Informations Rapides ·
25 April 2025 · n° 103
In April 2025, the business climate in services has slightly rebounded Monthly survey of services - April 2025
According to the business managers surveyed in April 2025, the business climate in services has slightly rebounded. At 98, the indicator that synthesizes it stands below its long-term average (100) for the sixth month in a row.
According to the business managers surveyed in April 2025, the business climate in services has slightly rebounded. At 98, the indicator that synthesizes it stands below its long-term average (100) for the sixth month in a row.
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2025-04 | 98.0 |
| 2025-03 | 97.1 |
| 2025-02 | 97.6 |
| 2025-01 | 96.1 |
| 2024-12 | 96.5 |
| 2024-11 | 98.4 |
| 2024-10 | 100.9 |
| 2024-09 | 99.3 |
| 2024-08 | 98.0 |
| 2024-07 | 95.1 |
| 2024-06 | 101.1 |
| 2024-05 | 102.4 |
| 2024-04 | 100.1 |
| 2024-03 | 101.8 |
| 2024-02 | 99.9 |
| 2024-01 | 101.2 |
| 2023-12 | 100.3 |
| 2023-11 | 100.0 |
| 2023-10 | 100.5 |
| 2023-09 | 101.4 |
| 2023-08 | 101.7 |
| 2023-07 | 101.6 |
| 2023-06 | 101.6 |
| 2023-05 | 101.4 |
| 2023-04 | 103.0 |
| 2023-03 | 103.6 |
| 2023-02 | 105.3 |
| 2023-01 | 104.1 |
| 2022-12 | 103.6 |
| 2022-11 | 103.9 |
| 2022-10 | 105.0 |
| 2022-09 | 105.6 |
| 2022-08 | 106.6 |
| 2022-07 | 106.2 |
| 2022-06 | 107.5 |
| 2022-05 | 109.1 |
| 2022-04 | 108.4 |
| 2022-03 | 108.0 |
| 2022-02 | 112.1 |
| 2022-01 | 105.0 |
| 2021-12 | 107.4 |
| 2021-11 | 114.2 |
| 2021-10 | 113.4 |
| 2021-09 | 110.6 |
| 2021-08 | 109.0 |
| 2021-07 | 111.3 |
| 2021-06 | 112.8 |
| 2021-05 | 106.9 |
| 2021-04 | 91.4 |
| 2021-03 | 93.2 |
| 2021-02 | 87.6 |
| 2021-01 | 90.8 |
| 2020-12 | 89.2 |
| 2020-11 | 75.4 |
| 2020-10 | 87.5 |
| 2020-09 | 93.7 |
| 2020-08 | 93.6 |
| 2020-07 | 88.6 |
| 2020-06 | 77.3 |
| 2020-05 | 48.9 |
| 2020-04 | 37.5 |
| 2020-03 | 91.7 |
| 2020-02 | 106.0 |
| 2020-01 | 106.1 |
| 2019-12 | 106.5 |
| 2019-11 | 106.0 |
| 2019-10 | 105.7 |
| 2019-09 | 106.0 |
| 2019-08 | 105.5 |
| 2019-07 | 105.0 |
| 2019-06 | 105.9 |
| 2019-05 | 105.6 |
| 2019-04 | 105.6 |
| 2019-03 | 104.5 |
| 2019-02 | 103.8 |
| 2019-01 | 103.6 |
| 2018-12 | 101.8 |
| 2018-11 | 103.6 |
| 2018-10 | 103.3 |
| 2018-09 | 104.7 |
| 2018-08 | 104.5 |
| 2018-07 | 104.7 |
| 2018-06 | 104.7 |
| 2018-05 | 104.4 |
| 2018-04 | 106.0 |
| 2018-03 | 106.9 |
| 2018-02 | 107.0 |
| 2018-01 | 107.8 |
| 2017-12 | 108.9 |
| 2017-11 | 107.3 |
| 2017-10 | 106.8 |
| 2017-09 | 106.9 |
| 2017-08 | 106.9 |
| 2017-07 | 104.1 |
| 2017-06 | 103.6 |
| 2017-05 | 102.9 |
| 2017-04 | 103.2 |
| 2017-03 | 103.2 |
| 2017-02 | 102.9 |
| 2017-01 | 101.8 |
| 2016-12 | 103.7 |
| 2016-11 | 101.0 |
| 2016-10 | 100.9 |
| 2016-09 | 100.8 |
| 2016-08 | 100.1 |
| 2016-07 | 100.4 |
