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Business Outlook Survey

(January-March 2021)

Mar.12, 2021

1. Business conditions

Business survey index

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

 
(%points)
   Oct.-Dec.
2020
(previous)
 Jan.-Mar.
2021
(present)
 Apr.-Jun.
2021
(outlook)
 Jul.-Sep.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 11.6 -4.5 2.5 7.1
Manufacturing 21.6 1.6 2.5 9.3
Non-manufacturing 6.7 -7.4 2.5 6.0
Corporations with capital of 100 million to 1 billion yen
  All industries 5.5 -15.2 -0.7 6.9
Corporations with capital of 10 to 100 million yen
  All industries -15.5 -31.4 -10.5 -4.1

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Oct.-Dec.
2020
(previous)
 Jan.-Mar.
2021
(present)
 Apr.-Jun.
2021
(outlook)
 Jul.-Sep.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 5.2 -21.8 7.1 11.1
Manufacturing 13.7 -8.7 9.4 11.1
Non-manufacturing 1.1 -28.1 5.9 11.1
Corporations with capital of 100 million to 1 billion yen
  All industries -8.9 -36.1 -2.5 9.8
Corporations with capital of 10 to 100 million yen
  All industries -29.6 -52.7 -21.4 -6.2

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Dec.
2020
(previous)
End of Mar.
2021
(present)
End of Jun.
2021
(outlook)
End of Sep.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 6.0 8.7 6.5 6.6
Manufacturing -1.1 3.0 1.8 2.0
Non-manufacturing 9.5 11.4 8.7 8.9
Corporations with capital of 100 million to 1 billion yen
  All industries 12.6 13.2 9.9 10.1
Corporations with capital of 10 to 100 million yen
  All industries 12.2 10.9 9.1 10.0

4. Sales (compared with the previous year)

 
(%)
  FY 2020 FY 2021
All industries -7.1 3.2
Manufacturing -7.9 5.1
Non-manufacturing -6.8 2.5

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2020 FY 2021
All industries -20.3 8.8
Manufacturing -23.2 16.7
Non-manufacturing -19.3 6.4

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

 
(%)
  FY 2020 FY 2021
All industries -9.2 7.6
Manufacturing -9.1 7.9
Non-manufacturing -9.2 7.4

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.