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Business Outlook Survey

(July-September 2021)

Sep.13, 2021

1. Business conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2021
(previous)
 Jul.-Sep.
2021
(present)
 Oct.-Dec.
2021
(outlook)
 Jan.-Mar.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -4.7 3.3 6.8 6.8
Manufacturing -1.4 7.0 10.0 6.0
Non-manufacturing -6.2 1.5 5.3 7.2
Corporations with capital of 100 million to 1 billion yen
  All industries -9.0 0.2 7.7 7.8
Corporations with capital of 10 to 100 million yen
  All industries -25.5 -18.0 -6.0 -5.6

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2021
(previous)
 Jul.-Sep.
2021
(present)
 Oct.-Dec.
2021
(outlook)
 Jan.-Mar.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -13.7 -1.4 4.5 8.1
Manufacturing -5.0 4.9 6.1 7.4
Non-manufacturing -17.9 -4.4 3.8 8.4
Corporations with capital of 100 million to 1 billion yen
  All industries -26.6 -7.4 0.9 9.7
Corporations with capital of 10 to 100 million yen
  All industries -44.1 -27.8 -17.2 -4.9

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Jun.
2021
(previous)
End of Sep.
2021
(present)
End of Dec.
2021
(outlook)
End of Mar.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 9.0 10.9 9.4 9.0
Manufacturing 4.3 8.8 6.5 5.6
Non-manufacturing 11.3 12.0 10.8 10.7
Corporations with capital of 100 million to 1 billion yen
  All industries 17.8 21.6 18.5 16.0
Corporations with capital of 10 to 100 million yen
  All industries 12.3 13.1 13.9 12.0

4. Sales (compared with the previous year)

 
(%)
  FY 2021
All industries 3.5
Manufacturing 6.9
Non-manufacturing 2.3

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2021
All industries 11.2
Manufacturing 18.7
Non-manufacturing 8.7

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

 
(%)
  FY 2021
All industries 6.6
Manufacturing 10.6
Non-manufacturing 4.7

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.