Informations Rapides ·
23 April 2026 · n° 99
In April 2026, the business climate has darkened in services Monthly survey of services - April 2026
According to the business managers surveyed in April 2026, the business climate has darkened in services. At 94, the indicator that synthesises it has lost two points, remaining below its long-term average (100) for the eighteenth month in a row. It has reached its lowest level since April 2015, excluding health crisis. The business climate has strongly deteriorated in administrative and support services and in road freight transport.
The secondary weights of questions about investment in this survey have been updated this month. These variables are described in the methodology note available in the “Documentation” tab of this publication’s webpage.
According to the business managers surveyed in April 2026, the business climate has darkened in services. At 94, the indicator that synthesises it has lost two points, remaining below its long-term average (100) for the eighteenth month in a row. It has reached its lowest level since April 2015, excluding health crisis. The business climate has strongly deteriorated in administrative and support services and in road freight transport.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2026-04 | 94.1 |
| 2026-03 | 96.4 |
| 2026-02 | 95.6 |
| 2026-01 | 98.5 |
| 2025-12 | 98.2 |
| 2025-11 | 98.2 |
| 2025-10 | 95.3 |
| 2025-09 | 97.7 |
| 2025-08 | 95.8 |
| 2025-07 | 96.4 |
| 2025-06 | 95.6 |
| 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 | 102.9 |
| 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 | 100.7 |
| 2023-08 | 101.7 |
| 2023-07 | 102.4 |
| 2023-06 | 102.4 |
| 2023-05 | 101.9 |
| 2023-04 | 104.5 |
| 2023-03 | 104.0 |
| 2023-02 | 105.7 |
| 2023-01 | 104.9 |
| 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 | 114.7 |
| 2021-10 | 114.1 |
| 2021-09 | 110.5 |
| 2021-08 | 108.8 |
| 2021-07 | 111.3 |
| 2021-06 | 112.7 |
| 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 | 93.5 |
| 2020-07 | 88.6 |
| 2020-06 | 76.6 |
| 2020-05 | 48.3 |
| 2020-04 | 37.4 |
| 2020-03 | 91.9 |
| 2020-02 | 105.7 |
| 2020-01 | 106.5 |
| 2019-12 | 106.9 |
| 2019-11 | 106.4 |
| 2019-10 | 106.1 |
| 2019-09 | 106.0 |
| 2019-08 | 105.5 |
| 2019-07 | 105.5 |
| 2019-06 | 106.4 |
| 2019-05 | 106.3 |
| 2019-04 | 107.0 |
| 2019-03 | 105.1 |
| 2019-02 | 104.0 |
| 2019-01 | 104.0 |
| 2018-12 | 102.8 |
| 2018-11 | 104.5 |
| 2018-10 | 103.9 |
| 2018-09 | 104.9 |
| 2018-08 | 104.3 |
| 2018-07 | 105.0 |
| 2018-06 | 105.0 |
| 2018-05 | 104.9 |
| 2018-04 | 106.9 |
| 2018-03 | 107.5 |
| 2018-02 | 106.7 |
| 2018-01 | 107.7 |
| 2017-12 | 109.4 |
| 2017-11 | 108.1 |
| 2017-10 | 107.4 |
| 2017-09 | 107.2 |
| 2017-08 | 107.1 |
| 2017-07 | 104.5 |
| 2017-06 | 103.8 |
| 2017-05 | 103.5 |
| 2017-04 | 104.0 |
| 2017-03 | 103.6 |
| 2017-02 | 103.2 |
| 2017-01 | 101.9 |
| 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 | 98.3 |
| 2016-03 | 99.5 |
| 2016-02 | 99.9 |
| 2016-01 | 100.2 |
| 2015-12 | 97.0 |
| 2015-11 | 99.3 |
| 2015-10 | 99.5 |
| 2015-09 | 97.5 |
| 2015-08 | 98.6 |
| 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 | 93.1 |
| 2014-03 | 92.9 |
| 2014-02 | 92.0 |
| 2014-01 | 92.1 |
| 2013-12 | 90.6 |
| 2013-11 | 92.2 |
| 2013-10 | 91.6 |
| 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 | 86.9 |
| 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 | 98.3 |
| 2011-08 | 100.6 |
| 2011-07 | 105.2 |
| 2011-06 | 107.5 |
| 2011-05 | 107.8 |
| 2011-04 | 109.3 |
| 2011-03 | 110.9 |
| 2011-02 | 109.6 |
| 2011-01 | 107.4 |
| 2010-12 | 107.1 |
| 2010-11 | 105.0 |
