Policy Research Institute

 

Business Outlook Survey

(January-March 2017)

Mar.10, 2017

1. Business conditions

Business survey index

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

(%points)

  Oct.-Dec.
2016
(previous)
Jan.-Mar.
2017
(present)
Apr.-Jun.
2017
(outlook)
Jul.-Sep.
2017
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 3.0 1.3 -1.1 5.4
Manufacturing 7.5 1.1 -2.2 6.4
Non-manufacturing 0.7 1.5 -0.6 4.9
Corporations with capital of 100 million to 1 billion yen
  All industries 1.0 -0.1 -1.9 4.6
Manufacturing 4.1 -2.2 -3.6 5.8
Non-manufacturing 0.0 0.5 -1.4 4.2
Corporations with capital of 10 to 100 million yen
  All industries -7.1 -11.3 -5.9 -4.6
Manufacturing -6.5 -10.0 -3.5 -5.1
Non-manufacturing -7.2 -11.6 -6.4 -4.5

2. Domestic economic conditions

Business survey index

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

(%points)

  Oct.-Dec.
2016
(previous)
Jan.-Mar.
2017
(present)
Apr.-Jun.
2017
(outlook)
Jul.-Sep.
2017
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 3.2 5.2 2.0 3.3
Manufacturing 4.1 5.6 0.9 3.5
Non-manufacturing 2.8 5.0 2.5 3.2
Corporations with capital of 100 million to 1 billion yen
  All industries -1.1 -0.6 -1.3 1.1
Manufacturing 1.9 -3.8 -3.2 -0.1
Non-manufacturing -2.0 0.4 -0.8 1.5
Corporations with capital of 10 to 100 million yen
  All industries -13.4 -10.8 -8.5 -6.4
Manufacturing -14.6 -11.8 -9.8 -6.3
Non-manufacturing -13.2 -10.6 -8.2 -6.4

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

  End of Dec.
2016
(previous)
End of Mar.
2017
(present)
End of Jun.
2017
(outlook)
End of Sep.
2017
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 15.3 16.9 10.5 9.8
Manufacturing 7.7 8.3 4.5 4.3
Non-manufacturing 19.2 21.2 13.5 12.6
Corporations with capital of 100 million to 1 billion yen
  All industries 26.2 29.8 20.2 18.0
Manufacturing 21.3 24.7 14.4 12.4
Non-manufacturing 27.7 31.4 21.9 19.7
Corporations with capital of 10 to 100 million yen
  All industries 24.2 24.8 17.1 16.2
Manufacturing 20.9 21.2 12.2 12.4
Non-manufacturing 24.8 25.5 18.1 16.9

4. Sales (compared with the previous year)

(%)

  FY 2016 1st half
FY 2016
2nd half
FY 2016
FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries -1.1 -2.2 -0.0 1.3 1.6 1.1
Manufacturing -1.6 -3.3 0.0 2.0 2.4 1.7
Non-manufacturing -0.9 -1.8 -0.0 1.1 1.3 0.9

5. Ordinary profits (compared with the previous year)

(%)

  FY 2016 1st half
FY 2016
2nd half
FY 2016
FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries -2.9 -6.9 1.3 -0.8 -0.3 -1.3
Manufacturing -8.1 -18.5 3.7 0.7 4.3 -2.5
Non-manufacturing -0.5 -1.1 0.2 -1.4 -2.2 -0.8

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

(%)

  FY 2016 1st half
FY 2016
2nd half
FY 2016
FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries 2.0 -0.7 4.1 -4.6 7.2 -13.9
Manufacturing 3.1 -0.8 6.3 1.0 16.1 -11.2
Non-manufacturing 1.3 -0.6 2.8 -8.1 1.5 -15.6

Note: Excludes expense purchasing land.