| 2016-06 | 99.2 |
| 2016-05 | 100.8 |
| 2016-04 | 98.3 |
| 2016-03 | 99.5 |
| 2016-02 | 99.9 |
| 2016-01 | 100.3 |
| 2015-12 | 97.1 |
| 2015-11 | 99.3 |
| 2015-10 | 99.5 |
| 2015-09 | 97.6 |
| 2015-08 | 98.6 |
| 2015-07 | 97.4 |
| 2015-06 | 96.8 |
| 2015-05 | 95.4 |
| 2015-04 | 93.9 |
| 2015-03 | 92.3 |
| 2015-02 | 91.4 |
| 2015-01 | 91.1 |
| 2014-12 | 91.2 |
| 2014-11 | 91.1 |
| 2014-10 | 91.0 |
| 2014-09 | 90.9 |
| 2014-08 | 91.4 |
| 2014-07 | 92.4 |
| 2014-06 | 92.2 |
| 2014-05 | 92.2 |
| 2014-04 | 93.2 |
| 2014-03 | 93.1 |
| 2014-02 | 92.1 |
| 2014-01 | 92.2 |
| 2013-12 | 90.8 |
| 2013-11 | 92.3 |
| 2013-10 | 91.8 |
| 2013-09 | 92.3 |
| 2013-08 | 88.6 |
| 2013-07 | 86.5 |
| 2013-06 | 85.7 |
| 2013-05 | 84.4 |
| 2013-04 | 83.0 |
| 2013-03 | 83.9 |
| 2013-02 | 86.9 |
| 2013-01 | 88.0 |
| 2012-12 | 87.0 |
| 2012-11 | 85.4 |
| 2012-10 | 85.9 |
| 2012-09 | 87.0 |
| 2012-08 | 87.3 |
| 2012-07 | 89.4 |
| 2012-06 | 90.0 |
| 2012-05 | 91.9 |
| 2012-04 | 95.6 |
| 2012-03 | 93.2 |
| 2012-02 | 91.8 |
| 2012-01 | 92.3 |
| 2011-12 | 94.4 |
| 2011-11 | 95.0 |
| 2011-10 | 97.2 |
| 2011-09 | 98.3 |
| 2011-08 | 100.6 |
| 2011-07 | 105.2 |
| 2011-06 | 107.3 |
| 2011-05 | 107.6 |
| 2011-04 | 109.0 |
| 2011-03 | 110.5 |
| 2011-02 | 109.3 |
| 2011-01 | 107.3 |
| 2010-12 | 107.0 |
| 2010-11 | 104.9 |
| 2010-10 | 103.0 |
| 2010-09 | 101.7 |
| 2010-08 | 100.7 |
| 2010-07 | 99.2 |
| 2010-06 | 98.3 |
| 2010-05 | 99.4 |
| 2010-04 | 97.8 |
| 2010-03 | 94.4 |
| 2010-02 | 94.3 |
| 2010-01 | 94.0 |
| 2009-12 | 92.6 |
| 2009-11 | 92.2 |
| 2009-10 | 90.6 |
| 2009-09 | 87.4 |
| 2009-08 | 84.0 |
| 2009-07 | 81.4 |
| 2009-06 | 77.6 |
| 2009-05 | 72.9 |
| 2009-04 | 68.6 |
| 2009-03 | 68.0 |
| 2009-02 | 73.2 |
| 2009-01 | 74.4 |
| 2008-12 | 77.1 |
| 2008-11 | 80.0 |
| 2008-10 | 84.0 |
| 2008-09 | 92.9 |
| 2008-08 | 94.9 |
| 2008-07 | 96.4 |
| 2008-06 | 100.9 |
| 2008-05 | 104.2 |
| 2008-04 | 106.7 |
| 2008-03 | 108.6 |
| 2008-02 | 108.6 |
| 2008-01 | 110.5 |
| 2007-12 | 109.2 |
| 2007-11 | 110.3 |
| 2007-10 | 110.2 |
| 2007-09 | 111.7 |
| 2007-08 | 112.5 |
| 2007-07 | 113.4 |
| 2007-06 | 112.9 |
| 2007-05 | 113.1 |
| 2007-04 | 113.3 |
| 2007-03 | 113.5 |
| 2007-02 | 112.6 |
| 2007-01 | 111.1 |
| 2006-12 | 111.4 |
| 2006-11 | 113.2 |
| 2006-10 | 110.9 |
| 2006-09 | 110.8 |
| 2006-08 | 110.6 |
| 2006-07 | 110.5 |
| 2006-06 | 109.3 |
| 2006-05 | 110.6 |
| 2006-04 | 107.9 |
| 2006-03 | 107.6 |
| 2006-02 | 106.4 |
| 2006-01 | 109.2 |
| 2005-12 | 107.2 |
| 2005-11 | 106.7 |
| 2005-10 | 108.5 |
| 2005-09 | 106.9 |
| 2005-08 | 107.3 |
| 2005-07 | 107.6 |
| 2005-06 | 108.3 |
| 2005-05 | 106.2 |
| 2005-04 | 108.1 |
| 2005-03 | 108.4 |
| 2005-02 | 106.5 |
| 2005-01 | 106.6 |
graphiqueBusiness climate composite indicator
- Source: INSEE.
