According to the business leaders surveyed (approximately 8,500 companies and establishments questioned between 27 March 2026 and 3 April 2026), activity in March continued to grow at a similar pace to previous months in industry, market services, and construction, despite a context dominated by the war in the Middle East.
In industry, production strengthened significantly and exceeded business leaders’ previous months’ production forecasts. This growth was apparent in most sectors, driven in particular by the technology and defence sectors, as well as by a catch‑up effect in the automotive sector. Cash positions changed little, and order books improved, mainly thanks to domestic demand, which was partly stimulated by precautionary behaviour linked to the geopolitical context.
Momentum in services and construction remained broadly favourable in March, although trends varied by sector.
Cash flow deteriorated in services, particularly in sectors most exposed to transportation costs or weaker demand.
Recruitment difficulties remain broadly stable and are concentrated in certain skilled trades and in construction.
Business leaders reported heightened uncertainty, which is weighing on their short‑term outlook. For April, they expect activity to slow down in industry and to lose momentum in services and construction.
Rising costs, particularly those related to energy and petroleum products, remained concentrated in certain more exposed sectors and pass‑through to selling prices remained limited in March. In April, significantly more companies are considering price increases, although the majority describe these as modest.
Based on the survey results as well as other indicators, we confirm our forecast of GDP growth of up to 0.3% in the first quarter of 2026.
