Informations Rapides · 23 April 2026 · n° 100

In April 2026, manufacturers expect demand to weaken over the next three months Quarterly business survey (goods-producing industries) - April 2026

In April 2026, business managers in manufacturing industry consider demand, both global and foreign, to have been, over the last three months, more dynamic than in the previous quarter. Nevertheless, they expect it to weaken over the next three months. Besides, production bottlenecks have strongly rebounded and selling prices, both past and expected, are judged to be rising strongly. Finally, hiring difficulties have declined anew.

Business managers’ opinion regarding the evolution of demand, both global and foreign, over the next three months has deteriorated in April 2026. The associated balances of opinion remain nonetheless above their respective average. However, their opinion concerning the evolution of demand, both global and foreign, over the last three months has improved in April 2026. The associated balances of opinion have moved away from their respective average.

In April 2026, the share of manufacturing companies at the limit of their production capacity (production bottlenecks) has rebounded strongly, moved away from its average, and reached its highest level since April 2023: 43% consider that they would not be able to increase their production with their current resources if they received more orders. Moreover, fewer business managers than three months ago consider their production capacities sufficient given the likely evolution of orders over the coming months. The associated balance of opinion has fallen back, well below its average. The production capacity utilisation rate has rebounded slightly: at 81%, it has moved closer to its average level.

The balance of opinion on the expected change in investments over the next three months (data not seasonally adjusted) has rebounded less markedly than is usually the case in April, but remains below its average.

In April 2026, hiring difficulties, that had temporarily paused in January 2026 their continuous decline started in October 2022, have resumed their downward trend. 34% of business managers have reported experiencing them, this share stands just above its long-term average, at its lowest level since January 2021.

Business managers estimate that their selling prices have increased, on average, by 0.4% since January 2026. For the next three months, they anticipate an acceleration: their selling prices should grow by 0.8% on average. It is the highest quarterly change expected since January 2023.

The balance of opinion on outlook for changes in hourly wages in industry has increased again but remains well below its average.

The balance relating to the cash-flow situation of industrial companies has fallen back below its average.

In the manufacturing industry, more business managers in April 2026 than in October 2025 expect an increase in their investments for 2025 compared to 2024. This upward revision is observed across almost all of the sub-sectors, and more markedly in “other industries”.

Regarding the expected change in investments for 2026, manufacturers have delivered a second assessment, after that of October 2025. The balance of opinion for manufacturing industry has decreased slightly, but revisions are contrasted between the sub-sectors. This downward revision is mainly driven by the manufacture of transport equipment. The balance of opinion has also decreased in the manufacture of food products and beverages while it has increased in the manufacture of machinery and equipment goods and in “other industries”.