France Business Climate Composite Indicator

France’s business climate indicator remained at 99 in January 2026, unchanged from December, just below its long-term average of 100. The improvement in manufacturing supported the overall climate, with the index rising to 105 (vs 102 in December), the highest level since July 2022. Views for wholesale trade also rebounded to 100 (vs 98), returning to its long-term average for the first time since November 2022, as past export sales and ordering intentions strengthened. Services remained stable at 98, below average, with business leaders’ expectations for activity and demand unchanged. Building construction also held steady at 97, below average, with past and expected activity stable. In contrast, retail trade and motor vehicle repair fell to 99 (vs 104), reversing most of December’s sharp rise and reflecting weaker ordering intentions. The employment climate slipped to 93 (vs 95), driven by weaker past and expected workforce size in services.

France’s business climate indicator rose to 99 in December 2025 from 98 in November, the highest level since February 2024, but remained below its long-term average of 100. The improvement was driven by a sharp rebound in retail trade and motor vehicle repair, where the index jumped to 104 (vs 97 in November), supported by stronger ordering intentions, and by manufacturing, which climbed to 102 (vs 98), returning above its long-term average amid better past production and firmer order books, particularly in other transport equipment. Confidence also edged higher in building construction to 96 (vs 95), though it stayed below average, while the services index was unchanged at 98, with gains concentrated in corporate services. In contrast, the employment climate slipped to 95 from 96, reflecting weaker expectations for future workforce size in services.

France’s business climate indicator edged up to 98 in November 2025 from 97 in October, though it remained below its long-term average of 100. The improvement was boosted by the services sector, where the index jumped to 98 from 95, supported by stronger expectations for demand and moving closer to its long-term average of 100. Meanwhile, the indices for both building construction and wholesale trade were unchanged at 96 and 98, respectively. Ordering intentions edged lower, while the general business outlook improved noticeably. In contrast, the manufacturing index fell to 98 from 101, reflecting weaker personal production prospects and softer order books. The climate in retail trade and motor vehicle repair also declined to 97, amid diverging trends between stronger retail trade excluding motor vehicles and a further drop in the motor vehicle segment. The employment climate improved slightly to 96 from 95 in the previous month but still remained below the average since mid-2024.