Informations Rapides ·
19 December 2024 · n° 320
In December 2024, the business climate in France has darkened further Business indicator - December 2024
In December 2024, the business climate in France has darkened further. At 94, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors has lost two points. Falling for the third month in a row, it has moved away from its long term average (100). The business climate has deteriorated in every sector except manufacturing industry, where it remains stable, but stands below its long-term average.
In December 2024, the business climate indicator has lost two points
In December 2024, the business climate in France has darkened further. At 94, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors has lost two points. Falling for the third month in a row, it has moved away from its long term average (100). The business climate has deteriorated in every sector except manufacturing industry, where it remains stable, but stands below its long-term average.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2024-12 | 94.3 |
| 2024-11 | 96.0 |
| 2024-10 | 97.4 |
| 2024-09 | 97.9 |
| 2024-08 | 96.7 |
| 2024-07 | 93.9 |
| 2024-06 | 99.2 |
| 2024-05 | 99.6 |
| 2024-04 | 99.3 |
| 2024-03 | 100.0 |
| 2024-02 | 98.6 |
| 2024-01 | 98.9 |
| 2023-12 | 98.4 |
| 2023-11 | 97.9 |
| 2023-10 | 98.9 |
| 2023-09 | 100.3 |
| 2023-08 | 100.0 |
| 2023-07 | 100.2 |
| 2023-06 | 100.5 |
| 2023-05 | 100.4 |
| 2023-04 | 102.6 |
| 2023-03 | 102.9 |
| 2023-02 | 103.2 |
| 2023-01 | 102.2 |
| 2022-12 | 102.5 |
| 2022-11 | 102.4 |
| 2022-10 | 102.7 |
| 2022-09 | 102.5 |
| 2022-08 | 103.9 |
| 2022-07 | 103.5 |
| 2022-06 | 104.7 |
| 2022-05 | 106.3 |
| 2022-04 | 106.5 |
| 2022-03 | 107.2 |
| 2022-02 | 113.2 |
| 2022-01 | 108.1 |
| 2021-12 | 109.6 |
| 2021-11 | 114.1 |
| 2021-10 | 113.4 |
| 2021-09 | 111.6 |
| 2021-08 | 110.6 |
| 2021-07 | 113.0 |
| 2021-06 | 114.6 |
| 2021-05 | 110.1 |
| 2021-04 | 96.2 |
| 2021-03 | 97.7 |
| 2021-02 | 90.9 |
| 2021-01 | 93.6 |
| 2020-12 | 92.3 |
| 2020-11 | 77.8 |
| 2020-10 | 90.2 |
| 2020-09 | 93.8 |
| 2020-08 | 94.1 |
| 2020-07 | 91.0 |
| 2020-06 | 84.6 |
| 2020-05 | 59.6 |
| 2020-04 | 47.1 |
| 2020-03 | 93.9 |
| 2020-02 | 105.9 |
| 2020-01 | 106.2 |
| 2019-12 | 106.1 |
| 2019-11 | 106.3 |
| 2019-10 | 106.5 |
| 2019-09 | 106.9 |
| 2019-08 | 105.9 |
| 2019-07 | 106.0 |
| 2019-06 | 106.6 |
| 2019-05 | 106.7 |
| 2019-04 | 106.7 |
| 2019-03 | 105.9 |
| 2019-02 | 104.6 |
| 2019-01 | 104.2 |
| 2018-12 | 103.6 |
| 2018-11 | 106.6 |
| 2018-10 | 106.4 |
| 2018-09 | 107.6 |
| 2018-08 | 108.0 |
| 2018-07 | 108.5 |
| 2018-06 | 109.1 |
| 2018-05 | 109.3 |
| 2018-04 | 110.9 |
| 2018-03 | 111.6 |
| 2018-02 | 111.8 |
| 2018-01 | 112.8 |
| 2017-12 | 113.2 |
| 2017-11 | 111.7 |
| 2017-10 | 110.9 |
| 2017-09 | 111.0 |
| 2017-08 | 110.8 |
| 2017-07 | 109.8 |
| 2017-06 | 108.8 |
| 2017-05 | 107.6 |
| 2017-04 | 107.0 |
| 2017-03 | 106.6 |
