Kansai Economic Insight Monthly Vol. 84 (April 2020)
Outlook: Kansai’s economy is likely to remain on a downward trajectory
▶ Production: Production declined in February.
▶ International trade: In March, Kansai’s trade surplus was smaller than the previous month.
▶ Business confidence: The Economy Watcher DI in March reached an all-time low.
▶ Wages: Both nominal and real wages kept declining in January.
▶ Labor market: In February, the job offers-to-applicants ratio kept deteriorating, and the unemployment rate kept increasing.
▶ Private Consumption: In February, department store sales plummeted while supermarket sales rose due to stockpiling in the face of the coronavirus pandemic.
▶ Housing: The number of new housing starts kept decreasing in February.
▶ Construction: Construction investments in February kept expanding, albeit at a decelerating pace. The contract amount for public works projects in March increased.
▶ Inbound tourism: Due to the impact of the coronavirus, the number of international arrivals at Kansai International Airport in March plunged -95.1% year-on-year.
▶ Chinese economy: China saw its Q1 GDP shrink for the first time since quarterly GDP statistics started in 1992.