France Business Climate Indicator

France’s business climate indicator edged down to 96 in May 2025 from an upwardly revised 97 in the previous month, remaining below its long-term average of 100. This marked the lowest level since February 2025, as sentiment turned negative among manufacturers (97 vs 100 in April). In addition, sentiment deteriorated among service providers (95 vs 98). On the other hand, sentiment became positive among constructors (101 vs 97), and it improved among retailers (98 vs 95). Meanwhile, the employment climate indicator decreased by 2 percentage points to 95 in May from 97 in April, still remaining below its long-term average over the past year. The downturn was primarily driven by a decline in the balance of expected staff numbers in services.