| Today, the Reserve Bank released the results of 39th round of its quarterly Services and Infrastructure Outlook Survey (SIOS) conducted during Q3:2023-24. This forward-looking survey[1] captures qualitative assessment and expectations of Indian companies engaged in the services and infrastructure sectors on a set of business parameters relating to demand conditions, price situation and other business conditions. In the latest round of the survey, 528 companies provided their assessment for Q3:2023-24 and expectations for Q4:2023-24 as well as outlook on key parameters for the subsequent two quarters. Highlights: 1. Services Sector Assessment for Q3:2023-24
- Services sector enterprises gauged improvement in the overall business situation, employment conditions, finance availability and their turnover during Q3:2023-24 (Chart 1 and Table A).
- On the expenditure side, pressures stemming from input prices, cost of finance and staff expenses were assessed to have continued.
- Assessment for profit margin improved, benefitting from rise in turnover and selling prices.
Expectations for Q4:2023-24
- Demand for services is likely to rise further on the back of improved business situation; firms remained highly optimistic on turnover, availability of finance and job landscape (Table A).
- Cost pressures are likely to persist in Q4:2023-24; respondents displayed higher optimism on selling prices, profit margins and physical investment, when compared to the previous survey round.
Expectations for Q1:2024-25 and Q2:2024-25
- Respondents remain optimistic on business conditions for the first half of 2024-25 with sequential improvement in successive quarters. In tandem, job scenario is also expected to improve (Table C).
- Input cost pressures are likely to continue, and firms also expect rise in selling prices.
2. Infrastructure Sector Assessment for Q3:2023-24
- Infrastructure companies assessed better overall business situation as well as their turnover during Q3:2023-24 (Chart 2 and Table B).
- Respondents were positive on both full-time and part-time employment.
- Enterprises assessed rise in selling prices in the phase of increasing cost pressures in the sector during Q3:2023-24.
Expectations for Q4:2023-24
- Infrastructure companies remain highly optimistic about overall business situation, their turnover and employment conditions (Table B).
- Cost pressures are likely to rise further and firms expected higher selling prices and profit margins.
