Policy Research Institute

 

Business Outlook Survey

(July-September 2017)

Sep.13, 2017

1. Business conditions

Business survey index

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

(%points)

  Apr.-Jun.
2017
(previous)
Jul.-Sep.
2017
(present)
Oct.-Dec.
2017
(outlook)
Jan.-Mar.
2018
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -2.0 5.1 7.5 5.6
Manufacturing -2.9 9.4 11.2 6.6
Non-manufacturing -1.6 2.9 5.7 5.1
Corporations with capital of 100 million to 1 billion yen
  All industries -3.1 5.1 6.5 4.6
Manufacturing -5.5 7.3 10.8 3.7
Non-manufacturing -2.4 4.4 5.2 4.8
Corporations with capital of 10 to 100 million yen
  All industries -9.9 -6.5 0.7 -4.3
Manufacturing -9.9 -6.8 2.4 -2.3
Non-manufacturing -9.9 -6.4 0.4 -4.7

2. Domestic economic conditions

Business survey index

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

(%points)

  Apr.-Jun.
2017
(previous)
Jul.-Sep.
2017
(present)
Oct.-Dec.
2017
(outlook)
Jan.-Mar.
2018
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 4.8 6.9 6.2 4.1
Manufacturing 4.6 9.1 6.5 3.4
Non-manufacturing 5.0 5.8 6.0 4.4
Corporations with capital of 100 million to 1 billion yen
  All industries 2.7 4.3 4.2 1.5
Manufacturing 1.2 7.0 6.6 1.7
Non-manufacturing 3.1 3.5 3.4 1.4
Corporations with capital of 10 to 100 million yen
  All industries -11.5 -8.2 -2.7 -6.6
Manufacturing -13.1 -8.5 -0.2 -6.2
Non-manufacturing -11.1 -8.1 -3.3 -6.7

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

  End of Jun.
2017
(previous)
End of Sep.
2017
(present)
End of Dec.
2017
(outlook)
End of Mar.
2018
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 15.4 17.0 14.8 13.5
Manufacturing 9.3 11.9 9.8 7.4
Non-manufacturing 18.4 19.6 17.3 16.5
Corporations with capital of 100 million to 1 billion yen
  All industries 29.0 30.9 26.6 23.5
Manufacturing 22.8 29.9 23.4 16.0
Non-manufacturing 30.9 31.2 27.5 25.8
Corporations with capital of 10 to 100 million yen
  All industries 27.1 28.6 25.2 23.0
Manufacturing 23.0 23.2 21.3 18.6
Non-manufacturing 27.9 29.6 26.0 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 1.6
Manufacturing 3.5 4.1 2.9
Non-manufacturing 1.5 2.0 1.1

5. Ordinary profits (compared with the previous year)

(%)

  FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries 0.6 6.4 -4.5
Manufacturing 3.5 22.6 -10.5
Non-manufacturing -0.7 0.3 -1.6

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 3.9 9.8 -0.7
Manufacturing 8.2 7.4 8.9
Non-manufacturing 1.5 11.2 -5.9

Note: Excludes expense purchasing land.