| 2017-02 | 106.9 |
| 2017-01 | 106.2 |
| 2016-12 | 106.0 |
| 2016-11 | 103.7 |
| 2016-10 | 103.8 |
| 2016-09 | 103.6 |
| 2016-08 | 103.5 |
| 2016-07 | 103.9 |
| 2016-06 | 103.0 |
| 2016-05 | 104.3 |
| 2016-04 | 102.4 |
| 2016-03 | 102.9 |
| 2016-02 | 103.0 |
| 2016-01 | 104.0 |
| 2015-12 | 101.6 |
| 2015-11 | 102.9 |
| 2015-10 | 102.9 |
| 2015-09 | 102.1 |
| 2015-08 | 102.8 |
| 2015-07 | 101.1 |
| 2015-06 | 100.7 |
| 2015-05 | 99.4 |
| 2015-04 | 98.3 |
| 2015-03 | 96.9 |
| 2015-02 | 95.8 |
| 2015-01 | 94.7 |
| 2014-12 | 93.9 |
| 2014-11 | 93.7 |
| 2014-10 | 91.9 |
| 2014-09 | 91.9 |
| 2014-08 | 92.9 |
| 2014-07 | 94.4 |
| 2014-06 | 95.0 |
| 2014-05 | 95.6 |
| 2014-04 | 96.1 |
| 2014-03 | 96.2 |
| 2014-02 | 95.0 |
| 2014-01 | 95.4 |
| 2013-12 | 94.1 |
| 2013-11 | 94.7 |
| 2013-10 | 95.3 |
| 2013-09 | 95.5 |
| 2013-08 | 91.8 |
| 2013-07 | 88.5 |
| 2013-06 | 86.7 |
| 2013-05 | 85.5 |
| 2013-04 | 84.5 |
| 2013-03 | 85.9 |
| 2013-02 | 88.0 |
| 2013-01 | 87.9 |
| 2012-12 | 88.4 |
| 2012-11 | 87.7 |
| 2012-10 | 86.4 |
| 2012-09 | 88.1 |
| 2012-08 | 89.6 |
| 2012-07 | 90.7 |
| 2012-06 | 91.8 |
| 2012-05 | 92.9 |
| 2012-04 | 97.1 |
| 2012-03 | 95.5 |
| 2012-02 | 93.0 |
| 2012-01 | 93.1 |
| 2011-12 | 94.6 |
| 2011-11 | 95.5 |
| 2011-10 | 97.6 |
| 2011-09 | 98.7 |
| 2011-08 | 101.5 |
| 2011-07 | 106.4 |
| 2011-06 | 107.7 |
| 2011-05 | 108.1 |
| 2011-04 | 108.7 |
| 2011-03 | 109.5 |
| 2011-02 | 109.0 |
| 2011-01 | 107.8 |
| 2010-12 | 106.9 |
| 2010-11 | 105.2 |
| 2010-10 | 104.4 |
| 2010-09 | 102.6 |
| 2010-08 | 100.6 |
| 2010-07 | 98.5 |
| 2010-06 | 96.6 |
| 2010-05 | 97.2 |
| 2010-04 | 95.9 |
| 2010-03 | 92.2 |
| 2010-02 | 92.8 |
| 2010-01 | 92.2 |
| 2009-12 | 90.6 |
| 2009-11 | 90.4 |
| 2009-10 | 88.6 |
| 2009-09 | 85.8 |
| 2009-08 | 82.9 |
| 2009-07 | 79.8 |
| 2009-06 | 77.7 |
| 2009-05 | 74.3 |
| 2009-04 | 71.3 |
| 2009-03 | 69.5 |
| 2009-02 | 73.4 |
| 2009-01 | 75.0 |
| 2008-12 | 76.7 |
| 2008-11 | 79.5 |
| 2008-10 | 83.4 |
| 2008-09 | 92.6 |
| 2008-08 | 94.9 |
| 2008-07 | 96.5 |
| 2008-06 | 100.1 |
| 2008-05 | 103.3 |
| 2008-04 | 106.0 |
| 2008-03 | 108.2 |
| 2008-02 | 108.3 |
| 2008-01 | 109.5 |
| 2007-12 | 110.1 |
| 2007-11 | 110.4 |
| 2007-10 | 109.9 |
| 2007-09 | 111.2 |
| 2007-08 | 111.8 |
| 2007-07 | 112.8 |
| 2007-06 | 113.6 |
| 2007-05 | 112.6 |
| 2007-04 | 112.4 |
| 2007-03 | 111.8 |
| 2007-02 | 111.4 |
| 2007-01 | 109.7 |
| 2006-12 | 109.6 |
| 2006-11 | 111.1 |
| 2006-10 | 109.5 |
| 2006-09 | 109.4 |
| 2006-08 | 108.8 |
| 2006-07 | 108.2 |
| 2006-06 | 106.2 |
| 2006-05 | 106.6 |
| 2006-04 | 104.7 |
| 2006-03 | 104.3 |
| 2006-02 | 103.8 |
| 2006-01 | 106.1 |
| 2005-12 | 104.7 |
| 2005-11 | 103.1 |
| 2005-10 | 103.7 |
| 2005-09 | 100.7 |
| 2005-08 | 101.4 |
| 2005-07 | 101.6 |
| 2005-06 | 101.9 |
| 2005-05 | 101.0 |
| 2005-04 | 103.5 |
| 2005-03 | 104.4 |
| 2005-02 | 104.3 |
| 2005-01 | 103.9 |
graphiqueFrench business climate composite indicator
- Source: INSEE.
