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Business Outlook Survey

(October-December 2020)

Dec.10, 2020

1. Business conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2020
(previous)
 Oct.-Dec.
2020
(present)
 Jan.-Mar.
2021
(outlook)
 Apr.-Jun.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 2.0 11.6 3.1 2.2
Manufacturing 0.1 21.6 5.1 3.1
Non-manufacturing 2.9 6.7 2.1 1.8
Corporations with capital of 100 million to 1 billion yen
  All industries -8.1 5.5 -4.2 1.2
Corporations with capital of 10 to 100 million yen
  All industries -25.8 -15.5 -16.1 -7.4

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2020
(previous)
 Oct.-Dec.
2020
(present)
 Jan.-Mar.
2021
(outlook)
 Apr.-Jun.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -14.6 5.2 -4.5 3.6
Manufacturing -12.6 13.7 0.5 4.1
Non-manufacturing -15.5 1.1 -6.9 3.4
Corporations with capital of 100 million to 1 billion yen
  All industries -33.7 -8.9 -16.7 -0.8
Corporations with capital of 10 to 100 million yen
  All industries -52.3 -29.6 -32.4 -11.7

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Sep.
2020
(previous)
End of Dec.
2020
(present)
End of Mar.
2021
(outlook)
End of Jun.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 4.8 6.0 6.3 5.8
Manufacturing -5.4 -1.1 0.4 1.1
Non-manufacturing 9.8 9.5 9.1 8.0
Corporations with capital of 100 million to 1 billion yen
  All industries 5.7 12.6 10.8 8.9
Corporations with capital of 10 to 100 million yen
  All industries 6.1 12.2 9.5 8.3

4. Sales (compared with the previous year)

 
(%)
  FY 2020
All industries -7.5
Manufacturing -8.4
Non-manufacturing -7.2

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2020
All industries -24.8
Manufacturing -31.3
Non-manufacturing -22.7

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

 
(%)
  FY 2020
All industries -7.6
Manufacturing -8.6
Non-manufacturing -7.1

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.