The balances of opinion on the personal and general business outlook are virtually stable
In April 2025, the business managers in services have nearly the same opinion as in the previous month about their business outlook. The balances of opinion on the expected demand and activity are virtually stable, below their average; the one on the general business outlook is virtually stable at its average. The balance on the past activity has sharply improved for its part, without reaching its average level.
The balances related to the recent and expected change of the selling prices have risen again and have moved away from their average.
The balance on the economic uncertainty felt has sharply decreased.
The balance of opinion on the past workforce size has retreated, whereas the one on the expected workforce size has improved again. Both remain below their average, since respectively May and November 2023.
In April 2025, 36% of business managers have reported difficulties in recruitment, this part is virtually stable compared to the previous quarter and above its average.
The share of business managers reporting only difficulties of supply as obstacles preventing them from increasing their activity is virtually stable compared to the previous quarter. The share of business managers reporting only difficulties of demand and the one reporting difficulties of demand and supply at the same time have increased compared to the previous quarter.
The quarterly balance of opinion on the expected investment for the next three months has retreated, moving further away from its average.
The quarterly balance on the cash position is stable compared to January, at its average level.
tableauEconomic outlook in the services sector
| Average* | Jan. 2025 | Feb. 2025 | March 2025 | Apr. 2025 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 96 | 98 | 97 | 98 |
| General outlook | -7 | -8 | -8 | -6 | -7 |
| Past activity | 2 | -3 | 3 | -5 | 0 |
| Expected activity | 1 | -4 | -2 | -3 | -2 |
| Expected demand | 0 | -7 | -3 | -4 | -3 |
| Past selling prices | -3 | 2 | -1 | 1 | 3 |
| Expected selling prices | -2 | 4 | -1 | 0 | 2 |
| Past employment | 2 | -5 | -11 | -5 | -9 |
| Past employment except temporary work agencies | 0 | -4 | -8 | -4 | -6 |
| Expected employment | 2 | -7 | -9 | -8 | -6 |
| Expected employment except temporary work agencies | 0 | -2 | -6 | -4 | -3 |
| Cash position*** | -11 | -11 | -11 | ||
| Difficulties | |||||
| difficulties of supply and demand (in %)*** | 9 | 6 | 9 | ||
| difficulties of supply only (in %)*** | 23 | 17 | 16 | ||
| difficulties of demand only (in %)*** | 28 | 18 | 20 | ||
| Difficulties in recruitment (in %)*** | 32 | 37 | 36 | ||
| Expected investments*** | 3 | 1 | -1 | ||
| Economic uncertainty felt** | 12 | 13 | 12 | 13 | 8 |
- * Average since 1989 for the composite indicator and since 1988 for the balances of opinion, except general outlook (June 2000) and uncertainty (April 2021).
- ** Balance of opinion not seasonally adjusted.
- *** Balance of opinion from the quarterly section of the survey.
The business climate has brightened in information-communication and in real estate activities
In information-communication, the business climate indicator has improved again and has reached its long-term average for the first time since October 2024. In particular, the balance on the past activity has rebounded very sharply after a clear decrease last month, and has moved above its average. The one on the expected workforce size has risen again. Conversely, the balance related to the expected activity has sharply retreated but remains above its average level.
In professional, scientific and technical activities, the business climate has darkened again, moving away from its average level. All balances have deteriorated, whether related to activity, workforce size or expected demand.
In administrative and support services, the business climate indicator has retreated and stands at its lowest level since May 2013, excluding health crisis. The sharp decreases, below their average, in the balances of opinion on the expected demand and on the past workforce size have the most contributed to it. The balance on the expected workforce size has sharply rebounded but remains well below their average.
The business climate indicator in real estate activities has brightened, and stands above its average. In particular, the balances of opinion on the expected activity and demand have sharply rebounded, and have moved above their average.
