Policy Research Institute

 

Business Outlook Survey

(October-December 2018)

Dec.11, 2018

1. Business conditions

Business survey index

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

(%points)

 
 Jul.-Sep.
2018
(previous)
Oct.-Dec.
2018
(present)
Jan.-Mar.
2019
(outlook)
Apr.-Jun.
2019
(outlook)
Corporations with capital of 1 billion yen or over
 All industries3.84.34.71.4
Manufacturing6.55.54.20.2
Non-manufacturing2.43.75.01.9
Corporations with capital of 100 million to 1 billion yen
 All industries2.26.03.50.4
Manufacturing5.47.8-2.03.5
Non-manufacturing1.35.55.1-0.5
Corporations with capital of 10 to 100 million yen
 All industries-10.0-4.9-6.5-4.2
Manufacturing-13.6-6.4-9.0-6.0
Non-manufacturing-9.2-4.6-6.0-3.9

2. Domestic economic conditions

Business survey index

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

(%points)

 
 Jul.-Sep.
2018
(previous)
Oct.-Dec.
2018
(present)
Jan.-Mar.
2019
(outlook)
Apr.-Jun.
2019
(outlook)
Corporations with capital of 1 billion yen or over
 All industries6.94.73.33.5
Manufacturing8.34.82.71.5
Non-manufacturing6.24.73.64.5
Corporations with capital of 100 million to 1 billion yen
 All industries4.93.82.02.6
Manufacturing5.15.7-0.72.8
Non-manufacturing4.83.32.82.6
Corporations with capital of 10 to 100 million yen
 All industries-7.3-3.0-6.7-4.1
Manufacturing-8.1-4.8-8.3-6.1
Non-manufacturing-7.1-2.6-6.4-3.7

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

 
 End of Sep.
2018
(previous)
End of Dec.
2018
(present)
End of Mar.
2019
(outlook)
End of Jun.
2019
(outlook)
Corporations with capital of 1 billion yen or over
 All industries19.321.719.314.1
Manufacturing16.218.615.010.1
Non-manufacturing20.923.221.316.1
Corporations with capital of 100 million to 1 billion yen
 All industries34.436.031.826.0
Manufacturing35.337.332.126.2
Non-manufacturing34.135.631.725.9
Corporations with capital of 10 to 100 million yen
 All industries27.930.225.520.3
Manufacturing29.532.227.019.9
Non-manufacturing27.629.825.220.4

4. Sales (compared with the previous year)

(%)

 
 FY 20181st half
FY 2018
2nd half
FY 2018
All industries2.83.91.8
Manufacturing3.23.62.8
Non-manufacturing2.64.01.4

5. Ordinary profits (compared with the previous year)

(%)

 
 FY 20181st half
FY 2018
2nd half
FY 2018
All industries0.41.4-0.6
Manufacturing-2.31.4-6.0
Non-manufacturing1.71.51.9

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

(%)

 
 FY 20181st half
FY 2018
2nd half
FY 2018
All industries9.18.69.6
Manufacturing21.823.320.6
Non-manufacturing1.90.23.1

Note: Excludes expense purchasing land.