Business and Investment Survey
of Incorporated Enterprises
(Summary)
 
December 2003

13 February 2004
Economic and Social Research Institute, Cabinet Office

Explanation of Business and Investment Survey of Incorporated Enterprises

    This survey was conducted on December 25, using a sample of 4,510 companies capitalized at 100 million yen or more, of which 89.4% percent responded.

(Table 1) BSI on domestic economic conditions on an all-Industry basis

 (Seasonally adjusted ;%)
               BSI
      (A) (B) (C) (D)
1984 Apr.-Jun. 38 59 3 35
   Jul.-Sep. 37 58 5 32
   Oct.-Dec. 35 63 2 33
1985 Jan.-Mar. 28 72 0 28
   Apr.-Jun. 21 74 5 16
   Jul.-Sep. 12 77 11 1
   Oct.-Dec. 5 71 24 -19
1986 Jan.-Mar. 5 58 37 -32
   Apr.-Jun. 4 53 43 -39
   Jul.-Sep. 3 48 49 -46
   Oct.-Dec. 2 54 44 -42
1987 Jan.-Mar. 4 61 35 -31
   Apr.-Jun. 7 74 19 -12
   Jul.-Sep. 27 65 8 19
   Oct.-Dec. 37 59 4 33
1988 Jan.-Mar. 46 53 1 45
   Apr.-Jun. 44 54 2 42
   Jul.-Sep. 35 60 5 30
   Oct.-Dec. 34 65 1 33
1989 Jan.-Mar. 32 68 0 32
   Apr.-Jun. 26 69 5 21
   Jul.-Sep. 24 70 6 18
   Oct.-Dec. 28 72 0 28
1990 Jan.-Mar. 21 79 0 21
   Apr.-Jun. 16 78 6 10
   Jul.-Sep. 13 79 8 5
   Oct.-Dec. 8 83 9 -1
1991 Jan.-Mar. 7 78 15 -8
   Apr.-Jun. 6 74 20 -14
   Jul.-Sep. 3 71 26 -23
   Oct.-Dec. 2 47 51 -49
1992 Jan.-Mar. 2 33 65 -63
   Apr.-Jun. 1 42 57 -56
   Jul.-Sep. 0 37 63 -63
   Oct.-Dec. 1 48 51 -50
1993 Jan.-Mar. 2 48 50 -48
   Apr.-Jun. 6 67 27 -21
   Jul.-Sep. 0 61 39 -39
   Oct.-Dec. 1 52 47 -46
1994 Jan.-Mar. 3 75 22 -19
   Apr.-Jun. 7 78 15 -8
   Jul.-Sep. 22 72 6 16
   Oct.-Dec. 25 73 2 23
1995 Jan.-Mar. 13 76 11 2
   Apr.-Jun. 8 75 17 -9
   Jul.-Sep. 5 81 14 -9
   Oct.-Dec. 9 86 5 4
1996 Jan.-Mar. 17 80 3 14
   Apr.-Jun. 23 72 5 18
   Jul.-Sep. 12 84 4 8
   Oct.-Dec. 13 84 3 10
1997 Jan.-Mar. 15 79 6 9
   Apr.-Jun. 6 71 23 -17
   Jul.-Sep. 6 82 12 -6
   Oct.-Dec. 2 48 50 -48
1998 Jan.-Mar. 1 49 50 -49
   Apr.-Jun. 0 42 58 -58
   Jul.-Sep. 0 38 62 -62
   Oct.-Dec. 2 57 41 -39
1999 Jan.-Mar. 3 72 25 -22
   Apr.-Jun. 6 80 14 -8
   Jul.-Sep. 12 82 6 6
   Oct.-Dec. 12 82 6 6
2000 Jan.-Mar. 12 84 4 8
   Apr.-Jun. 15 78 7 8
   Jul.-Sep. 17 80 3 14
   Oct.-Dec. 9 83 8 1
2001 Jan.-Mar. 4 62 34 -30
   Apr.-Jun. 1 55 44 -43
   Jul.-Sep. 0 39 61 -61
   Oct.-Dec. 1 39 60 -59
2002 Jan.-Mar. 3 59 38 -35
   Apr.-Jun. 8 71 21 -13
   Jul.-Sep. 1 74 25 -24
   Oct.-Dec. 2 71 27 -25
2003 Jan.-Mar. 3 67 30 -27
   Apr.-Jun. 3 74 23 -20
   Jul.-Sep. 14 78 8 6
   Oct.-Dec. 20 77 3 17
2004 Jan.-Mar.(E) 18 80 2 16
   Apr.-Jun.(E) 22 68 10 12
   (Note)
(A) The percentage of companies saying that domestic economic conditions are rising compared with the previous quarter.
(B) The percentage of companies saying that domestic economic conditions are unchanged.
(C) The percentage of companies saying that domestic economic conditions are declining compered with the previos quarter.
(D) (D)=(A)-(C) , BSI : Business Survey Index .
(E) Companies answered economic conditions of next two consecutive quarters.Thus the BSI figures of Jan.-Mar. and Apr.-Jun. of 2004 are outlook.

