102.2 103.9 102.7
2018-10 103.3 106.6 103.2 103.1
2018-09 107.8 107.9 104.6 105.3
2018-08 107.6 107.4 105.9 106.4
2018-07 107.7 107.8 106.0 107.2
2018-06 110.2 106.9 110.1 106.1
2018-05 108.4 111.2 108.9 108.5
2018-04 110.1 109.3 113.6 108.2
2018-03 109.4 109.5 112.2 109.9
2018-02 110.0 110.3 112.6 110.3
2018-01 111.3 111.9 112.7 111.4
2017-12 112.1 110.9 110.2 111.0
2017-11 112.2 109.9 109.0 111.2
2017-10 112.6 109.4 108.0 110.9
2017-09 106.9 107.8 109.5 109.1
2017-08 108.7 106.1 108.3 108.9
2017-07 109.7 108.4 108.3 107.6
2017-06 112.3 107.8 104.8 109.1
2017-05 106.0 108.6 105.3 107.6
2017-04 105.5 106.6 105.8 108.5
2017-03 104.3 104.2 105.2 105.0
2017-02 105.6 103.5 106.0 106.5
2017-01 103.9 101.9 106.2 105.7
2016-12 108.9 103.1 104.4 105.1
2016-11 108.3 99.4 101.6 101.7
2016-10 107.0 97.3 105.8 101.4
2016-09 109.6 98.5 105.1 100.6
2016-08 99.7 98.3 104.1 101.6
2016-07 104.9 97.4 105.3 101.9
2016-06 103.5 97.1 105.9 101.7
2016-05 103.7 97.1 105.6 104.1
2016-04 106.4 100.0 109.2 101.4
2016-03 101.9 99.2 105.7 101.3
2016-02 100.5 100.8 109.3 100.0
2016-01 101.9 100.7 108.1 99.6
2015-12 100.3 98.1 108.0 101.9
2015-11 102.8 99.7 107.7 99.6
2015-10 104.7 98.1 108.2 100.0
2015-09 105.9 95.9 109.3 102.8
2015-08 103.5 97.2 108.6 101.6
2015-07 108.8 98.3 104.9 103.0
2015-06 105.4 97.1 105.3 101.0
2015-05 102.0 97.2 104.7 101.7
2015-04 105.0 96.6 107.0 100.8
2015-03 101.2 94.2 105.1 100.3
2015-02 99.8 94.8 100.2 100.4
2015-01 103.5 93.1 101.1 99.9
2014-12 99.5 91.8 99.2 100.3
2014-11 96.3 91.9 99.7 99.9
2014-10 95.8 92.4 96.8 98.6
2014-09 94.5 91.9 101.0 97.3
2014-08 95.9 93.2 97.4 100.7
2014-07 97.4 88.8 98.1 99.2
2014-06 95.8 91.5 97.2 98.6
2014-05 98.4 93.5 97.1 99.6
2014-04 96.1 92.7 102.2 100.3
2014-03 100.0 92.7 100.3 102.6
2014-02 99.4 93.6 97.8 98.4
2014-01 99.6 90.9 101.5 98.8
2013-12 98.3 91.8 99.0 99.2
2013-11 98.4 91.9 102.0 98.8
2013-10 95.7 89.9 103.3 97.7
2013-09 95.1 89.7 97.0 97.2
2013-08 95.7 91.2 100.9 97.1
2013-07 92.6 89.3 98.3 94.9
2013-06 92.8 88.9 94.2 93.2
2013-05 91.6 89.0 94.6 91.7
2013-04 91.7 89.3 92.4 89.0
2013-03 94.1 88.6 93.1 91.2
2013-02 98.1 88.6 94.3 90.1
2013-01 97.7 87.7 93.0 91.2
2012-12 98.9 87.2 92.1 91.8
2012-11 98.4 87.0 92.7 92.2
2012-10 91.1 86.0 96.1 89.2
2012-09 97.0 90.8 97.9 93.6
2012-08 94.0 90.0 95.1 93.5
2012-07 94.7 90.7 95.6 92.2
2012-06 95.2 90.7 95.5 93.6
2012-05 93.4 94.8 95.0 95.9
2012-04 99.3 95.6 94.4 97.8
2012-03 102.9 96.3 103.3 97.2
2012-02 100.8 96.1 93.4 96.0
2012-01 100.1 96.1 94.4 94.1
2011-12 98.8 96.0 99.8 94.5
2011-11 102.4 96.0 102.7 94.2
2011-10 104.7 98.3 100.1 96.5
2011-09 102.1 99.5 98.1 98.2
2011-08 103.9 100.3 101.6 100.5
2011-07 112.0 102.4 103.3 105.2
2011-06 108.9 104.1 109.2 109.2
2011-05 110.2 103.1 104.8 108.0
2011-04 109.4 104.5 105.7 110.4
2011-03 107.0 106.4 106.1 110.1
2011-02 107.5 101.6 98.2 108.7
2011-01 109.3 103.8 104.7 105.4

Business climates in a sector-based approach

  • Source: INSEE.

Business climates in a sector-based approach

Average = 100 and standard deviation = 10 since 1990
Business climates in a sector-based approach (Average = 100 and standard deviation = 10 since 1990)
NA* : (A17) and [A38 and A64] Weights** (%) Jan-26 Feb-26 Mar-26
(C1) Man. of food products and beverages 20 95 93 94
(C3) Machinery and equipment goods 11 99 100 101
          [CI] Computer, electronic and optical products 4 105 109 115
          [CJ] Electrical equipment 3 96 97 97
          [CK] Machinery and equipment 5 96 95 93
(C4) Man. of transport equipment 19 112 109 101
          [CL1] Motor vehicles, trailers and semi-trailers 9 98 95 98
          [CL2] Other transport equipment 10 117 116 103
(C5) Other manufacturing 45 100 98 99
          [CB] Textiles, clothing industries, leather and footwear industry 2 103 103 105
          [CC] Wood, paper, printing 4 99 99 98
          [CE] Chemicals and chemical products 8 95 92 93
          [CG] Rubber and plastic products 7 97 97 97
          [CH] Basic metals and fabricated metal products 11 101 94 96
          [CM] Other manufacturing industries / Manufacture of other industrial products 10 104 108 106
  • * NA: aggregated classification, based on the French classification of activities NAF rév.2.
  • ** Weights used to aggregate sub-sectors’ balances of opinion.
  • Source: INSEE - Monthly business tendency survey in industry.

Revisions

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

For further information

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

The responses to this survey were collected between 26 February and 23 March 2026: most companies answer during the first two weeks of collection.

Next issue: 23 April 2026 at 8:45 am.

Documentation

Methodology note (in french) (pdf,164 Ko)

Changes to business tendency surveys related to European harmonisation – October 2021 (pdf,181 Ko)

Monthly outlook survey in industry

Aggregated classification - NA, 2008

Pour en savoir plus

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

The responses to this survey were collected between 26 February and 23 March 2026: most companies answer during the first two weeks of collection.

Next issue: 23 April 2026 at 8:45 am.

: bureau-de-presse@insee.fr

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