- Optimism on physical investment in the infrastructure sector has surged in the latest survey round.
Expectations for Q1:2024-25 and Q2:2024-25
- Respondents expect sequential improvement on demand and employment conditions during H1:2024-25 (Table D).
- Both input costs and selling prices are likely to increase till Q2:2024-25.
Summary of Net Responses on Survey Parameters
|
|
| (per cent) |
| Parameters |
Assessment period |
Expectations period |
| Q2:2023-24 |
Q3:2023-24 |
Q3:2023-24 |
Q4:2023-24 |
| Overall Business Situation |
34.4 |
35.6 |
43.1 |
54.8 |
| Turnover |
28.9 |
32.3 |
30.5 |
53.4 |
| Full-time Employees |
17.3 |
21.4 |
16.5 |
28.8 |
| Part-time Employees |
6.2 |
13.2 |
14.4 |
23.1 |
| Availability of Finance |
18.0 |
24.9 |
24.2 |
37.4 |
| Cost of Finance |
-30.1 |
-32.3 |
-26.6 |
-34.4 |
| Salary & Wages |
-39.2 |
-38.4 |
-29.5 |
-36.8 |
| Cost of Inputs |
-28.1 |
-37.9 |
-22.2 |
-45.7 |
| Selling Price |
6.5 |
15.1 |
14.2 |
30.7 |
| Profit Margin |
4.3 |
9.7 |
13.8 |
27.5 |
| Inventories |
16.5 |
22.2 |
22.9 |
28.3 |
| Technical/Service Capacity |
25.3 |
21 |
40.0 |
34.1 |
| Physical Investment |
27.6 |
20.1 |
22.3 |
32.2 |
| Table B: Infrastructure Sector |
| (per cent) |
| Parameters |
Assessment period |
Expectations period |
| Q2:2023-24 |
Q3:2023-24 |
Q3:2023-24 |
Q4:2023-24 |
| Overall Business Situation |
29.8 |
34.2 |
64.4 |
68.1 |
| Turnover |
31.7 |
36.1 |
50.0 |
73.9 |
| Full-time Employees |
16.3 |
22.2 |
39.4 |
60.7 |
| Part-time Employees |
31.0 |
29.2 |
55.2 |
68.3 |
| Availability of Finance |
26.0 |
30.8 |
42.7 |
61.3 |
| Cost of Finance |
-44.8 |
-31.8 |
-54.2 |
-60.7 |
| Salary & Wages |
-35.9 |
-40.7 |
-39.2 |
-59.0 |
| Cost of Inputs |
-45.1 |
-47.9 |
-45.0 |
-55.7 |
| Selling Price |
20.7 |
28.0 |
38.0 |
60.0 |
| Profit Margin |
7.8 |
25.0 |
31.4 |
48.7 |
| Inventories |
36.8 |
36.9 |
57.9 |
74.3 |
| Technical/Service Capacity |
36.2 |
35.5 |
66.7 |
75.0 |
| Physical Investment |
34.2 |
31.6 |
46.8 |
75.3 |
Expectations of Select Parameters for extended period – Net response (in per cent)
| Table C: Services Sector |
| Parameter |
Round 38 |
Round 39 |
| Q3:2023-24 |
Q4:2023-24 |
Q1:2024-25 |
Q2:2024-25 |
| Overall Business Situation |
43.1 |
54.8 |
57.8 |
60.6 |
| Turnover |
30.5 |
53.4 |
60.9 |
61.8 |
| Full-time Employees |
16.5 |
28.8 |
44.7 |
43.6 |
| Part-time Employees |
14.4 |
23.1 |
33.0 |
33.1 |
| Cost of Inputs |
-22.2 |
-45.7 |
-47.6 |
-46.7 |
| Selling Price |
14.2 |
30.7 |
37.8 |
39.4 |
| Table D: Infrastructure Sector |
| Parameter |
Round 38 |
Round 39 |
| Q3:2023-24 |
