Business Outlook Survey

(July-September 2024)

September.12, 2024

1. Business conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2024
(previous)
 Jul.-Sep.
2024
(present)
 Oct.-Dec.
2024
(outlook)
 Jan.-Mar.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 0.4 5.1 7.2 4.7
Manufacturing -1.0 4.5 8.9 5.3
Non-manufacturing 1.1 5.4 6.4 4.4
Corporations with capital of 100 million to 1 billion yen
  All industries -1.6 2.4 7.9 5.7
Corporations with capital of 10 to 100 million yen
  All industries -10.3 -7.6 -1.0 -4.4

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2024
(previous)
 Jul.-Sep.
2024
(present)
 Oct.-Dec.
2024
(outlook)
 Jan.-Mar.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 5.8 5.5 4.7 3.9
Manufacturing 3.2 3.4 5.5 4.3
Non-manufacturing 7.0 6.5 4.4 3.7
Corporations with capital of 100 million to 1 billion yen
  All industries 0.3 2.2 2.4 3.4
Corporations with capital of 10 to 100 million yen
  All industries -13.1 -13.5 -8.9 -10.1

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Jun.
2024
(previous)
End of Sep.
2024
(present)
End of Dec.
2024
(outlook)
End of Mar.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 25.7 27.0 24.1 21.3
Manufacturing 18.2 18.5 17.4 14.9
Non-manufacturing 29.2 31.0 27.3 24.3
Corporations with capital of 100 million to 1 billion yen
  All industries 39.3 39.4 36.0 32.7
Corporations with capital of 10 to 100 million yen
  All industries 29.9 31.9 30.5 27.7

4. Sales (compared with the previous year)

 
(%)
  FY 2024
All industries 2.4
Manufacturing 2.8
Non-manufacturing 2.3

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2024
All industries -1.4
Manufacturing -5.2
Non-manufacturing 0.1

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

 
(%)
  FY 2024
All industries 12.5
Manufacturing 15.9
Non-manufacturing 10.6

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.