Informations Rapides ·
26 March 2026 · n° 77
In March 2026, the business climate in services is stable and remains deteriorated Monthly survey of services - March 2026
According to the business managers surveyed in March 2026, the business climate in services is stable. At 96, the indicator that synthesises it stand below its long-term average (100), since November 2024.
Responses to this survey have been collected between 26 February and 23 March 2026; in terms of turnover, about two-thirds of responses have been collected after the beginning of the war in the Middle East (28 February 2026).
According to the business managers surveyed in March 2026, the business climate in services is stable. At 96, the indicator that synthesises it stand below its long-term average (100), since November 2024.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-03 | 95.7 |
| 2026-02 | 95.6 |
| 2026-01 | 98.5 |
| 2025-12 | 98.2 |
| 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 | 98.4 |
| 2024-08 | 97.6 |
| 2024-07 | 96.1 |
| 2024-06 | 101.7 |
| 2024-05 | 102.8 |
| 2024-04 | 101.2 |
| 2024-03 | 102.7 |
| 2024-02 | 100.1 |
| 2024-01 | 101.6 |
| 2023-12 | 100.6 |
| 2023-11 | 99.7 |
| 2023-10 | 100.1 |
| 2023-09 | 100.6 |
| 2023-08 | 101.6 |
| 2023-07 | 102.4 |
| 2023-06 | 102.4 |
| 2023-05 | 101.8 |
| 2023-04 | 104.5 |
| 2023-03 | 103.9 |
| 2023-02 | 105.6 |
| 2023-01 | 104.8 |
| 2022-12 | 104.4 |
| 2022-11 | 104.5 |
| 2022-10 | 105.3 |
| 2022-09 | 105.2 |
| 2022-08 | 106.8 |
| 2022-07 | 106.3 |
| 2022-06 | 107.7 |
| 2022-05 | 109.4 |
| 2022-04 | 109.7 |
| 2022-03 | 108.6 |
| 2022-02 | 112.7 |
| 2022-01 | 106.2 |
| 2021-12 | 108.6 |
| 2021-11 | 114.6 |
| 2021-10 | 114.0 |
| 2021-09 | 110.4 |
| 2021-08 | 108.8 |
| 2021-07 | 111.3 |
| 2021-06 | 112.6 |
| 2021-05 | 107.6 |
| 2021-04 | 92.7 |
| 2021-03 | 94.0 |
| 2021-02 | 87.5 |
| 2021-01 | 91.4 |
| 2020-12 | 90.0 |
| 2020-11 | 75.9 |
| 2020-10 | 87.9 |
| 2020-09 | 93.5 |
| 2020-08 | 93.4 |
| 2020-07 | 88.6 |
| 2020-06 | 76.6 |
| 2020-05 | 48.4 |
| 2020-04 | 37.4 |
| 2020-03 | 91.9 |
| 2020-02 | 105.6 |
| 2020-01 | 106.5 |
| 2019-12 | 106.9 |
| 2019-11 | 106.4 |
| 2019-10 | 106.1 |
| 2019-09 | 106.0 |
| 2019-08 | 105.4 |
| 2019-07 | 105.5 |
| 2019-06 | 106.4 |
| 2019-05 | 106.2 |
| 2019-04 | 107.0 |
| 2019-03 | 105.1 |
| 2019-02 | 104.0 |
| 2019-01 | 103.9 |
| 2018-12 | 102.7 |
| 2018-11 | 104.4 |
| 2018-10 | 103.9 |
| 2018-09 | 104.9 |
| 2018-08 | 104.3 |
| 2018-07 | 105.0 |
| 2018-06 | 104.9 |
| 2018-05 | 104.9 |
| 2018-04 | 106.8 |
| 2018-03 | 107.5 |
| 2018-02 | 106.7 |
| 2018-01 | 107.7 |
| 2017-12 | 109.4 |
| 2017-11 | 108.0 |
| 2017-10 | 107.3 |
| 2017-09 | 107.1 |
| 2017-08 | 107.0 |
| 2017-07 | 104.4 |
| 2017-06 | 103.8 |
| 2017-05 | 103.4 |
| 2017-04 | 104.0 |
| 2017-03 | 103.6 |
| 2017-02 | 103.2 |
| 2017-01 | 101.8 |
| 2016-12 | 103.7 |
| 2016-11 | 100.9 |
| 2016-10 | 100.8 |
| 2016-09 | 100.8 |
| 2016-08 | 100.1 |
| 2016-07 | 100.4 |
| 2016-06 | 99.1 |
| 2016-05 | 100.8 |
| 2016-04 | 98.2 |
| 2016-03 | 99.5 |
| 2016-02 | 99.9 |
| 2016-01 | 100.2 |
| 2015-12 | 97.0 |
| 2015-11 | 99.2 |
| 2015-10 | 99.5 |
| 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 | 90.9 |
| 2014-12 | 91.1 |
| 2014-11 | 91.0 |
| 2014-10 | 90.9 |
| 2014-09 | 90.7 |
| 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 | 88.3 |
| 2013-07 | 86.2 |
| 2013-06 | 85.6 |
| 2013-05 | 84.3 |
| 2013-04 | 82.9 |
| 2013-03 | 83.7 |
| 2013-02 | 86.8 |
| 2013-01 | 87.9 |
| 2012-12 | 86.8 |
| 2012-11 | 85.1 |
| 2012-10 | 85.8 |
