Despite the slowdown in activity and the rise in interest rates, French companies have not suffered too much since the start of the year. In the first quarter, the gross operating surplus (EBITDA) of non-financial companies improved by 3.2 billion euros, according to INSEE. It thus increased by 2.8%, more than inflation over the period.
The margin rate has also increased. It reached 32.3% of added value between January and March 2023, compared to 31.9% in the third and fourth quarters of 2022. Nothing exceptional according to Charles-Henri Colombier at Rexecode. “The ratio does not deviate from its general trend. Between 2015 and 2019, it averaged 32.1%,” he says.
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