Q4:2023-24 |
Q1:2024-25 |
Q2:2024-25 |
| Overall Business Situation |
64.4 |
68.1 |
76.3 |
83.8 |
| Turnover |
50.0 |
73.9 |
80.5 |
82.1 |
| Full-time Employees |
39.4 |
60.7 |
67.8 |
72.2 |
| Part-time Employees |
55.2 |
68.3 |
69.3 |
74.0 |
| Cost of Inputs |
-45.0 |
-55.7 |
-73.9 |
-73.6 |
| Selling Price |
38.0 |
60.0 |
78.8 |
77.6 |
Note: Please see the excel file for time series data Services Sector
| Table S1: Assessment and Expectation for Overall Business Situation (Percentage responses)@ |
| Quarter |
Assessment |
Expectation |
| Better |
No Change |
Worse |
Net response# |
Better |
No Change |
Worse |
Net response |
| Q3:22-23 |
52.4 |
43.3 |
4.3 |
48.1 |
57.4 |
38.1 |
4.4 |
53.0 |
| Q4:22-23 |
59.8 |
30.0 |
10.3 |
49.5 |
55.0 |
40.0 |
5.0 |
50.1 |
| Q1:23-24 |
55.0 |
32.0 |
13.0 |
42.0 |
64.2 |
27.4 |
8.4 |
55.8 |
| Q2:23-24 |
48.4 |
37.7 |
14.0 |
34.4 |
62.3 |
31.3 |
6.4 |
56.0 |
| Q3:23-24 |
47.6 |
40.4 |
12.0 |
35.6 |
51.0 |
41.2 |
7.8 |
43.1 |
| Q4:23-24 |
|
|
|
|
59.4 |
36.0 |
4.6 |
54.8 |
| ‘Increase’ in Overall business situation is optimistic. @: Due to rounding off percentage may not add up to 100. #: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism. |
| Table S2: Assessment and Expectation for Turnover (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
49.2 |
45.2 |
5.5 |
43.7 |
61.6 |
34.0 |
4.4 |
57.1 |
| Q4:22-23 |
57.4 |
34.0 |
8.5 |
48.9 |
51.5 |
42.5 |
6.0 |
45.5 |
| Q1:23-24 |
59.4 |
30.2 |
10.4 |
49.0 |
60.0 |
33.1 |
6.9 |
53.1 |
| Q2:23-24 |
43.8 |
41.3 |
14.9 |
28.9 |
59.3 |
36.3 |
4.4 |
54.9 |
| Q3:23-24 |
48.2 |
35.9 |
15.9 |
32.3 |
40.3 |
49.9 |
9.8 |
30.5 |
| Q4:23-24 |
|
|
|
|
59.8 |
33.8 |
6.4 |
53.4 |
| ‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S3: Assessment and Expectation for Full-time Employees (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
42.9 |
52.5 |
4.6 |
38.4 |
38.4 |
55.9 |
5.8 |
32.6 |
| Q4:22-23 |
45.1 |
48.0 |
7.0 |
38.1 |
47.1 |
48.0 |
4.8 |
42.3 |
| Q1:23-24 |
40.1 |
47.8 |
12.1 |
27.9 |
47.8 |
45.9 |
6.3 |
41.6 |
| Q2:23-24 |
34.3 |
48.7 |
17.0 |
17.3 |
44.7 |
52.6 |
2.7 |
42.0 |
| Q3:23-24 |
29.9 |
61.6 |
8.5 |
21.4 |
26.4 |
63.7 |
9.9 |
16.5 |
| Q4:23-24 |
|
|
|
|
32.4 |
64.0 |
3.6 |
28.8 |
| ‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S4: Assessment and Expectation for Part-time Employees (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
40.1 |
54.8 |
5.1 |
34.9 |
27.8 |
67.3 |
5.0 |
22.8 |
| Q4:22-23 |
36.2 |
58.5 |
5.3 |
30.9 |
41.8 |
53.1 |
5.1 |
36.7 |
| Q1:23-24 |
30.9 |