| 2012-09 | 86.9 |
| 2012-08 | 87.0 |
| 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 | 94.5 |
| 2011-11 | 95.0 |
| 2011-10 | 97.2 |
| 2011-09 | 98.2 |
| 2011-08 | 100.6 |
| 2011-07 | 105.2 |
| 2011-06 | 107.4 |
| 2011-05 | 107.7 |
| 2011-04 | 109.3 |
| 2011-03 | 110.8 |
| 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 | 99.2 |
| 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 | 81.2 |
| 2009-06 | 77.2 |
| 2009-05 | 72.4 |
| 2009-04 | 68.0 |
| 2009-03 | 67.6 |
| 2009-02 | 72.9 |
| 2009-01 | 74.2 |
| 2008-12 | 76.9 |
| 2008-11 | 79.9 |
| 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 | 107.0 |
| 2008-03 | 108.8 |
| 2008-02 | 108.8 |
| 2008-01 | 110.8 |
| 2007-12 | 109.3 |
| 2007-11 | 110.6 |
| 2007-10 | 110.4 |
| 2007-09 | 111.9 |
| 2007-08 | 112.8 |
| 2007-07 | 113.7 |
| 2007-06 | 113.1 |
| 2007-05 | 113.3 |
| 2007-04 | 113.5 |
| 2007-03 | 113.9 |
| 2007-02 | 112.9 |
| 2007-01 | 111.3 |
| 2006-12 | 111.8 |
| 2006-11 | 113.6 |
| 2006-10 | 111.2 |
| 2006-09 | 111.1 |
| 2006-08 | 111.0 |
| 2006-07 | 110.8 |
| 2006-06 | 109.6 |
| 2006-05 | 111.1 |
| 2006-04 | 108.2 |
| 2006-03 | 107.9 |
| 2006-02 | 106.6 |
| 2006-01 | 109.4 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
The business managers in services are less pessimistic than in the previous month about their own business outlook, but a little more worried about those of their sector
In March 2026, the business managers in services are less pessimistic than in the previous month about their expected activity and demand: the associated balances of opinion have rebounded and have moved closer to their average. Conversely, the one on the past activity has decreased again, below its average level. The balance of opinion on the business outlook of their sector has diminished for the third month in a row and has moved away from its long-term average.
The balance of opinion on expected change in the workforce size has slightly rebounded, whereas the one on their past change has slightly retreated. Both stand well below their average level.
The balances related to past change in selling prices has slightly rebounded, whereas the one on their future change has slightly diminished again. Both remain above their average.
The balance on the economic uncertainty felt is virtually stable, at its average.
tableauEconomic outlook in the services sector
| Average* | Dec. 2025 | Jan. 2026 | Feb. 2026 | March 2026 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 98 | 98 | 96 | 96 |
| General outlook | -7 | -5 | -7 | -8 | -9 |
| Past activity | 2 | -1 | 1 | -2 | -8 |
| Expected activity | 1 | -1 | -1 | -5 | -3 |
| Expected demand | -1 | -4 | -3 | -7 | -5 |
| Past selling prices | -3 | -2 | 2 | -2 | -1 |
| Expected selling prices | -2 | 2 | 3 | 1 | 0 |
| Past employment | 2 | -5 | -11 | -9 | -10 |
| Past employment except temporary work agencies | 0 | -5 | -8 | -9 | -11 |
| Expected employment | 2 | -6 | -3 | -6 | -5 |
| Expected employment except temporary work agencies | -1 | -6 | -7 | -8 | -7 |
| Economic uncertainty felt** | 12 | 12 | 12 | 11 | 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 is particularly gloomy in corporate services
In March 2026, the business climate in information-communication has darkened again and has moved further away from its long-term average, under which it stands since May 2025. This deterioration is mainly due to the balances on the past activity and on the expected workforce size, which have diminished below their average.
