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Business Outlook Survey

(April-June 2021)

Jun.11, 2021

1. Business conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2021
(previous)
 Apr.-Jun.
2021
(present)
 Jul.-Sep.
2021
(outlook)
 Oct.-Dec.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -4.5 -4.7 7.7 8.4
Manufacturing 1.6 -1.4 9.9 10.7
Non-manufacturing -7.4 -6.2 6.7 7.3
Corporations with capital of 100 million to 1 billion yen
  All industries -15.2 -9.0 7.0 12.7
Corporations with capital of 10 to 100 million yen
  All industries -31.4 -25.5 -9.6 -2.3

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2021
(previous)
 Apr.-Jun.
2021
(present)
 Jul.-Sep.
2021
(outlook)
 Oct.-Dec.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -21.8 -13.7 5.6 8.2
Manufacturing -8.7 -5.0 6.8 9.3
Non-manufacturing -28.1 -17.9 5.0 7.7
Corporations with capital of 100 million to 1 billion yen
  All industries -36.1 -26.6 -1.1 6.7
Corporations with capital of 10 to 100 million yen
  All industries -52.7 -44.1 -23.3 -6.9

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Mar.
2021
(previous)
End of Jun.
2021
(present)
End of Sep.
2021
(outlook)
End of Dec.
2021
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 8.7 9.0 8.2 7.9
Manufacturing 3.0 4.3 3.8 4.3
Non-manufacturing 11.4 11.3 10.3 9.7
Corporations with capital of 100 million to 1 billion yen
  All industries 13.2 17.8 14.9 13.5
Corporations with capital of 10 to 100 million yen
  All industries 10.9 12.3 12.4 13.3

4. Sales (compared with the previous year)

 
(%)
  FY 2021
All industries 2.8
Manufacturing 4.6
Non-manufacturing 2.1

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2021
All industries 6.8
Manufacturing 8.0
Non-manufacturing 6.4

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

 
(%)
  FY 2021
All industries 7.4
Manufacturing 10.7
Non-manufacturing 5.8

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.