France Business Climate Indicator

France’s business climate indicator remained at 99 in January 2026, unchanged from December, just below its long-term average of 100. The improvement in manufacturing supported the overall climate, with the index rising to 105 (vs 102 in December), the highest level since July 2022. Views for wholesale trade also rebounded to 100 (vs 98), returning to its long-term average for the first time since November 2022, as past export sales and ordering intentions strengthened. Services remained stable at 98, below average, with business leaders’ expectations for activity and demand unchanged. Building construction also held steady at 97, below average, with past and expected activity stable. In contrast, retail trade and motor vehicle repair fell to 99 (vs 104), reversing most of December’s sharp rise and reflecting weaker ordering intentions. The employment climate slipped to 93 (vs 95), driven by weaker past and expected workforce size in services.