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Business Outlook Survey

(October-December 2019)

Dec.11, 2019

1. Business conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2019
(previous)
 Oct.-Dec.
2019
(present)
 Jan.-Mar.
2020
(outlook)
 Apr.-Jun.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 1.1 -6.2 2.0 1.1
Manufacturing -0.2 -7.8 0.7 1.0
Non-manufacturing 1.8 -5.3 2.6 1.1
Corporations with capital of 100 million to 1 billion yen
  All industries 0.5 -10.7 -0.9 -0.8
Corporations with capital of 10 to 100 million yen
  All industries -10.0 -16.3 -9.6 -6.5

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2019
(previous)
 Oct.-Dec.
2019
(present)
 Jan.-Mar.
2020
(outlook)
 Apr.-Jun.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -1.6 -14.6 -1.0 2.2
Manufacturing -5.1 -16.3 -0.9 2.1
Non-manufacturing 0.1 -13.7 -1.0 2.2
Corporations with capital of 100 million to 1 billion yen
  All industries -3.1 -21.7 -8.8 -3.9
Corporations with capital of 10 to 100 million yen
  All industries -14.7 -25.6 -18.1 -11.3

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Sep.
2019
(previous)
End of Dec.
2019
(present)
End of Mar.
2020
(outlook)
End of Jun.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 21.4 22.0 19.8 15.1
Manufacturing 13.1 12.5 11.0 7.9
Non-manufacturing 25.4 26.6 24.0 18.6
Corporations with capital of 100 million to 1 billion yen
  All industries 32.7 33.0 29.3 23.4
Corporations with capital of 10 to 100 million yen
  All industries 29.4 28.6 26.2 22.5

4. Sales (compared with the previous year)

 
(%)
  FY 2019
All industries 0.0
Manufacturing -0.7
Non-manufacturing 0.3

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2019
All industries -6.3
Manufacturing -10.1
Non-manufacturing -4.7

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

 
(%)
  FY 2019
All industries 7.8
Manufacturing 6.9
Non-manufacturing 8.2

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.