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Ministry of Finance Japan

Policy Research Institute

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Business Outlook Survey

(October-December 2016)

Dec. 9, 2016

1. Business conditions

Business survey index

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

(%points)

Jul.-Sep.
2016
(previous)
Oct.-Dec.
2016
(present)
Jan.-Mar.
2017
(outlook)
Apr.-Jun.
2017
(outlook)
Corporations with capital of 1 billion yen or over
All industries 1.9 3.0 3.2 -0.4
Manufacturing 2.9 7.5 4.6 -1.3
Non-manufacturing 1.4 0.7 2.4 0.0
Corporations with capital of 100 million to 1 billion yen
All industries 0.9 1.0 2.3 -0.8
Manufacturing 0.0 4.1 -1.6 0.3
Non-manufacturing 1.2 0.0 3.5 -1.1
Corporations with capital of 10 to 100 million yen
All industries -15.0 -7.1 -9.1 -8.5
Manufacturing -16.0 -6.5 -11.2 -9.1
Non-manufacturing -14.8 -7.2 -8.7 -8.4

2. Domestic economic conditions

Business survey index

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

(%points)

Jul.-Sep.
2016
(previous)
Oct.-Dec.
2016
(present)
Jan.-Mar.
2017
(outlook)
Apr.-Jun.
2017
(outlook)
Corporations with capital of 1 billion yen or over
All industries -0.9 3.2 2.4 1.8
Manufacturing -0.4 4.1 2.8 1.1
Non-manufacturing -1.1 2.8 2.2 2.1
Corporations with capital of 100 million to 1 billion yen
All industries -4.9 -1.1 -4.1 -2.1
Manufacturing -5.1 1.9 -5.0 -3.3
Non-manufacturing -4.8 -2.0 -3.8 -1.7
Corporations with capital of 10 to 100 million yen
All industries -20.1 -13.4 -14.7 -11.0
Manufacturing -25.2 -14.6 -17.4 -12.3
Non-manufacturing -19.1 -13.2 -14.2 -10.7

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

End of Sep.
2016
(previous)
End of Dec.
2016
(present)
End of Mar.
2017
(outlook)
End of Jun.
2017
(outlook)
Corporations with capital of 1 billion yen or over
All industries 12.6 15.3 13.2 9.0
Manufacturing 5.1 7.7 5.7 3.4
Non-manufacturing 16.5 19.2 17.0 11.9
Corporations with capital of 100 million to 1 billion yen
All industries 24.9 26.2 22.4 16.0
Manufacturing 18.6 21.3 14.6 7.7
Non-manufacturing 26.9 27.7 24.8 18.6
Corporations with capital of 10 to 100 million yen
All industries 20.0 24.2 20.3 13.8
Manufacturing 14.8 20.9 14.4 9.0
Non-manufacturing 21.0 24.8 21.5 14.8

4. Sales (compared with the previous year)

(%)

FY 2016 1st half
FY 2016
2nd half
FY 2016
All industries -1.3 -2.0 -0.6
Manufacturing -1.7 -3.1 -0.4
Non-manufacturing -1.1 -1.5 -0.7

5. Ordinary profits (compared with the previous year)

(%)

FY 2016 1st half
FY 2016
2nd half
FY 2016
All industries -6.9 -5.9 -7.9
Manufacturing -14.1 -17.9 -9.7
Non-manufacturing -3.6 -0.0 -7.1

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

(%)

FY 2016 1st half
FY 2016
2nd half
FY 2016
All industries 2.5 -0.7 5.2
Manufacturing 4.9 -3.1 11.7
Non-manufacturing 1.1 0.8 1.3

Note: Excludes expense purchasing land.


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Policy Research Institute, Ministry of Finance

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