At the start of 2020, the emergence of the Covid-19 pandemic and the restrictions imposed to contain its spread had an unprecedented effect on the business activities of French companies. All sectors suffered a major slowdown during the first lockdown, although to differing degrees. In contrast, only certain sectors experienced new losses during the second lockdown following a modest upturn during the summer.

In 2020, at the most granular level, the difference in sectors accounted for up to 48% of the monthly variance in economic slowdowns observed compared to almost nothing in normal times. However, the difference between these shocks within sectors remains significant.
Four types of trajectories can be identified based on the month-on-month losses in activity suffered by companies, illustrating the varying levels of resilience they had against the crisis. The business sector is the primary factor determining which profile each company belongs to. Across all sectors, the trajectory profile also correlates with the ability of each company to adapt its structure and production processes during the crisis.