According to the monthly index of business activity (MIBA) from Bank of France, GDP is expected to increase by 0.3% in the first quarter of 2020 (first estimate).

In the manufacturing industry, the business sentiment indicator stood at 96 in January as in December. Industrial production fell back slightly in January. The contraction was particularly pronounced in the aeronautics, automobile and electrical equipment sectors. However, the IT and electronic equipment sectors recovered strongly. Order books were stable. Business leaders expect a return to trend growth in February.

In services, the business sentiment indicator stood at 98 in January, after 97 in December. Service sector activity picked up, with particularly robust activity in accommodation and catering, publishing, technical services to businesses and personal services. Staff levels rose more rapidly. Business leaders expect service sector activity to slow in February.

In construction, the business sentiment indicator stood at 106 in January, after 105 in December. Construction sector activity was up sharply in January, both in structural and finishing works. Order books remained strong. Business leaders expect construction sector activity to continue to grow at a sustained pace in February.