Business Outlook Survey

(July-September 2020)

Sep.11, 2020

1. Business conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2020
(previous)
 Jul.-Sep.
2020
(present)
 Oct.-Dec.
2020
(outlook)
 Jan.-Mar.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -47.6 2.0 2.9 2.4
Manufacturing -52.3 0.1 8.5 4.3
Non-manufacturing -45.3 2.9 0.2 1.5
Corporations with capital of 100 million to 1 billion yen
  All industries -54.1 -8.1 -2.6 -0.9
Corporations with capital of 10 to 100 million yen
  All industries -61.1 -25.8 -15.0 -10.8

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2020
(previous)
 Jul.-Sep.
2020
(present)
 Oct.-Dec.
2020
(outlook)
 Jan.-Mar.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -71.2 -14.6 -9.8 -3.1
Manufacturing -70.3 -12.6 -4.2 0.4
Non-manufacturing -71.7 -15.5 -12.5 -4.8
Corporations with capital of 100 million to 1 billion yen
  All industries -79.7 -33.7 -26.3 -12.1
Corporations with capital of 10 to 100 million yen
  All industries -78.6 -52.3 -42.1 -24.4

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Jun.
2020
(previous)
End of Sep.
2020
(present)
End of Dec.
2020
(outlook)
End of Mar.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 3.8 4.8 6.2 6.8
Manufacturing -6.3 -5.4 -1.4 0.6
Non-manufacturing 8.6 9.8 9.9 9.8
Corporations with capital of 100 million to 1 billion yen
  All industries 3.5 5.7 7.3 8.2
Corporations with capital of 10 to 100 million yen
  All industries 1.2 6.1 7.4 7.6

4. Sales (compared with the previous year)

 
(%)
  FY 2020
All industries -6.8
Manufacturing -7.8
Non-manufacturing -6.4

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2020
All industries -23.2
Manufacturing -31.4
Non-manufacturing -20.5

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

 
(%)
  FY 2020
All industries -6.8
Manufacturing -4.5
Non-manufacturing -8.1

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.