In accommodation and food services, the business climate indicator has slightly diminished and has moved back at its average level. The balances on the general business outlook, on the past activity and on the expected workforce size have decreased and have moved closer to their average. Conversely, the one on the expected demand has sharply risen, but remains below its own.
Finally, in road freight transport, the business climate is stable, below its average. The decrease in the balances on the past workforce size and on the expected demand has been offset by the rise in those on the expected workforce size and activity.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Average* | Jan. 2025 | Feb. 2025 | March 2025 | Apr. 2025 |
|---|---|---|---|---|---|
| Road freight transport (8%) | |||||
| Composite indicator | 100 | 96 | 97 | 98 | 98 |
| General outlook | -19 | -22 | -15 | -23 | -23 |
| Past activity | -6 | -17 | -16 | -16 | -14 |
| Expected activity | -7 | -11 | -11 | -10 | -8 |
| Expected demand | -10 | -19 | -17 | -12 | -17 |
| Past employment | -6 | -8 | -16 | -8 | -12 |
| Expected employment | -7 | -11 | -12 | -10 | -5 |
| Accommodation and food service activities (8%) | |||||
| Composite indicator | 100 | 98 | 99 | 101 | 100 |
| General outlook | -13 | -15 | -15 | -2 | -6 |
| Past activity | -7 | 8 | 10 | 13 | 5 |
| Expected activity | -7 | -12 | -17 | -18 | -20 |
| Expected demand | -9 | -17 | -7 | -19 | -15 |
| Past employment | -5 | -1 | -1 | 2 | 5 |
| Expected employment | -5 | 4 | -1 | 0 | -5 |
| Information and communication (29%) | |||||
| Composite indicator | 100 | 94 | 96 | 98 | 100 |
| General outlook | 0 | -2 | -4 | -1 | -2 |
| Past activity | 8 | -6 | 17 | -15 | 10 |
| Expected activity | 9 | -7 | 3 | 18 | 13 |
| Expected demand | 10 | -4 | 9 | 13 | 13 |
| Past employment | 6 | -8 | -9 | -5 | -3 |
| Expected employment | 10 | 2 | 0 | 4 | 8 |
| Real estate activities (10%) | |||||
| Composite indicator | 100 | 104 | 100 | 100 | 103 |
| General outlook | -4 | 1 | -3 | -1 | -2 |
| Past activity | 6 | 7 | 10 | 15 | 11 |
| Expected activity | 6 | 6 | 5 | 1 | 10 |
| Expected demand | 1 | 3 | 4 | 1 | 8 |
| Past employment | 2 | 0 | -5 | -3 | -3 |
| Expected employment | 3 | 6 | 9 | 4 | 6 |
| Professional, scientific and technical activities (25%) | |||||
| Composite indicator | 100 | 97 | 100 | 99 | 97 |
| General outlook | -8 | -9 | -8 | -7 | -10 |
| Past activity | -1 | -5 | -7 | -7 | -9 |
| Expected activity | -2 | -5 | -2 | -5 | -8 |
| Expected demand | -5 | -13 | -4 | -7 | -10 |
| Past employment | 1 | -5 | -7 | 0 | -2 |
| Expected employment | 1 | -5 | 0 | 0 | -6 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 96 | 89 | 90 | 88 |
| General outlook | -3 | -4 | -10 | -10 | -10 |
| Past activity | 5 | -4 | -5 | -3 | -7 |
| Expected activity | 4 | 1 | -8 | -9 | -10 |
| Expected demand | 3 | -5 | -13 | -9 | -16 |
| Past employment | 7 | -7 | -19 | -14 | -21 |
| Expected employment | 6 | -14 | -20 | -22 | -12 |
- The figures in parentheses indicate the weights used to aggregate the sub-sector balances of opinion. The “other services” sub-sector is not displayed due to its low weight.
- *Composite indicator: average since 1989 (2006 for road transport); balances of opinion: average since 1988, except general outlook since June 2000 (2006 for road transport).
- Source: INSEE, monthly business survey in services.
Revision
The business climate indicator in services of March 2025 has been revised downwards by one point (after rounding). This revision is mainly due to the inclusion of late responses from businesses.
For further information
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.
This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to this survey were collected between 27 March and 22 April 2025; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 22 May 2025 at 8:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Abbreviated methodology (in French) (pdf,193 Ko)
Pour en savoir plus
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.
This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.
The responses to this survey were collected between 27 March and 22 April 2025; most companies answer during the first two weeks of collection.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 22 May 2025 at 8:45 am.