| 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 | 94.4 |
| 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 | 74.1 |
| 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 | 104.5 |
| 2008-04 | 107.0 |
| 2008-03 | 108.8 |
| 2008-02 | 108.9 |
| 2008-01 | 110.9 |
| 2007-12 | 109.3 |
| 2007-11 | 110.6 |
| 2007-10 | 110.5 |
| 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 | 113.0 |
| 2007-01 | 111.3 |
| 2006-12 | 111.8 |
| 2006-11 | 113.7 |
| 2006-10 | 111.3 |
| 2006-09 | 111.2 |
| 2006-08 | 111.0 |
| 2006-07 | 110.9 |
| 2006-06 | 109.6 |
| 2006-05 | 111.1 |
| 2006-04 | 108.2 |
| 2006-03 | 107.9 |
| 2006-02 | 106.7 |
| 2006-01 | 109.4 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
The balances of opinion on both expected demand and activity and on general business outlook have deteriorated
In April 2026, the business managers in services are more pessimistic than in the previous month about their personal business outlook. The associated balances on expected demand and on activity have fallen back, below their respective average. The one on the business outlook of their sector has diminished for the fourth month in a row and has moved away from its own. It has reached an unprecedented level since April 2015 (excluding health crisis). Conversely, the balance of opinion on past activity has rebounded but remains below its average level.
Concerning the workforce size, the balance of opinion on their past change has increased again. Conversely, the one on their expected change has sharply retreated below their average and has reached its lowest level since May 2025.
The balance on the economic uncertainty felt has sharply risen and has reached its highest level since April 2023.
In April 2026, the share of business managers reporting difficulties in recruitment is virtually stable compared to the previous quarter, below its average.
Business managers are less numerous than in January to report only difficulties of supply; they are almost as many to report only difficulties of demand or difficulties of demand and supply at the same time.
The quarterly balance of opinion on the expected investment for the next three months is virtually stable below its average.
The quarterly balance on cash position has decreased again and has left its average level.
tableauEconomic outlook in the services sector
| Average* | Jan. 2026 | Febr. 2026 | March 2026 | April 2026 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 98 | 96 | 96 | 94 |
| General outlook | -7 | -7 | -8 | -9 | -13 |
| Past activity | 2 | 1 | -2 | -7 | -3 |
| Expected activity | 1 | -1 | -5 | -2 | -4 |
| Expected demand | -1 | -3 | -7 | -4 | -7 |
| Past selling prices | -3 | 2 | -2 | -1 | -1 |
| Expected selling prices | -2 | 3 | 1 | 0 | 3 |
| Past employment | 2 | -11 | -9 | -8 | -5 |
| Past employment except temporary work agencies | 0 | -8 | -9 | -10 | -5 |
| Expected employment | 2 | -3 | -6 | -4 | -11 |
| Expected employment except temporary work agencies | -1 | -7 | -8 | -6 | -7 |
| Cash position*** | -10 | -10 | -12 | ||
| Difficulties | |||||
| difficulties of supply and demand (in %)*** | 9 | 6 | 7 | ||
| difficulties of supply only (in %)*** | 23 | 18 | 13 | ||
| difficulties of demand only (in %)*** | 27 | 17 | 18 | ||
| Difficulties in recruitment (in %)*** | 31 | 29 | 28 | ||
| Expected investments*** | 2 | -4 | -5 | ||
| Economic uncertainty felt** | 12 | 12 | 11 | 12 | 17 |
- * 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.
- *** Balance of opinion from the quarterly section of the survey.
The business climate has sharply deteriorated in administrative and support services and in road freight transport.
