Policy Research Institute

 

Business Outlook Survey

(April-June 2017)

Jun.13, 2017

1. Business conditions

Business survey index

(Difference of "up"-"down" compared with previous quarter)

(%points)

  Jan.-Mar.
2017
(previous)
Apr.-Jun.
2017
(present)
Jul.-Sep.
2017
(outlook)
Oct.-Dec.
2017
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 1.3 -2.0 7.1 6.7
Manufacturing 1.1 -2.9 9.6 10.1
Non-manufacturing 1.5 -1.6 5.8 5.0
Corporations with capital of 100 million to 1 billion yen
  All industries -0.1 -3.1 7.5 7.3
Manufacturing -2.2 -5.5 11.3 12.1
Non-manufacturing 0.5 -2.4 6.4 5.8
Corporations with capital of 10 to 100 million yen
  All industries -11.3 -9.9 -3.2 0.9
Manufacturing -10.0 -9.9 -0.8 4.2
Non-manufacturing -11.6 -9.9 -3.7 0.3

2. Domestic economic conditions

Business survey index

(Difference of "up"-"down" compared with previous quarter)

(%points)

  Jan.-Mar.
2017
(previous)
Apr.-Jun.
2017
(present)
Jul.-Sep.
2017
(outlook)
Oct.-Dec.
2017
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 5.2 4.8 5.8 5.2
Manufacturing 5.6 4.6 6.4 4.4
Non-manufacturing 5.0 5.0 5.5 5.7
Corporations with capital of 100 million to 1 billion yen
  All industries -0.6 2.7 5.1 5.4
Manufacturing -3.8 1.2 7.1 5.9
Non-manufacturing 0.4 3.1 4.5 5.3
Corporations with capital of 10 to 100 million yen
  All industries -10.8 -11.5 -4.5 -0.5
Manufacturing -11.8 -13.1 -6.1 1.8
Non-manufacturing -10.6 -11.1 -4.2 -1.0

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

  End of Mar.
2017
(previous)
End of Jun.
2017
(present)
End of Sep.
2017
(outlook)
End of Dec.
2017
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 16.9 15.4 13.0 12.4
Manufacturing 8.3 9.3 7.3 6.7
Non-manufacturing 21.2 18.4 15.8 15.3
Corporations with capital of 100 million to 1 billion yen
  All industries 29.8 29.0 24.7 24.1
Manufacturing 24.7 22.8 17.9 15.9
Non-manufacturing 31.4 30.9 26.8 26.6
Corporations with capital of 10 to 100 million yen
  All industries 24.8 27.1 23.7 23.3
Manufacturing 21.2 23.0 20.9 20.0
Non-manufacturing 25.5 27.9 24.2 23.9

4. Sales (compared with the previous year)

(%)

  FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries 2.1 2.6 1.7
Manufacturing 3.1 3.3 3.0
Non-manufacturing 1.7 2.3 1.2

5. Ordinary profits (compared with the previous year)

(%)

  FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries -0.4 3.3 -3.6
Manufacturing -0.1 10.3 -7.9
Non-manufacturing -0.6 0.4 -1.5

6. Software and investment in plant and equipment (compared with the previous year)

(%)

  FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries 3.8 10.8 -1.7
Manufacturing 8.7 11.6 6.2
Non-manufacturing 1.0 10.3 -6.2

Note: Excludes expense purchasing land.