59.1 |
9.9 |
21.0 |
35.3 |
60.6 |
4.2 |
31.1 |
| Q2:23-24 |
24.4 |
57.5 |
18.1 |
6.2 |
36.7 |
57.9 |
5.3 |
31.4 |
| Q3:23-24 |
21.5 |
70.3 |
8.2 |
13.2 |
31.0 |
52.3 |
16.7 |
14.4 |
| Q4:23-24 |
|
|
|
|
28.8 |
65.4 |
5.8 |
23.1 |
| ‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S5: Assessment and Expectation for Availability of Finance (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Improve |
No Change |
Worsen |
Net response |
Improve |
No Change |
Worsen |
Net response |
| Q3:22-23 |
42.1 |
53.4 |
4.6 |
37.5 |
32.9 |
61.0 |
6.2 |
26.7 |
| Q4:22-23 |
34.9 |
61.6 |
3.6 |
31.3 |
42.3 |
52.4 |
5.4 |
36.9 |
| Q1:23-24 |
29.3 |
61.2 |
9.5 |
19.7 |
36.0 |
61.4 |
2.6 |
33.4 |
| Q2:23-24 |
30.6 |
56.8 |
12.6 |
18.0 |
39.5 |
57.0 |
3.5 |
36.0 |
| Q3:23-24 |
32.3 |
60.3 |
7.4 |
24.9 |
31.5 |
61.1 |
7.3 |
24.2 |
| Q4:23-24 |
|
|
|
|
40.4 |
56.7 |
2.9 |
37.4 |
| ‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S6: Assessment and Expectation for Cost of Finance (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
40.7 |
54.7 |
4.6 |
-36.1 |
39.7 |
57.1 |
3.2 |
-36.5 |
| Q4:22-23 |
36.7 |
60.1 |
3.2 |
-33.5 |
41.6 |
53.2 |
5.2 |
-36.5 |
| Q1:23-24 |
42.1 |
49.6 |
8.3 |
-33.7 |
35.4 |
62.0 |
2.6 |
-32.8 |
| Q2:23-24 |
39.0 |
52.1 |
8.9 |
-30.1 |
38.1 |
57.6 |
4.3 |
-33.7 |
| Q3:23-24 |
36.5 |
59.3 |
4.2 |
-32.3 |
32.8 |
61.0 |
6.2 |
-26.6 |
| Q4:23-24 |
|
|
|
|
38.1 |
58.2 |
3.7 |
-34.4 |
| ‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S7: Assessment and Expectation for Salary/Wages (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
47.9 |
48.4 |
3.7 |
-44.2 |
42.4 |
56.0 |
1.6 |
-40.9 |
| Q4:22-23 |
47.6 |
48.4 |
3.9 |
-43.7 |
43.3 |
52.1 |
4.6 |
-38.7 |
| Q1:23-24 |
48.8 |
45.6 |
5.6 |
-43.2 |
45.9 |
46.7 |
7.5 |
-38.4 |
| Q2:23-24 |
44.5 |
50.3 |
5.3 |
-39.2 |
46.4 |
52.0 |
1.6 |
-44.8 |
| Q3:23-24 |
42.4 |
53.5 |
4.0 |
-38.4 |
33.6 |
62.3 |
4.1 |
-29.5 |
| Q4:23-24 |
|
|
|
|
38.6 |
59.6 |
1.8 |
-36.8 |
| ‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S8: Assessment and Expectation for Cost of Inputs (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
46.1 |
49.2 |
4.7 |
-41.4 |
49.4 |
45.6 |
4.9 |
-44.5 |
| Q4:22-23 |
41.9 |
53.4 |
4.7 |
-37.2 |
50.1 |
44.5 |
5.3 |
-44.8 |
| Q1:23-24 |
45.2 |
45.4 |
9.5 |
-35.7 |
43.8 |
53.6 |
2.7 |
-41.1 |
| Q2:23-24 |
39.1 |
49.9 |
11.0 |
-28.1 |
47.0 |
46.8 |
6.1 |
-40.9 |
| Q3:23-24 |
44.6 |
48.6 |
6.8 |
-37.9 |
32.1 |
57.9 |
9.9 |
-22.2 |
| Q4:23-24 |
|
|
|
|
47.4 |
50.9 |
1.7 |
-45.7 |
| ‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S9: Assessment and Expectation for Selling Price (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
40.8 |
54.4 |
4.8 |
36.0 |
25.7 |
68.3 |
6.1 |
19.6 |
| Q4:22-23 |
34.4 |
62.2 |
3.5 |
30.9 |
38.9 |
55.6 |
5.5 |
33.4 |
| Q1:23-24 |
28.8 |
59.8 |
11.4 |
17.4 |
35.7 |
60.0 |
4.3 |
31.3 |
| Q2:23-24 |
21.9 |
62.7 |
15.4 |
6.5 |
39.5 |
53.7 |
6.8 |
32.7 |
| Q3:23-24 |
24.3 |
66.6 |
9.2 |
15.1 |
26.4 |
61.5 |
12.1 |
14.2 |
| Q4:23-24 |
|
|
|
|
35.3 |
60.0 |
4.7 |
30.7 |
| ‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S10: Assessment and Expectation for Profit Margin (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
41.9 |
52.0 |
6.1 |
35.8 |
36.3 |
54.3 |
9.5 |
26.8 |
| Q4:22-23 |
43.6 |
46.7 |
9.7 |
33.9 |
44.8 |
49.7 |
5.4 |
39.4 |
| Q1:23-24 |
26.3 |
52.3 |
21.4 |
4.9 |
48.4 |
42.3 |
9.3 |
39.1 |
| Q2:23-24 |
26.3 |
51.8 |
22.0 |
4.3 |
50.3 |
40.6 |
9.1 |
41.2 |
| Q3:23-24 |
27.1 |
55.5 |
17.4 |
9.7 |
27.3 |
59.2 |
13.5 |
13.8 |
| Q4:23-24 |
|
|
|
|
36.1 |
55.2 |
8.6 |
27.5 |
| ‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S11: Assessment and Expectation for Inventories (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
48.3 |
46.9 |
4.8 |
43.5 |
40.5 |
56.8 |
2.7 |
37.8 |
| Q4:22-23 |
38.1 |
58.1 |
3.8 |
34.2 |
48.8 |
46.0 |
5.2 |
43.5 |
| Q1:23-24 |
30.4 |
58.8 |
10.8 |
19.6 |
38.6 |
57.7 |
3.7 |
34.8 |
| Q2:23-24 |
30.2 |
56.2 |
13.6 |
16.5 |
40.3 |
54.3 |
5.4 |
34.8 |
| Q3:23-24 |
29.6 |
62.9 |
7.5 |
22.2 |
34.5 |
53.9 |
11.6 |
22.9 |
| Q4:23-24 |
|
|
|
|
34.2 |
60.0 |
5.8 |
28.3 |
| ‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S12: Assessment and Expectation for Technical/Service Capacity (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
41.7 |
53.6 |
4.7 |
37.1 |
29.5 |
68.8 |
1.7 |
27.7 |
| Q4:22-23 |
36.4 |
60.9 |
2.7 |
33.7 |
41.5 |
53.9 |
4.6 |
37.0 |
| Q1:23-24 |
30.0 |
65.1 |
4.9 |
25.1 |
36.4 |
61.1 |
2.5 |
34.0 |
| Q2:23-24 |
28.1 |
69.2 |
2.7 |
25.3 |
51.2 |
47.5 |
1.3 |
49.8 |
| Q3:23-24 |
22.6 |
75.8 |
1.6 |
21.0 |
41.9 |
56.3 |
1.9 |
40.0 |
| Q4:23-24 |
|
|
|
|
34.1 |
65.9 |
0.0 |
34.1 |
| ‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table S13: Assessment and Expectation for Physical Investment (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
41.3 |
54.4 |
4.3 |
37.0 |
22.8 |
75.8 |
1.5 |
21.3 |
| Q4:22-23 |
32.2 |
65.5 |
2.3 |
30.0 |
41.4 |
53.9 |
4.7 |
36.7 |
| Q1:23-24 |
26.9 |
66.8 |
6.3 |
20.7 |
33.0 |
64.3 |
2.7 |
30.3 |
| Q2:23-24 |
30.7 |
66.1 |
3.1 |
27.6 |
43.4 |
54.8 |
