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Business Outlook Survey

(July-September 2019)

Sep.11, 2019

1. Business conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2019
(previous)
 Jul.-Sep.
2019
(present)
 Oct.-Dec.
2019
(outlook)
 Jan.-Mar.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -3.7 1.1 -0.4 1.7
Manufacturing -10.4 -0.2 1.7 1.7
Non-manufacturing -0.4 1.8 -1.4 1.7
Corporations with capital of 100 million to 1 billion yen
  All industries -5.3 0.5 -4.5 -0.6
Corporations with capital of 10 to 100 million yen
  All industries -15.0 -10.0 -11.2 -8.6

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2019
(previous)
 Jul.-Sep.
2019
(present)
 Oct.-Dec.
2019
(outlook)
 Jan.-Mar.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -3.6 -1.6 -15.8 -0.8
Manufacturing -8.6 -5.1 -13.6 0.0
Non-manufacturing -1.1 0.1 -16.9 -1.2
Corporations with capital of 100 million to 1 billion yen
  All industries -8.8 -3.1 -24.6 -9.8
Corporations with capital of 10 to 100 million yen
  All industries -20.1 -14.7 -28.7 -19.6

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Jun.
2019
(previous)
End of Sep.
2019
(present)
End of Dec.
2019
(outlook)
End of Mar.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 21.1 21.4 18.8 17.9
Manufacturing 14.9 13.1 11.4 10.5
Non-manufacturing 24.2 25.4 22.4 21.5
Corporations with capital of 100 million to 1 billion yen
  All industries 34.0 32.7 28.5 25.2
Corporations with capital of 10 to 100 million yen
  All industries 30.8 29.4 27.5 24.3

4. Sales (compared with the previous year)

 
(%)
  FY 2019
All industries 0.7
Manufacturing 0.5
Non-manufacturing 0.8

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2019
All industries -4.6
Manufacturing -9.1
Non-manufacturing -2.7

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

 
(%)
  FY 2019
All industries 8.3
Manufacturing 8.9
Non-manufacturing 7.9

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.