In professional, scientific and technical activities, the business climate indicator is stable, below its long-term average for one year. The balances on the past activity and on the expected workforce size have diminished, whereas the one on the expected demand has clearly risen, all of three below their average.
In administrative and support services, the business climate indicator has deteriorated again, well below its average, and has reached its lowest level since July 2025. The forward-looking balances on the demand, on the activity and on the general business outlook have sharply diminished.
In real estate activities, the business climate indicator has slightly rebounded, and has moved closer to its long-term average. In particular, the balance on the expected demand has sharply increased and has moved above its average.
In accommodation and food services, the business climate has brightened but remains below its long-term average. The rise is mainly due to the sharp rebound in the balance on the expected activity, which stands just below its average level. Conversely, the one on the past workforce size has sharply diminished and has moved below its own.
Finally, the business climate indicator in road freight transport has rebounded. The balances on the expected demand and activity have clearly risen. The balances on the past activity and workforce size have diminished.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Dec. 2025 | Jan. 2026 | Feb. 2026 | March 2026 |
|---|---|---|---|---|---|
| Road transport (8%) | |||||
| Composite indicator | 100 | 96 | 101 | 96 | 98 |
| General outlook | -19 | -17 | -13 | -18 | -22 |
| Past activity | -6 | 2 | -17 | -4 | -11 |
| Expected activity | -7 | -14 | -2 | -16 | -5 |
| Expected demand | -10 | -22 | -7 | -19 | -14 |
| Past employment | -6 | -5 | -8 | -6 | -17 |
| Expected employment | -7 | -19 | -9 | -14 | -11 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 98 | 97 | 95 | 98 |
| General outlook | -13 | -12 | -11 | -10 | -13 |
| Past activity | -7 | -15 | -11 | -9 | -10 |
| Expected activity | -8 | -7 | -14 | -25 | -9 |
| Expected demand | -9 | -13 | -15 | -17 | -11 |
| Past employment | -5 | -3 | 0 | -1 | -17 |
| Expected employment | -6 | -13 | -12 | -18 | -16 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 98 | 99 | 97 | 95 |
| General outlook | 0 | 1 | -2 | -1 | -2 |
| Past activity | 8 | 5 | 15 | 6 | -12 |
| Expected activity | 9 | 5 | 6 | 4 | 6 |
| Expected demand | 9 | 2 | 0 | 3 | 3 |
| Past employment | 6 | -7 | -6 | -5 | -5 |
| Expected employment | 10 | 5 | 7 | 4 | 1 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 96 | 100 | 96 | 97 |
| General outlook | -4 | -4 | -2 | -2 | -2 |
| Past activity | 6 | 5 | 11 | 5 | 6 |
| Expected activity | 6 | 1 | 3 | 0 | 0 |
| Expected demand | 1 | 0 | 0 | -1 | 3 |
| Past employment | 2 | 1 | 2 | -3 | -2 |
| Expected employment | 2 | -5 | 2 | -1 | -3 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 98 | 98 | 94 | 94 |
| General outlook | -8 | -5 | -9 | -12 | -11 |
| Past activity | -2 | -12 | -7 | -9 | -12 |
| Expected activity | -3 | -4 | -5 | -11 | -11 |
| Expected demand | -6 | -10 | -7 | -15 | -11 |
| Past employment | 0 | -4 | -8 | -6 | -6 |
| Expected employment | 0 | -4 | -5 | -3 | -6 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 99 | 97 | 96 | 93 |
| General outlook | -3 | -3 | -7 | -6 | -8 |
| Past activity | 5 | 3 | -3 | -2 | -2 |
| Expected activity | 4 | 3 | -1 | -1 | -5 |
| Expected demand | 2 | 3 | 2 | -2 | -6 |
| Past employment | 6 | -4 | -24 | -18 | -11 |
| Expected employment | 6 | -7 | 0 | -6 | -2 |
- 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 indicator in services of February 2026 has been revised upwards by one point (after rounding). This revision is mainly due to the inclusion of late responses from businesses.
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 February and 23 March 2026; 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 April 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 February and 23 March 2026; 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 April 2026 at 8:45 am.