1.8 |
41.5 |
| Q3:23-24 |
21.7 |
76.6 |
1.6 |
20.1 |
23.3 |
75.8 |
0.9 |
22.3 |
| Q4:23-24 |
|
|
|
|
32.2 |
67.8 |
0.0 |
32.2 |
| ‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
Infrastructure Sector
| Table I1: Assessment and Expectation for Overall Business Situation (Percentage responses)@ |
| Quarter |
Assessment |
Expectation |
| Better |
No Change |
Worse |
Net response# |
Better |
No Change |
Worse |
Net response |
| Q3:22-23 |
55.5 |
38.0 |
6.5 |
49.0 |
49.2 |
46.7 |
4.1 |
45.1 |
| Q4:22-23 |
60.9 |
28.7 |
10.4 |
50.4 |
56.8 |
37.2 |
6.0 |
50.9 |
| Q1:23-24 |
62.6 |
23.1 |
14.3 |
48.4 |
60.5 |
34.2 |
5.3 |
55.3 |
| Q2:23-24 |
44.2 |
41.3 |
14.4 |
29.8 |
62.6 |
30.8 |
6.6 |
56.0 |
| Q3:23-24 |
44.2 |
45.8 |
10.0 |
34.2 |
67.3 |
29.8 |
2.9 |
64.4 |
| Q4:23-24 |
|
|
|
|
73.1 |
21.8 |
5.0 |
68.1 |
| ‘Increase’ in Overall business situation is optimistic. @: Due to rounding off percentage may not add up to 100. #: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism. |
| Table I2: Assessment and Expectation for Turnover (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
52.6 |
40.2 |
7.2 |
45.4 |
56.1 |
35.0 |
8.9 |
47.2 |
| Q4:22-23 |
60.9 |
27.0 |
12.2 |
48.7 |
55.8 |
37.2 |
7.0 |
48.8 |
| Q1:23-24 |
64.8 |
19.8 |
15.4 |
49.5 |
61.4 |
32.5 |
6.1 |
55.3 |
| Q2:23-24 |
46.2 |
39.4 |
14.4 |
31.7 |
61.1 |
33.3 |
5.6 |
55.6 |
| Q3:23-24 |
47.9 |
40.3 |
11.8 |
36.1 |
53.8 |
42.3 |
3.8 |
50.0 |
| Q4:23-24 |
|
|
|
|
75.6 |
22.7 |
1.7 |
73.9 |
| ‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I3: Assessment and Expectation for Full-time Employees (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
51.2 |
42.3 |
6.5 |
44.7 |
36.4 |
57.0 |
6.6 |
29.8 |
| Q4:22-23 |
47.0 |
47.8 |
5.2 |
41.7 |
52.4 |
40.7 |
6.9 |
45.5 |
| Q1:23-24 |
46.7 |
40.0 |
13.3 |
33.3 |
50.9 |
44.7 |
4.4 |
46.5 |
| Q2:23-24 |
28.8 |
58.7 |
12.5 |
16.3 |
48.9 |
48.9 |
2.2 |
46.7 |
| Q3:23-24 |
32.5 |
57.3 |
10.3 |
22.2 |
42.3 |
54.8 |
2.9 |
39.4 |
| Q4:23-24 |
|
|
|
|
63.2 |
34.2 |
2.6 |
60.7 |
| ‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I4: Assessment and Expectation for Part-time Employees (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
50.3 |
43.2 |
6.5 |
43.8 |
24.6 |
68.6 |
6.8 |
17.8 |
| Q4:22-23 |
46.4 |
50.0 |
3.6 |
42.9 |
52.1 |
41.7 |
6.2 |
45.9 |
| Q1:23-24 |
48.1 |
40.7 |
11.1 |
37.0 |
43.8 |
55.4 |
0.9 |
42.9 |
| Q2:23-24 |
37.9 |
55.2 |
6.9 |
31.0 |
50.9 |
45.3 |
3.8 |
47.2 |
| Q3:23-24 |
35.8 |
57.5 |
6.6 |
29.2 |
60.3 |
34.5 |
5.2 |
55.2 |
| Q4:23-24 |
|
|
|
|
68.3 |