In December 2024, the business climate in services has darkened again. At 96 the indicator that synthetizes it has lost two points after dropping by three the previous month. This further deterioration is mainly due to the fall in the forward-looking balances of opinion on demand and activity.
In retail trade (including trade and repair of vehicles), the business climate has decreased for the third month in a row. This deterioration is mainly due to the fall in the balances related to general business outlook and past sales.
In building construction, the business climate indicator has also darkened again. At 98, the synthetic indicator has lost one point to its lowest level since July 2020. This deterioration in opinion concerns almost all the balances, particularly those related to activity and employment.
Lastly, in manufacturing industry, the business climate has maintained. At 97, the indicator that synthetizes it remains below its long-term average (100). The balances of opinion on order books have raised again but all those related to activity have fallen.
tableauBusiness and employment climates
| Aug. 24 | Sep. 24 | Oct. 24 | Nov. 24 | Dec. 24 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 97 | 98 | 97 | 96 | 94 |
| Manufacturing industry | 99 | 99 | 93 | 97 | 97 |
| Building construction | 101 | 100 | 100 | 99 | 98 |
| Services | 98 | 99 | 101 | 98 | 96 |
| Retail trade* | 97 | 100 | 99 | 98 | 96 |
| Wholesale trade | 95 | 93 | |||
| Employment | 98 | 99 | 97 | 98 | 96 |
- * including trade and repair of vehicles.
- Source: INSEE, business tendency surveys.
The employment climate indicator has retreated
In December 2024, the employment climate indicator has retreated. At 96, it has lost two points and has moved away from its long-term average (100). This deterioration is reflected in almost all the balances of opinion on both past and future employment.
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2024-12 | 96.0 |
| 2024-11 | 98.3 |
| 2024-10 | 97.2 |
| 2024-09 | 99.4 |
| 2024-08 | 97.6 |
| 2024-07 | 95.8 |
| 2024-06 | 99.6 |
| 2024-05 | 102.3 |
| 2024-04 | 100.8 |
| 2024-03 | 100.2 |
| 2024-02 | 101.4 |
| 2024-01 | 99.3 |
| 2023-12 | 100.6 |
| 2023-11 | 99.9 |
| 2023-10 | 102.4 |
| 2023-09 | 104.7 |
| 2023-08 | 101.4 |
| 2023-07 | 105.4 |
| 2023-06 | 106.1 |
| 2023-05 | 106.6 |
| 2023-04 | 109.0 |
| 2023-03 | 109.3 |
| 2023-02 | 109.8 |
| 2023-01 | 112.4 |
| 2022-12 | 110.5 |
| 2022-11 | 108.6 |
| 2022-10 | 107.9 |
| 2022-09 | 109.1 |
| 2022-08 | 108.1 |
| 2022-07 | 110.5 |
| 2022-06 | 108.1 |
| 2022-05 | 110.3 |
| 2022-04 | 111.1 |
| 2022-03 | 112.8 |
| 2022-02 | 113.7 |
| 2022-01 | 110.5 |
| 2021-12 | 108.8 |
| 2021-11 | 113.4 |