(Table 2) Capital spending plan for FY2003

 (100 million yen,%)
   FY2001 FY2002 FY2003 FY2001 FY2002 FY2003
   (Actual) (Actual) (Plan) (Actual) (Actual) (Plan)
All Industries 409,971 375,247 379,800 -4.9 -8.5 1.2
Manufacturing 132,707 107,204 111,543 -9.9 -19.2 4.0
Basic materials 40,769 30,087 32,285 5.1 -26.2 7.3
Textiles 1,958 1,468 1,250 0.0 -25.0 -14.9
Paper and paper products 3,224 2,415 2,371 -2.2 -25.1 -1.8
Chemicals and chemical products 16,528 13,515 13,875 7.8 -18.2 2.7
Petroleum and coal products 1,827 1,384 1,268 22.4 -24.3 -8.3
Rubber and leather products 705 468 639 -16.0 -33.6 36.4
Nonmetallic mineral products 4,502 3,468 4,253 -4.9 -23.0 22.6
Iron and steel 6,253 4,387 4,750 13.6 -29.8 8.3
Non-ferrous metals 5,772 2,981 3,879 2.5 -48.4 30.1
Processing 91,939 77,117 79,259 -15.3 -16.1 2.8
Food and beverages 11,476 12,324 9,930 8.0 7.4 -19.4
Fabricated metal products 3,363 3,183 2,651 -12.7 -5.3 -16.7
General machinery 6,890 4,650 4,761 12.4 -32.5 2.4
Electrical machinery 32,403 23,404 25,679 -37.4 -27.8 9.7
Automobiles 14,923 14,682 16,994 3.3 -1.6 15.7
Other transport equipment 1,461 968 924 -12.2 -33.8 -4.6
Precision Instruments 3,684 3,159 2,884 -16.4 -14.3 -8.7
Other manufacturing 17,739 14,746 15,437 13.3 -16.9 4.7
Non-manufacturing 277,264 268,042 268,256 -2.3 -3.3 0.1
Agriculture,forestry and fishing 118 167 219 -44.4 41.6 30.9
Mining 769 708 803 -2.8 -8.0 13.3
Construction 3,339 4,087 3,652 -6.9 22.4 -10.6
Wholesaling 11,531 10,549 11,867 7.1 -8.5 12.5
Retail trade,and eating and drinking 13,899 16,113 18,119 -23.3 15.9 12.5
Finance and Insurance 20,155 19,082 23,899 20.6 -5.3 25.2
Real estate 18,981 24,678 17,331 3.3 30.0 -29.8
Transportation 20,937 24,350 23,342 7.0 16.3 -4.1
Communications 28,056 25,062 21,193 -5.8 -10.7 -15.4
Electric and gas utilities 34,229 25,812 25,032 -9.9 -24.6 -3.0
Services 37,207 32,437 37,649 -9.4 -12.8 16.1
Leasing 88,042 84,998 85,151 1.5 -3.5 0.2

