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Business Outlook Survey

(January-March 2020)

Mar.12, 2020

1. Business conditions

Business survey index

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

 
(%points)
   Oct.-Dec.
2019
(previous)
 Jan.-Mar.
2020
(present)
 Apr.-Jun.
2020
(outlook)
 Jul.-Sep.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -6.2 -10.1 -4.4 4.2
Manufacturing -7.8 -17.2 -5.5 6.1
Non-manufacturing -5.3 -6.6 -3.9 3.3
Corporations with capital of 100 million to 1 billion yen
  All industries -10.7 -13.1 -6.3 2.8
Corporations with capital of 10 to 100 million yen
  All industries -16.3 -25.3 -12.5 -6.7

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Oct.-Dec.
2019
(previous)
 Jan.-Mar.
2020
(present)
 Apr.-Jun.
2020
(outlook)
 Jul.-Sep.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -14.6 -20.9 -5.0 5.7
Manufacturing -16.3 -22.4 -6.4 5.0
Non-manufacturing -13.7 -20.2 -4.3 6.0
Corporations with capital of 100 million to 1 billion yen
  All industries -21.7 -25.5 -9.2 1.4
Corporations with capital of 10 to 100 million yen
  All industries -25.6 -38.2 -22.7 -10.8

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Dec.
2019
(previous)
End of Mar.
2020
(present)
End of Jun.
2020
(outlook)
End of Sep.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 22.0 21.9 16.9 15.5
Manufacturing 12.5 11.0 8.0 7.5
Non-manufacturing 26.6 27.2 21.2 19.5
Corporations with capital of 100 million to 1 billion yen
  All industries 33.0 31.7 25.0 22.6
Corporations with capital of 10 to 100 million yen
  All industries 28.6 28.3 22.9 22.6

4. Sales (compared with the previous year)

 
(%)
  FY 2019 FY 2020
All industries -0.5 1.0
Manufacturing -1.4 1.5
Non-manufacturing -0.2 0.8

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2019 FY 2020
All industries -5.9 2.1
Manufacturing -9.8 3.9
Non-manufacturing -4.3 1.5

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

 
(%)
  FY 2019 FY 2020
All industries 4.5 -1.5
Manufacturing 0.9 4.3
Non-manufacturing 6.7 -4.8

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.