France’s S&P Global Manufacturing PMI rose to 52.8 in April 2026 from 50.0 in March, confirming initial estimates and marking its strongest growth since May 2022. New orders and output expanded at their fastest pace since early 2022, driven by client stockpiling ahead of higher prices and disruptions. Purchasing activity rose for only the second time in four years, with inventories of inputs and finished goods increasing due to precautionary stock building linked to Middle East tensions. Export orders declined despite stronger domestic demand. Supply-chain pressures remained elevated, with delivery delays from shortages, logistics issues, and rerouted shipping, pushing backlogs to their highest since February 2022. Employment fell for a third month. Input cost inflation rose to a near four-year high, while output prices increased at the fastest pace since February 2023. Business confidence improved but remained weak amid geopolitical risks.

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