31.7 |
0.0 |
68.3 |
| ‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I5: Assessment and Expectation for Availability of Finance (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Improve |
No Change |
Worsen |
Net response |
Improve |
No Change |
Worsen |
Net response |
| Q3:22-23 |
50.5 |
43.7 |
5.8 |
44.7 |
43.4 |
50.8 |
5.7 |
37.7 |
| Q4:22-23 |
45.1 |
49.6 |
5.3 |
39.8 |
52.2 |
41.9 |
5.8 |
46.4 |
| Q1:23-24 |
28.9 |
54.4 |
16.7 |
12.2 |
46.8 |
50.5 |
2.7 |
44.1 |
| Q2:23-24 |
36.5 |
52.9 |
10.6 |
26.0 |
51.1 |
43.3 |
5.6 |
45.6 |
| Q3:23-24 |
36.7 |
57.5 |
5.8 |
30.8 |
46.6 |
49.5 |
3.9 |
42.7 |
| Q4:23-24 |
|
|
|
|
63.0 |
35.3 |
1.7 |
61.3 |
| ‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I6: Assessment and Expectation for Cost of Finance (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
51.0 |
42.8 |
6.2 |
-44.9 |
47.5 |
46.7 |
5.8 |
-41.7 |
| Q4:22-23 |
43.4 |
49.6 |
7.1 |
-36.3 |
49.7 |
44.5 |
5.8 |
-43.8 |
| Q1:23-24 |
50.6 |
41.2 |
8.2 |
-42.4 |
43.8 |
53.6 |
2.7 |
-41.1 |
| Q2:23-24 |
51.0 |
42.7 |
6.3 |
-44.8 |
44.0 |
53.6 |
2.4 |
-41.7 |
| Q3:23-24 |
38.2 |
55.5 |
6.4 |
-31.8 |
54.2 |
45.8 |
0.0 |
-54.2 |
| Q4:23-24 |
|
|
|
|
61.7 |
37.4 |
0.9 |
-60.7 |
| ‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I7: Assessment and Expectation for Salary/Wages (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
56.3 |
39.2 |
4.4 |
-51.9 |
35.0 |
62.4 |
2.6 |
-32.5 |
| Q4:22-23 |
47.0 |
49.6 |
3.5 |
-43.5 |
50.5 |
43.6 |
5.8 |
-44.7 |
| Q1:23-24 |
40.7 |
56.0 |
3.3 |
-37.4 |
46.5 |
50.9 |
2.6 |
-43.9 |
| Q2:23-24 |
42.7 |
50.5 |
6.8 |
-35.9 |
47.8 |
52.2 |
0.0 |
-47.8 |
| Q3:23-24 |
44.9 |
50.8 |
4.2 |
-40.7 |
41.2 |
56.9 |
2.0 |
-39.2 |
| Q4:23-24 |
|
|
|
|
59.8 |
39.3 |
0.9 |
-59.0 |
| ‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I8: Assessment and Expectation for Cost of Inputs (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
52.2 |
41.6 |
6.2 |
-46.0 |
53.0 |
42.7 |
4.3 |
-48.7 |
| Q4:22-23 |
46.9 |
50.4 |
2.7 |
-44.2 |
55.3 |
37.8 |
6.9 |
-48.5 |
| Q1:23-24 |
47.7 |
47.7 |
4.5 |
-43.2 |
49.6 |
48.7 |
1.8 |
-47.8 |
| Q2:23-24 |
50.0 |
45.1 |
4.9 |
-45.1 |
51.1 |
44.3 |
4.5 |
-46.6 |
| Q3:23-24 |
52.1 |
43.6 |
4.3 |
-47.9 |
52.0 |
41.0 |
7.0 |
-45.0 |
| Q4:23-24 |
|
|
|
|
59.1 |
37.4 |
3.5 |
-55.7 |
| ‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I9: Assessment and Expectation for Selling Price (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
51.4 |
41.8 |
6.8 |
44.5 |
32.2 |
62.6 |
5.2 |
27.0 |
| Q4:22-23 |
46.8 |
