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Ministry of Finance > Policy Research Institute > Statistics > Business Outlook Survey > January-March 2011

Business Outlook Survey

(January-March 2011)

Mar. 16, 2011

1. Business conditions

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

(%points)

		Oct.-Dec. 2010 (previous)	Jan.-Mar. 2011 (present)	Apr.-Jun. 2011 (outlook)	Jul.-Sep. 2011 (outlook)
						Corporations with capital of 1 billion yen or over							All industries	-5.0	-1.1	1.5	6.2	Manufacturing	-8.0	-3.2	4.0	7.5	Non-manufacturing	-3.4	0.0	0.2	5.5	Corporations with capital of 100 million to 1 billion yen							All industries	-8.6	-7.4	-2.2	5.6	Manufacturing	-7.1	-17.6	4.7	8.8	Non-manufacturing	-9.1	-4.3	-4.3	4.6	Corporations with capital of 10 to 100 million yen							All industries	-18.4	-23.3	-14.1	-7.8	Manufacturing	-10.0	-26.7	-5.5	-6.3	Non-manufacturing	-20.1	-22.5	-15.9	-8.1

2. Domestic economic conditions

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

(%points)

		Oct.-Dec. 2010 (previous)	Jan.-Mar. 2011 (present)	Apr.-Jun. 2011 (outlook)	Jul.-Sep. 2011 (outlook)
						Corporations with capital of 1 billion yen or over							All industries	-12.1	2.1	4.1	6.5	Manufacturing	-13.9	0.2	5.7	6.7	Non-manufacturing	-11.2	3.1	3.3	6.4	Corporations with capital of 100 million to 1 billion yen							All industries	-17.3	-7.7	-1.3	2.8	Manufacturing	-15.4	-11.0	-0.6	5.6	Non-manufacturing	-17.9	-6.7	-1.4	2.0	Corporations with capital of 10 to 100 million yen							All industries	-30.5	-27.1	-16.1	-9.3	Manufacturing	-25.2	-28.1	-11.6	-4.5	Non-manufacturing	-31.5	-26.8	-17.0	-10.3

3. Employment

Business survey index
(Difference of "insufficient"-"excessive" )

(%points)

		End of Dec. 2010 (previous)	End of Mar. 2011 (present)	End of Jun. 2011 (outlook)	End of Sep. 2011 (outlook)
						Corporations with capital of 1 billion yen or over							All industries	0.5	2.5	-0.6	0.8	Manufacturing	-3.3	-1.5	-2.3	-1.0	Non-manufacturing	2.5	4.6	0.4	1.7	Corporations with capital of 100 million to 1 billion yen							All industries	1.6	4.3	-0.0	1.1	Manufacturing	-5.3	-3.0	-6.2	-3.6	Non-manufacturing	3.7	6.5	1.9	2.6	Corporations with capital of 10 to 100 million yen							All industries	2.3	2.3	-1.7	-0.4	Manufacturing	2.2	-1.2	-4.2	-4.1	Non-manufacturing	2.3	3.1	-1.2	0.4

4. Sales (compared with the previous year)

(%)

FY 2010	1st half FY 2010	2nd half FY 2010	FY 2011	1st half FY 2011	2nd half FY 2011
All industries	3.3	6.3	0.6	1.1	0.5	1.6
Manufacturing	6.9	12.8	1.7	1.8	1.4	2.3
Non-manufacturing	1.9	3.8	0.2	0.8	0.2	1.4

FY 2010

1st half

FY 2010

2nd half

FY 2010

FY 2011

1st half

FY 2011

2nd half

FY 2011

All industries

3.3

6.3

0.6

1.1

0.5

1.6

Manufacturing

6.9

12.8

1.7

1.8

1.4

2.3

Non-manufacturing

1.9

3.8

0.2

0.8

0.2

1.4

5. Ordinary profits (compared with the previous year)

(%)

FY 2010	1st half FY 2010	2nd half FY 2010	FY 2011	1st half FY 2011	2nd half FY 2011
All industries	31.1	67.5	6.0	6.4	1.3	11.5
Manufacturing	65.7	291.8	-1.2	3.0	-7.0	13.2	Non-manufacturing	19.5	30.8	9.5	8.0	5.2	10.7

FY 2010

1st half

FY 2010

2nd half

FY 2010

FY 2011

1st half

FY 2011

2nd half

FY 2011

All industries

31.1

67.5

6.0

6.4

1.3

11.5

Manufacturing

65.7

291.8

-1.2

3.0

-7.0

13.2

Non-manufacturing

19.5

30.8

9.5

8.0

5.2

10.7

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

(%)

FY 2010	1st half FY 2010	2nd half FY 2010	FY 2011	1st half FY 2011	2nd half FY 2011
All industries	6.9	1.9	11.3	-0.5	12.2	-11.9
Manufacturing	11.0	2.6	19.4	1.6	15.4	-10.6
Non-manufacturing	4.8	1.6	7.5	-1.7	10.3	-12.7

FY 2010

1st half

FY 2010

2nd half

FY 2010

FY 2011

1st half

FY 2011

2nd half

FY 2011

All industries

6.9

1.9

11.3

-0.5

12.2

-11.9

Manufacturing

11.0

2.6

19.4

1.6

15.4

-10.6

Non-manufacturing

4.8

1.6

7.5

-1.7

10.3

-12.7

Note: Excludes expense purchasing land.

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