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Business Outlook Survey

(April-June 2019)

Jun.13, 2019

1. Business conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2019
(previous)
 Apr.-Jun.
2019
(present)
 Jul.-Sep.
2019
(outlook)
 Oct.-Dec.
2019
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -1.7 -3.7 6.7 0.4
Manufacturing -7.3 -10.4 7.2 5.5
Non-manufacturing 1.0 -0.4 6.5 -2.1
Corporations with capital of 100 million to 1 billion yen
  All industries -3.8 -5.3 5.6 -1.7
Corporations with capital of 10 to 100 million yen
  All industries -11.7 -15.0 -5.2 -8.1

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2019
(previous)
 Apr.-Jun.
2019
(present)
 Jul.-Sep.
2019
(outlook)
 Oct.-Dec.
2019
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -1.9 -3.6 4.5 -11.0
Manufacturing -6.3 -8.6 3.8 -6.1
Non-manufacturing 0.2 -1.1 4.9 -13.4
Corporations with capital of 100 million to 1 billion yen
  All industries -4.9 -8.8 0.4 -20.9
Corporations with capital of 10 to 100 million yen
  All industries -13.6 -20.1 -11.6 -22.0

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Mar.
2019
(previous)
End of Jun.
2019
(present)
End of Sep.
2019
(outlook)
End of Dec.
2019
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 22.1 21.1 18.6 17.4
Manufacturing 15.3 14.9 12.4 12.1
Non-manufacturing 25.5 24.2 21.6 20.0
Corporations with capital of 100 million to 1 billion yen
  All industries 34.6 34.0 30.7 27.4
Corporations with capital of 10 to 100 million yen
  All industries 29.9 30.8 28.1 26.3

4. Sales (compared with the previous year)

 
(%)
  FY 2019
All industries 1.3
Manufacturing 1.0
Non-manufacturing 1.5

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2019
All industries -3.3
Manufacturing -5.3
Non-manufacturing -2.4

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

 
(%)
  FY 2019
All industries 9.0
Manufacturing 9.2
Non-manufacturing 8.8

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.