Policy Research Institute

 

Business Outlook Survey

(January-March 2019)

Mar.12, 2019

1. Business conditions

Business survey index

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

(%points)

 
 Oct.-Dec.
2018
(previous)
Jan.-Mar.
2019
(present)
Apr.-Jun.
2019
(outlook)
Jul.-Sep.
2019
(outlook)
Corporations with capital of 1 billion yen or over
 All industries4.3-1.7-0.35.7
Manufacturing5.5-7.3-2.35.7
Non-manufacturing3.71.00.75.7
Corporations with capital of 100 million to 1 billion yen
 All industries6.0-3.8-1.35.4
Manufacturing7.8-15.3-0.85.7
Non-manufacturing5.5-0.4-1.45.3
Corporations with capital of 10 to 100 million yen
 All industries-4.9-11.7-5.6-2.5
Manufacturing-6.4-22.9-11.7-4.6
Non-manufacturing-4.6-9.5-4.5-2.1

2. Domestic economic conditions

Business survey index

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

(%points)

 
 Oct.-Dec.
2018
(previous)
Jan.-Mar.
2019
(present)
Apr.-Jun.
2019
(outlook)
Jul.-Sep.
2019
(outlook)
Corporations with capital of 1 billion yen or over
 All industries4.7-1.91.26.4
Manufacturing4.8-6.3-1.44.8
Non-manufacturing4.70.22.67.2
Corporations with capital of 100 million to 1 billion yen
 All industries3.8-4.9-1.25.7
Manufacturing5.7-11.4-3.26.3
Non-manufacturing3.3-2.9-0.55.5
Corporations with capital of 10 to 100 million yen
 All industries-3.0-13.6-8.0-2.5
Manufacturing-4.8-24.3-14.2-5.0
Non-manufacturing-2.6-11.4-6.7-2.0

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

 
 End of Dec.
2018
(previous)
End of Mar.
2019
(present)
End of Jun.
2019
(outlook)
End of Sep.
2019
(outlook)
Corporations with capital of 1 billion yen or over
 All industries21.722.115.814.2
Manufacturing18.615.310.38.3
Non-manufacturing23.225.518.517.1
Corporations with capital of 100 million to 1 billion yen
 All industries36.034.627.525.8
Manufacturing37.334.224.524.1
Non-manufacturing35.634.828.426.3
Corporations with capital of 10 to 100 million yen
 All industries30.229.923.821.6
Manufacturing32.231.722.219.4
Non-manufacturing29.829.624.122.1

4. Sales (compared with the previous year)

(%)

 
 FY 20181st half
FY 2018
2nd half
FY 2018
FY 20191st half
FY 2019
2nd half
FY 2019
All industries2.43.91.00.10.3-0.1
Manufacturing2.53.51.51.11.40.9
Non-manufacturing2.44.10.8-0.3-0.1-0.5

5. Ordinary profits (compared with the previous year)

(%)

 
 FY 20181st half
FY 2018
2nd half
FY 2018
FY 20191st half
FY 2019
2nd half
FY 2019
All industries-1.71.4-4.9-0.4-3.12.4
Manufacturing-5.81.6-13.4-1.8-9.36.9
Non-manufacturing0.31.3-0.80.2-0.30.7

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

(%)

 
 FY 20181st half
FY 2018
2nd half
FY 2018
FY 20191st half
FY 2019
2nd half
FY 2019
All industries7.47.47.3-6.24.9-15.0
Manufacturing17.222.013.62.314.1-7.2
Non-manufacturing2.1-0.44.0-11.6-1.0-19.8

Note: Excludes expense purchasing land.