| 2021-10 | 110.5 |
| 2021-09 | 107.5 |
| 2021-08 | 109.0 |
| 2021-07 | 108.6 |
| 2021-06 | 107.2 |
| 2021-05 | 101.0 |
| 2021-04 | 91.2 |
| 2021-03 | 90.5 |
| 2021-02 | 84.1 |
| 2021-01 | 86.4 |
| 2020-12 | 83.7 |
| 2020-11 | 80.6 |
| 2020-10 | 88.0 |
| 2020-09 | 92.8 |
| 2020-08 | 89.2 |
| 2020-07 | 79.3 |
| 2020-06 | 69.8 |
| 2020-05 | 49.8 |
| 2020-04 | 41.2 |
| 2020-03 | 96.9 |
| 2020-02 | 105.9 |
| 2020-01 | 105.9 |
| 2019-12 | 107.4 |
| 2019-11 | 108.0 |
| 2019-10 | 106.5 |
| 2019-09 | 107.9 |
| 2019-08 | 107.5 |
| 2019-07 | 107.2 |
| 2019-06 | 107.9 |
| 2019-05 | 105.3 |
| 2019-04 | 107.0 |
| 2019-03 | 107.7 |
| 2019-02 | 107.2 |
| 2019-01 | 106.5 |
| 2018-12 | 104.4 |
| 2018-11 | 105.0 |
| 2018-10 | 106.6 |
| 2018-09 | 107.4 |
| 2018-08 | 108.0 |
| 2018-07 | 108.2 |
| 2018-06 | 109.5 |
| 2018-05 | 109.4 |
| 2018-04 | 108.7 |
| 2018-03 | 109.4 |
| 2018-02 | 109.4 |
| 2018-01 | 109.1 |
| 2017-12 | 108.2 |
| 2017-11 | 107.0 |
| 2017-10 | 107.8 |
| 2017-09 | 106.7 |
| 2017-08 | 105.0 |
| 2017-07 | 106.9 |
| 2017-06 | 107.4 |
| 2017-05 | 106.9 |
| 2017-04 | 106.5 |
| 2017-03 | 107.0 |
| 2017-02 | 104.5 |
| 2017-01 | 105.5 |
| 2016-12 | 106.2 |
| 2016-11 | 105.3 |
| 2016-10 | 104.7 |
| 2016-09 | 105.0 |
| 2016-08 | 102.3 |
| 2016-07 | 104.6 |
| 2016-06 | 100.8 |
| 2016-05 | 101.4 |
| 2016-04 | 99.4 |
| 2016-03 | 99.1 |
| 2016-02 | 100.3 |
| 2016-01 | 101.1 |
| 2015-12 | 100.4 |
| 2015-11 | 101.1 |
| 2015-10 | 99.4 |
| 2015-09 | 99.5 |
| 2015-08 | 100.0 |
| 2015-07 | 99.0 |
| 2015-06 | 98.6 |
| 2015-05 | 96.6 |
| 2015-04 | 96.5 |
| 2015-03 | 94.5 |
| 2015-02 | 95.0 |
| 2015-01 | 93.0 |
| 2014-12 | 94.0 |
| 2014-11 | 93.5 |
| 2014-10 | 93.5 |
| 2014-09 | 93.6 |
| 2014-08 | 93.4 |
| 2014-07 | 94.5 |
| 2014-06 | 94.6 |
| 2014-05 | 96.1 |
| 2014-04 | 96.8 |
| 2014-03 | 95.0 |
| 2014-02 | 93.5 |
| 2014-01 | 94.0 |
| 2013-12 | 93.6 |
| 2013-11 | 92.7 |
| 2013-10 | 93.6 |
| 2013-09 | 91.0 |
| 2013-08 | 90.4 |
| 2013-07 | 89.5 |
| 2013-06 | 88.5 |
| 2013-05 | 85.1 |
| 2013-04 | 86.4 |
| 2013-03 | 88.2 |
| 2013-02 | 88.9 |
| 2013-01 | 91.7 |
| 2012-12 | 89.3 |
| 2012-11 | 89.6 |
| 2012-10 | 91.3 |
| 2012-09 | 91.4 |
| 2012-08 | 92.9 |
| 2012-07 | 92.1 |
| 2012-06 | 93.3 |
| 2012-05 | 94.4 |
| 2012-04 | 97.6 |
| 2012-03 | 98.2 |
| 2012-02 | 97.2 |
| 2012-01 | 97.5 |
| 2011-12 | 98.3 |
| 2011-11 | 100.3 |
| 2011-10 | 99.4 |
| 2011-09 | 103.4 |
| 2011-08 | 105.0 |
| 2011-07 | 109.4 |
| 2011-06 | 110.8 |
| 2011-05 | 110.9 |
| 2011-04 | 108.7 |
| 2011-03 | 108.8 |
| 2011-02 | 110.3 |
| 2011-01 | 102.6 |
| 2010-12 | 105.3 |
| 2010-11 | 104.0 |
| 2010-10 | 102.6 |
| 2010-09 | 99.7 |
| 2010-08 | 98.2 |
| 2010-07 | 97.5 |
| 2010-06 | 97.5 |
| 2010-05 | 96.5 |