In information-communication, the business climate has brightened, but remains below its long-term average for the twelfth month in a row. This improvement is mainly due to the sharp rise in both past and expected balances on activity, which have moved above their respective average.
In professional, scientific and technical activities, the business climate is stable below its average level, as do the main balances included in its calculation.
In administrative and support services, the business climate has sharply deteriorated and has reached its lowest level since April 2013 (excluding health crise). The balances on past activity and those forward-looking on demand, activity, general business outlook and particularly the workforce size have sharply dropped.
The business climate in real estate activities has fallen back, and has moved away from its average. In particular, the balances on general business outlook and on past activity have sharply diminished.
In accommodation and food services, the business climate indicator has sharply retreated and has left its long-term average. The balances of opinion on both past and expected activity and on expected demand have sharply fallen back.
Finally, in road freight transport, the business climate has well sharply darkened, and has moved further away from its average, at its lowest level since November 2023. The forward-looking balances on activity, on demand and on the business outlook for the sector have clearly diminished.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Jan. 2026 | Febr. 2026 | March 2026 | April 2026 |
|---|---|---|---|---|---|
| Road freight transport (8%) | |||||
| Composite indicator | 100 | 101 | 96 | 98 | 91 |
| General outlook | -19 | -13 | -18 | -22 | -35 |
| Past activity | -6 | -17 | -4 | -11 | -13 |
| Expected activity | -7 | -2 | -16 | -6 | -23 |
| Expected demand | -10 | -7 | -19 | -16 | -28 |
| Past employment | -6 | -8 | -6 | -18 | -20 |
| Expected employment | -7 | -9 | -14 | -12 | -7 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 97 | 95 | 100 | 96 |
| General outlook | -13 | -11 | -10 | -14 | -16 |
| Past activity | -7 | -11 | -9 | -8 | -17 |
| Expected activity | -8 | -14 | -25 | -2 | -16 |
| Expected demand | -9 | -15 | -17 | -7 | -22 |
| Past employment | -5 | 0 | -1 | -14 | 2 |
| Expected employment | -6 | -12 | -18 | -12 | -10 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 99 | 97 | 96 | 98 |
| General outlook | 0 | -2 | -1 | -2 | -3 |
| Past activity | 8 | 15 | 6 | -11 | 9 |
| Expected activity | 9 | 6 | 4 | 6 | 15 |
| Expected demand | 9 | 0 | 3 | 4 | 8 |
| Past employment | 6 | -6 | -5 | -4 | -3 |
| Expected employment | 10 | 7 | 4 | 2 | 1 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 100 | 96 | 98 | 94 |
| General outlook | -4 | -2 | -2 | -2 | -10 |
| Past activity | 6 | 11 | 5 | 7 | 4 |
| Expected activity | 6 | 3 | 0 | 4 | 3 |
| Expected demand | 1 | 0 | -1 | 4 | 4 |
| Past employment | 2 | 2 | -3 | -1 | 5 |
| Expected employment | 2 | 2 | -1 | -3 | -4 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 98 | 94 | 94 | 94 |
| General outlook | -8 | -9 | -12 | -11 | -12 |
| Past activity | -2 | -7 | -9 | -12 | -10 |
| Expected activity | -3 | -5 | -11 | -11 | -12 |
| Expected demand | -6 | -7 | -15 | -12 | -13 |
| Past employment | 0 | -8 | -6 | -4 | -4 |
| Expected employment | 0 | -5 | -3 | -5 | -6 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 97 | 96 | 95 | 87 |
| General outlook | -3 | -7 | -6 | -8 | -16 |
| Past activity | 5 | -3 | -2 | -1 | -9 |
| Expected activity | 4 | -1 | -1 | -3 | -10 |
| Expected demand | 2 | 2 | -2 | -4 | -12 |
| Past employment | 6 | -24 | -18 | -9 | -11 |
| Expected employment | 6 | 0 | -6 | -1 | -24 |
- 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 March 2026 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 March and 20 April 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: 22 May 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 March and 20 April 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: 22 May 2026 at 8:45 am.