(Table 3) Capital spending on a half-year basis

(100 million yen,%)
      All Industries Manufacturing Non-manufacturing All Industries Manufacturing Non-manufacturing
FY1984 Apr.-Sep. 103,856 47,683 56,173 - - -
   Oct.-Mar. 115,424 51,186 64,237 - - -
FY1985 Apr.-Sep. 123,728 53,103 70,625 19.1 11.4 25.7
   Oct.-Mar. 129,083 53,620 75,463 11.8 4.8 17.5
FY1986 Apr.-Sep. 123,466 51,370 72,096 -0.2 -3.3 2.1
   Oct.-Mar. 131,275 47,057 84,219 1.7 -12.2 11.6
FY1987 Apr.-Sep. 128,628 48,538 80,090 4.2 -5.5 11.1
   Oct.-Mar. 153,152 56,574 96,578 16.7 20.2 14.7
FY1988 Apr.-Sep. 160,738 62,614 98,124 25.0 29.0 22.5
   Oct.-Mar. 196,233 75,606 120,626 28.1 33.6 24.9
FY1989 Apr.-Sep. 196,649 78,898 117,751 22.3 26.0 20.0
   Oct.-Mar. 236,103 89,611 146,492 20.3 18.5 21.4
FY1990 Apr.-Sep. 233,893 96,682 137,211 18.9 22.5 16.5
   Oct.-Mar. 254,659 102,996 151,663 7.9 14.9 3.5
FY1991 Apr.-Sep. 250,402 102,636 147,766 7.1 6.2 7.7
   Oct.-Mar. 266,047 103,649 162,398 4.5 0.6 7.1
FY1992 Apr.-Sep. 242,000 92,361 149,639 -3.4 -10.0 1.3
   Oct.-Mar. 247,844 86,480 161,363 -6.8 -16.6 -0.6
FY1993 Apr.-Sep. 209,342 70,704 138,639 -13.5 -23.4 -7.4
   Oct.-Mar. 223,722 72,957 150,765 -9.7 -15.6 -6.6
FY1994 Apr.-Sep. 200,748 61,232 139,516 -4.1 -13.4 0.6
   Oct.-Mar. 207,472 61,704 145,769 -7.3 -15.4 -3.3
FY1995 Apr.-Sep. 196,564 64,272 132,291 -2.1 5.0 -5.2
   Oct.-Mar. 218,970 69,197 149,774 5.5 12.1 2.7
FY1996 Apr.-Sep. 210,427 69,908 140,519 7.1 8.8 6.2
   Oct.-Mar. 237,700 77,991 159,709 8.6 12.7 6.6
FY1997 Apr.-Sep. 219,677 75,670 144,006 4.4 8.2 2.5
   Oct.-Mar. 231,289 83,503 147,786 -2.7 7.1 -7.5
FY1998 Apr.-Sep. 211,398 74,109 137,289 -3.8 -2.1 -4.7
   Oct.-Mar. 215,576 75,047 140,529 -6.8 -10.1 -4.9
FY1999 Apr.-Sep. 198,977 67,205 131,772 -5.9 -9.3 -4.0
   Oct.-Mar. 221,263 69,595 151,668 2.6 -7.3 7.9
FY2000 Apr.-Sep. 197,935 68,733 129,201 -0.5 2.3 -2.0
   Oct.-Mar. 233,046 78,571 154,475 5.3 12.9 1.9
FY2001 Apr.-Sep. 197,408 67,961 129,447 -0.3 -1.1 0.2
   Oct.-Mar. 212,563 64,746 147,817 -8.8 -17.6 -4.3
FY2002 Apr.-Sep. 171,761 54,056 117,705 -13.0 -20.5 -9.1
   Oct.-Mar. 203,485 53,148 150,337 -4.3 -17.9 1.7
FY2003 Apr.-Sep. 174,259 50,810 123,449 1.5 -6.0 4.9
   Oct.-Mar. 205,540 60,733 144,807 1.0 14.3 -3.7