Business Outlook Survey

(October-December 2024)

December.11, 2024

1. Business conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2024
(previous)
 Oct.-Dec.
2024
(present)
 Jan.-Mar.
2025
(outlook)
 Apr.-Jun.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 5.1 5.7 3.9 2.6
Manufacturing 4.5 6.3 2.1 2.9
Non-manufacturing 5.4 5.4 4.7 2.5
Corporations with capital of 100 million to 1 billion yen
  All industries 2.4 3.8 3.7 3.3
Corporations with capital of 10 to 100 million yen
  All industries -7.6 -4.7 -6.1 -3.8

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jul.-Sep.
2024
(previous)
 Oct.-Dec.
2024
(present)
 Jan.-Mar.
2025
(outlook)
 Apr.-Jun.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 5.5 4.2 2.3 3.3
Manufacturing 3.4 2.0 1.1 2.5
Non-manufacturing 6.5 5.3 2.9 3.7
Corporations with capital of 100 million to 1 billion yen
  All industries 2.2 1.4 -0.6 1.7
Corporations with capital of 10 to 100 million yen
  All industries -13.5 -11.7 -14.0 -9.1

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Sep.
2024
(previous)
End of Dec.
2024
(present)
End of Mar.
2025
(outlook)
End of Jun.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 27.0 27.4 24.6 19.4
Manufacturing 18.5 19.4 17.4 13.5
Non-manufacturing 31.0 31.2 27.9 22.2
Corporations with capital of 100 million to 1 billion yen
  All industries 39.4 41.4 37.3 31.0
Corporations with capital of 10 to 100 million yen
  All industries 31.9 31.7 28.7 24.6

4. Sales (compared with the previous year)

 
(%)
  FY 2024
All industries 2.7
Manufacturing 2.4
Non-manufacturing 2.8

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2024
All industries 2.0
Manufacturing -4.2
Non-manufacturing 4.5

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

 
(%)
  FY 2024
All industries 10.3
Manufacturing 11.5
Non-manufacturing 9.7

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.