| 2010-04 | 95.1 |
| 2010-03 | 93.1 |
| 2010-02 | 90.7 |
| 2010-01 | 90.1 |
| 2009-12 | 88.6 |
| 2009-11 | 86.8 |
| 2009-10 | 84.5 |
| 2009-09 | 83.0 |
| 2009-08 | 84.3 |
| 2009-07 | 79.4 |
| 2009-06 | 75.3 |
| 2009-05 | 74.3 |
| 2009-04 | 74.8 |
| 2009-03 | 74.6 |
| 2009-02 | 79.1 |
| 2009-01 | 81.0 |
| 2008-12 | 84.2 |
| 2008-11 | 88.5 |
| 2008-10 | 95.6 |
| 2008-09 | 100.1 |
| 2008-08 | 101.2 |
| 2008-07 | 106.6 |
| 2008-06 | 104.4 |
| 2008-05 | 108.5 |
| 2008-04 | 112.8 |
| 2008-03 | 112.6 |
| 2008-02 | 114.1 |
| 2008-01 | 114.4 |
| 2007-12 | 114.4 |
| 2007-11 | 113.7 |
| 2007-10 | 112.3 |
| 2007-09 | 113.9 |
| 2007-08 | 113.3 |
| 2007-07 | 111.6 |
| 2007-06 | 113.4 |
| 2007-05 | 114.4 |
| 2007-04 | 111.8 |
| 2007-03 | 111.3 |
| 2007-02 | 112.0 |
| 2007-01 | 109.6 |
| 2006-12 | 111.9 |
| 2006-11 | 111.1 |
| 2006-10 | 109.8 |
| 2006-09 | 108.6 |
| 2006-08 | 109.8 |
| 2006-07 | 110.4 |
| 2006-06 | 111.3 |
| 2006-05 | 108.8 |
| 2006-04 | 108.2 |
| 2006-03 | 105.7 |
| 2006-02 | 104.9 |
| 2006-01 | 105.0 |
| 2005-12 | 103.4 |
| 2005-11 | 104.0 |
| 2005-10 | 104.0 |
| 2005-09 | 104.0 |
| 2005-08 | 103.9 |
| 2005-07 | 103.5 |
| 2005-06 | 103.0 |
| 2005-05 | 103.9 |
| 2005-04 | 103.4 |
| 2005-03 | 105.7 |
| 2005-02 | 103.2 |
| 2005-01 | 103.2 |
graphiqueFrench employment climate composite indicator
- Source: INSEE.
Revisions
The business climate for November 2024 in services has been revised downwards by one point (after rounding), as has the employment climate indicator. These revisions are mainly due to the inclusion of late responses from companies. The other synthetic indicators of climate have not been revised (after rounding).
For further information
The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from 30 balances of opinion from these surveys. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction.
The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.
The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to these surveys were collected between 27 November and 16 December 2024; most companies answer during the first two weeks of collection.
Next issue: 23 January 2025 at 08:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Methodology note (in French) (pdf,245 Ko)
Pour en savoir plus
The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from 30 balances of opinion from these surveys. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction.
The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.
The surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to these surveys were collected between 27 November and 16 December 2024; most companies answer during the first two weeks of collection.
Next issue: 23 January 2025 at 08:45 am.