Business Outlook Survey

(October-December 2022)

December.12, 2022

1. Business conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2022
(previous)
 Oct.-Dec.
2022
(present)
 Jan.-Mar.
2023
(outlook)
 Apr.-Jun.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 0.4 0.7 1.8 0.8
Manufacturing 1.7 -3.6 1.4 1.5
Non-manufacturing -0.2 2.7 1.9 0.4
Corporations with capital of 100 million to 1 billion yen
  All industries -2.2 4.7 -1.0 2.6
Corporations with capital of 10 to 100 million yen
  All industries -15.9 -6.0 -8.7 -3.7

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2022
(previous)
 Oct.-Dec.
2022
(present)
 Jan.-Mar.
2023
(outlook)
 Apr.-Jun.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -1.8 0.1 -2.8 0.3
Manufacturing -0.6 -3.2 -1.1 1.4
Non-manufacturing -2.3 1.7 -3.6 -0.2
Corporations with capital of 100 million to 1 billion yen
  All industries -8.9 -1.8 -9.5 -2.5
Corporations with capital of 10 to 100 million yen
  All industries -21.7 -15.0 -18.9 -10.3

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Sep.
2022
(previous)
End of Dec.
2022
(present)
End of Mar.
2023
(outlook)
End of Jun.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 18.7 21.3 17.9 12.9
Manufacturing 14.4 15.2 12.8 9.1
Non-manufacturing 20.7 24.2 20.3 14.7
Corporations with capital of 100 million to 1 billion yen
  All industries 32.2 35.3 29.3 24.1
Corporations with capital of 10 to 100 million yen
  All industries 24.8 28.1 25.0 20.6

4. Sales (compared with the previous year)

 
(%)
  FY 2022
All industries 5.9
Manufacturing 8.0
Non-manufacturing 5.0

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2022
All industries 3.0
Manufacturing 3.5
Non-manufacturing 2.7

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

 
(%)
  FY 2022
All industries 13.2
Manufacturing 22.0
Non-manufacturing 8.8

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.