In H1 2023, the margin rate of non-financial corporations (NFCs) increased due to the decline in the real cost of labour per capita and the improvement in domestic terms of trade, with the price of value added having increased more quickly than consumer prices. In contrast, productivity hampered any increase in the margin rate, especially at the beginning of 2023. In Q3 2023, the margin rate remained virtually stable, at 33.0%: the effects of the drop in productivity and the decline in the real cost of labour offset each other...