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Business Outlook Survey

(October-December 2021)

Dec.9, 2021

1. Business conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2021
(previous)
 Oct.-Dec.
2021
(present)
 Jan.-Mar.
2022
(outlook)
 Apr.-Jun.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 3.3 9.6 7.2 3.8
Manufacturing 7.0 7.9 6.2 3.1
Non-manufacturing 1.5 10.4 7.7 4.2
Corporations with capital of 100 million to 1 billion yen
  All industries 0.2 10.7 7.8 10.0
Corporations with capital of 10 to 100 million yen
  All industries -18.0 -3.0 -7.6 0.5

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2021
(previous)
 Oct.-Dec.
2021
(present)
 Jan.-Mar.
2022
(outlook)
 Apr.-Jun.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -1.4 22.0 11.6 9.3
Manufacturing 4.9 17.7 11.2 7.1
Non-manufacturing -4.4 24.0 11.8 10.3
Corporations with capital of 100 million to 1 billion yen
  All industries -7.4 20.8 11.1 15.4
Corporations with capital of 10 to 100 million yen
  All industries -27.8 1.1 -2.9 3.5

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Sep.
2021
(previous)
End of Dec.
2021
(present)
End of Mar.
2022
(outlook)
End of Jun.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 10.9 14.7 12.8 9.1
Manufacturing 8.8 12.2 10.0 6.0
Non-manufacturing 12.0 15.8 14.1 10.6
Corporations with capital of 100 million to 1 billion yen
  All industries 21.6 26.5 21.7 18.2
Corporations with capital of 10 to 100 million yen
  All industries 13.1 19.8 17.4 13.9

4. Sales (compared with the previous year)

 
(%)
  FY 2021
All industries 4.0
Manufacturing 7.6
Non-manufacturing 2.7

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2021
All industries 17.5
Manufacturing 26.8
Non-manufacturing 14.1

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

 
(%)
  FY 2021
All industries 5.3
Manufacturing 5.4
Non-manufacturing 5.3

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.