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Ministry of Finance > Policy Research Institute > Statistics > Business Outlook Survey > January-March 2014

Business Outlook Survey

(January-March 2014)

Mar. 12, 2014

1. Business conditions

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

(%points)

		Oct.-Dec. 2013 (previous)	Jan.-Mar. 2014 (present)	Apr.-Jun. 2014 (outlook)	Jul.-Sep. 2014 (outlook)
						Corporations with capital of 1 billion yen or over							All industries	8.3	12.7	-9.8	8.3	Manufacturing	9.7	12.5	-9.4	8.5	Non-manufacturing	7.5	12.8	-10.0	8.2	Corporations with capital of 100 million to 1 billion yen							All industries	6.3	8.5	-15.4	5.6	Manufacturing	6.4	7.2	-17.0	7.5	Non-manufacturing	6.3	8.9	-14.9	5.0	Corporations with capital of 10 to 100 million yen							All industries	-0.1	0.1	-17.9	-3.6	Manufacturing	-5.3	2.9	-19.7	-2.5	Non-manufacturing	0.9	-0.5	-17.5	-3.8

2. Domestic economic conditions

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

(%points)

		Oct.-Dec. 2013 (previous)	Jan.-Mar. 2014 (present)	Apr.-Jun. 2014 (outlook)	Jul.-Sep. 2014 (outlook)
						Corporations with capital of 1 billion yen or over							All industries	24.6	29.2	-21.3	9.3	Manufacturing	23.0	25.1	-19.4	6.5	Non-manufacturing	25.5	31.4	-22.3	10.9	Corporations with capital of 100 million to 1 billion yen							All industries	26.3	30.2	-23.7	7.9	Manufacturing	24.0	26.1	-22.5	7.2	Non-manufacturing	27.0	31.5	-24.0	8.0	Corporations with capital of 10 to 100 million yen							All industries	13.6	20.3	-22.9	-3.0	Manufacturing	6.2	18.4	-23.7	-1.4	Non-manufacturing	15.1	20.7	-22.7	-3.4

3. Employment

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

(%points)

		End of Dec. 2013 (previous)	End of Mar. 2014 (present)	End of Jun. 2014 (outlook)	End of Sep. 2014 (outlook)
						Corporations with capital of 1 billion yen or over							All industries	7.9	10.0	3.8	3.9	Manufacturing	1.1	2.4	-1.2	-0.7	Non-manufacturing	11.5	14.1	6.5	6.3	Corporations with capital of 100 million to 1 billion yen							All industries	15.1	17.4	8.7	8.6	Manufacturing	4.1	8.5	0.3	2.7	Non-manufacturing	18.4	20.1	11.2	10.5	Corporations with capital of 10 to 100 million yen							All industries	16.5	19.1	8.5	7.6	Manufacturing	14.1	16.6	4.4	4.5	Non-manufacturing	17.0	19.6	9.3	8.2

4. Sales (compared with the previous year)

(%)

FY 2013	1st half FY 2013	2nd half FY 2013	FY 2014	1st half FY 2014	2nd half FY 2014
All industries	4.0	3.5	4.5	-0.1	0.2	-0.4
Manufacturing	4.9	3.0	6.7	1.0	1.4	0.6
Non-manufacturing	3.7	3.7	3.7	-0.5	-0.2	-0.7

FY 2013

1st half

FY 2013

2nd half

FY 2013

FY 2014

1st half

FY 2014

2nd half

FY 2014

All industries

4.0

3.5

4.5

-0.1

0.2

-0.4

Manufacturing

4.9

3.0

6.7

1.0

1.4

0.6

Non-manufacturing

3.7

-0.5

-0.2

-0.7

5. Ordinary profits (compared with the previous year)

(%)

FY 2013	1st half FY 2013	2nd half FY 2013	FY 2014	1st half FY 2014	2nd half FY 2014
All industries	23.8	36.6	12.8	-4.8	-10.2	0.2
Manufacturing	35.8	53.5	22.1	2.3	-3.9	7.9	Non-manufacturing	18.5	29.7	8.4	-7.8	-12.7	-3.1

FY 2013

1st half

FY 2013

2nd half

FY 2013

FY 2014

1st half

FY 2014

2nd half

FY 2014

All industries

23.8

36.6

12.8

-4.8

-10.2

0.2

Manufacturing

35.8

53.5

22.1

2.3

-3.9

7.9

Non-manufacturing

18.5

29.7

8.4

-7.8

-12.7

-3.1

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

(%)

FY 2013	1st half FY 2013	2nd half FY 2013	FY 2014	1st half FY 2014	2nd half FY 2014
All industries	9.9	5.3	13.7	-5.1	3.6	-12.7
Manufacturing	2.8	-8.5	13.5	2.4	22.3	-13.9
Non-manufacturing	14.1	14.4	13.9	-9.2	-6.2	-11.9

FY 2013

1st half

FY 2013

2nd half

FY 2013

FY 2014

1st half

FY 2014

2nd half

FY 2014

All industries

9.9

5.3

13.7

-5.1

3.6

-12.7

Manufacturing

2.8

-8.5

13.5

2.4

22.3

-13.9

Non-manufacturing

14.1

14.4

13.9

-9.2

-6.2

-11.9

Note: Excludes expense purchasing land.

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