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Ministry of Finance> Policy Research Institute> Statistics> Business Outlook Survey> October-December 2014

Business Outlook Survey

(October-December 2014)

Dec. 10, 2014

1. Business conditions

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

(%points)

		Jul.-Sep. 2014 (previous)	Oct.-Dec. 2014 (present)	Jan.-Mar. 2015 (outlook)	Apr.-Jun. 2015 (outlook)

Corporations with capital of 1 billion yen or over
	All industries	11.1	5.0	5.0	1.6
	Manufacturing	12.7	8.1	6.1	0.2
	Non-manufacturing	10.2	3.4	4.5	2.2
Corporations with capital of 100 million to 1 billion yen
	All industries	5.1	0.8	0.2	-1.0
	Manufacturing	2.6	1.0	-1.6	-0.5
	Non-manufacturing	5.8	0.8	0.7	-1.2
Corporations with capital of 10 to 100 million yen
	All industries	-10.0	-10.1	-10.5	-8.2
	Manufacturing	-9.5	-9.7	-12.1	-6.1
	Non-manufacturing	-10.1	-10.2	-10.2	-8.6

2. Domestic economic conditions

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

(%points)

		Jul.-Sep. 2014 (previous)	Oct.-Dec. 2014 (present)	Jan.-Mar. 2015 (outlook)	Apr.-Jun. 2015 (outlook)

Corporations with capital of 1 billion yen or over
	All industries	15.8	4.3	4.0	3.5
	Manufacturing	16.7	5.0	3.3	2.4
	Non-manufacturing	15.4	3.9	4.3	4.2
Corporations with capital of 100 million to 1 billion yen
	All industries	10.0	-1.8	-2.0	0.1
	Manufacturing	6.9	-0.5	-3.5	-1.1
	Non-manufacturing	10.9	-2.2	-1.5	0.5
Corporations with capital of 10 to 100 million yen
	All industries	-6.3	-18.1	-16.2	-10.8
	Manufacturing	-7.5	-16.7	-16.8	-7.8
	Non-manufacturing	-6.1	-18.4	-16.0	-11.4

3. Employment

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

(%points)

		End of Sep. 2014 (previous)	End of Dec. 2014 (present)	End of Mar. 2015 (outlook)	End of Jun. 2015 (outlook)

Corporations with capital of 1 billion yen or over
	All industries	9.8	11.6	9.7	6.2
	Manufacturing	2.9	4.6	2.5	1.3
	Non-manufacturing	13.4	15.3	13.4	8.8
Corporations with capital of 100 million to 1 billion yen
	All industries	20.5	22.4	19.2	11.6
	Manufacturing	9.1	11.6	8.8	3.5
	Non-manufacturing	23.9	25.6	22.3	14.1
Corporations with capital of 10 to 100 million yen
	All industries	16.7	18.0	14.7	10.3
	Manufacturing	12.6	15.2	10.2	8.0
	Non-manufacturing	17.6	18.6	15.7	10.8

4. Sales (compared with the previous year)

(%)

FY 2014	1st half FY 2014	2nd half FY 2014
All industries	0.9	2.5	-0.5
Manufacturing	1.2	2.5	0.1
Non-manufacturing	0.8	2.5	-0.7

FY 2014

1st half

FY 2014

2nd half

FY 2014

All industries

0.9

2.5

-0.5

Manufacturing

1.2

2.5

0.1

Non-manufacturing

0.8

2.5

-0.7

5. Ordinary profits (compared with the previous year)

(%)

FY 2014	1st half FY 2014	2nd half FY 2014
All industries	-1.1	5.2	-7.0
Manufacturing	1.7	6.7	-3.0
Non-manufacturing	-2.3	4.6	-8.6

FY 2014

1st half

FY 2014

2nd half

FY 2014

All industries

-1.1

5.2

-7.0

Manufacturing

1.7

6.7

-3.0

Non-manufacturing

-2.3

4.6

-8.6

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

(%)

FY 2014	1st half FY 2014	2nd half FY 2014
All industries	4.9	7.2	3.3
Manufacturing	12.0	5.0	18.1
Non-manufacturing	1.3	8.5	-3.2

FY 2014

1st half

FY 2014

2nd half

FY 2014

All industries

4.9

7.2

3.3

Manufacturing

12.0

5.0

18.1

Non-manufacturing

1.3

8.5

-3.2

Note: Excludes expense purchasing land.

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