48.6 |
4.5 |
42.3 |
50.3 |
43.1 |
6.6 |
43.8 |
| Q1:23-24 |
29.3 |
63.4 |
7.3 |
22.0 |
43.5 |
53.7 |
2.8 |
40.7 |
| Q2:23-24 |
33.7 |
53.3 |
13.0 |
20.7 |
43.4 |
54.2 |
2.4 |
41.0 |
| Q3:23-24 |
37.0 |
54.0 |
9.0 |
28.0 |
42.4 |
53.3 |
4.3 |
38.0 |
| Q4:23-24 |
|
|
|
|
62.0 |
36.0 |
2.0 |
60.0 |
| ‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I10: Assessment and Expectation for Profit Margin (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
52.2 |
40.1 |
7.6 |
44.6 |
34.7 |
47.1 |
18.2 |
16.5 |
| Q4:22-23 |
46.0 |
44.2 |
9.7 |
36.3 |
52.8 |
39.6 |
7.6 |
45.1 |
| Q1:23-24 |
36.7 |
38.9 |
24.4 |
12.2 |
47.3 |
45.5 |
7.1 |
40.2 |
| Q2:23-24 |
24.5 |
58.8 |
16.7 |
7.8 |
46.1 |
48.3 |
5.6 |
40.4 |
| Q3:23-24 |
35.0 |
55.0 |
10.0 |
25.0 |
37.3 |
56.9 |
5.9 |
31.4 |
| Q4:23-24 |
|
|
|
|
56.3 |
36.1 |
7.6 |
48.7 |
| ‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I11: Assessment and Expectation for Inventories (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
52.4 |
41.0 |
6.6 |
45.9 |
45.8 |
47.5 |
6.8 |
39.0 |
| Q4:22-23 |
48.7 |
46.0 |
5.3 |
43.4 |
53.6 |
39.2 |
7.2 |
46.4 |
| Q1:23-24 |
28.3 |
58.3 |
13.3 |
15.0 |
48.2 |
50.0 |
1.8 |
46.4 |
| Q2:23-24 |
42.1 |
52.6 |
5.3 |
36.8 |
36.7 |
60.0 |
3.3 |
33.3 |
| Q3:23-24 |
41.7 |
53.4 |
4.9 |
36.9 |
60.5 |
36.8 |
2.6 |
57.9 |
| Q4:23-24 |
|
|
|
|
75.2 |
23.8 |
1.0 |
74.3 |
| ‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I12: Assessment and Expectation for Technical/Service Capacity (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
50.2 |
43.9 |
6.0 |
44.2 |
27.7 |
70.5 |
1.8 |
25.9 |
| Q4:22-23 |
45.9 |
50.5 |
3.7 |
42.2 |
50.5 |
43.5 |
6.0 |
44.6 |
| Q1:23-24 |
35.7 |
59.5 |
4.8 |
31.0 |
45.0 |
53.2 |
1.8 |
43.1 |
| Q2:23-24 |
38.3 |
59.6 |
2.1 |
36.2 |
51.2 |
48.8 |
0.0 |
51.2 |
| Q3:23-24 |
39.8 |
55.9 |
4.3 |
35.5 |
66.7 |
33.3 |
0.0 |
66.7 |
| Q4:23-24 |
|
|
|
|
75.0 |
25.0 |
0.0 |
75.0 |
| ‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
| Table I13: Assessment and Expectation for Physical Investment (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q3:22-23 |
49.7 |
44.1 |
6.3 |
43.4 |
26.9 |
70.4 |
2.8 |
24.1 |
| Q4:22-23 |
45.9 |
50.5 |
3.7 |
42.2 |
49.8 |
43.6 |
6.6 |
43.2 |
| Q1:23-24 |
37.1 |
52.9 |
10.0 |
27.1 |
43.9 |
52.3 |
3.7 |
40.2 |
| Q2:23-24 |
38.0 |
58.2 |
3.8 |
34.2 |
36.8 |
60.3 |
2.9 |
33.8 |
| Q3:23-24 |
35.8 |
60.0 |
4.2 |
31.6 |
46.8 |
53.2 |
0.0 |
46.8 |
| Q4:23-24 |
|
|
|
|
75.3 |
24.7 |
0.0 |
75.3 |
| ‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here. |
|
