Economic Recovery Led by Developed Countries and a Gradual Improvement Trend

「当中間連結会計期間における世界経済は、通商政策の動向等による不確実性が残るなか、総じて底堅く推移しました。中国では、買い替え支援策の継続や米国以外向け輸出の拡大を背景に、需要は堅調に推移しました。日本では、雇用・所得環境の改善がみられる一方、通商環境の不透明感から輸出関連を中心に弱さが残り、緩やかな回復となりました。米国では、個人消費は堅調に推移する一方、物価上昇圧力が引き続きみられました。」

「当中間連結会計期間における世界経済は、米国では労働需要を背景に良好な雇用所得環境が消費を下支えし、中国では内需低迷を輸出で補う一方、日本では賃金上昇が個人消費を後押ししているものの、依然として物価上昇の影響が続いており、先行き不透明な状況が続いております。」

「当第２四半期連結累計期間における世界経済は、日本と米国で緩やかな回復基調が見られたものの、中国ではゼロコロナ政策解除後の景気回復に遅れが見られ、また欧州もインフレや内需回復の停滞感から景気が低迷するなど、全体的に緩やかな回復に留まりました。」

「During the current first quarter cumulative consolidated period, the global economy saw gradual recovery as economic activity normalized, although weakness remained in some regions. At the same time, the outlook remained uncertain due to soaring energy prices and rising inflation.」

「The automotive industry, to which the Company Group is primarily related, also faced challenging conditions as unstable production continued due to semiconductor shortages and the spread of COVID-19. Although some markets showed signs of recovering production volumes, a full recovery was not achieved.」

「During the current first quarter cumulative consolidated period, personal consumption in Japan showed signs of recovery, but uncertainty about the economic outlook increased as the prolonged situation in Ukraine and the weaker yen drove prices higher. Overseas, the quarter was generally challenging: U.S. first-quarter GDP declined from the previous quarter amid continued interest-rate hikes, economic activity in China stagnated sharply due to the Shanghai lockdown, and inflation and supply constraints curbed economic momentum in Europe.」

「During the current consolidated fiscal year, the economy showed signs of gradual recovery at the beginning of the year. From the summer onward, however, the pace of recovery slowed due to global supply constraints, including for semiconductors, a resurgence of COVID-19 infections and rising raw-material prices. Toward the end of the fiscal year, the situation surrounding Russia and Ukraine increased uncertainty about the global economy.」

「世界経済に目を向けますと、日本同様ワクチン普及による経済活動正常化の動きが見られるものの、半導体不足をはじめとする供給・物流制約や原材料価格の高騰などにより経済の回復ペースは鈍化しました。今後も、コロナ変異株による感染拡大や供給制約といった諸問題の収束には時間がかかると思われ、米国利上げや中国経済の動向も懸念される状況です。」

「海外は、追加経済支援策や行動規制の緩和等を受け、欧米アジア各地域で４-６月GDPがプラスに転じましたが、コロナ感染再拡大によるロックダウンや半導体・原材料不足が足枷となり、夏場にかけて回復基調が頭打ちになる展開となりました。」

「During the current first quarter cumulative consolidated period, Japan saw a gradual recovery, supported by strong exports, while personal consumption was pressured by the declaration and extension of a state of emergency as COVID-19 cases remained elevated. Overseas conditions diverged by region due to the impact of COVID-19. The United States and China remained firm, while parts of Asia and Europe stagnated as measures to contain the virus were strengthened in response to the spread of variants.」

「During the current third quarter cumulative consolidated period, the impact of COVID-19, which began at the start of the period, continued. In the third quarter, both domestic and overseas economies showed signs of a gradual recovery. At the same time, various activity restrictions were tightened due to a resurgence of infections, and uncertainty about the economic outlook appears to have increased.」

「Regarding the business environment during the current second quarter cumulative consolidated period, the spread of COVID-19 resulted in Japan's first-quarter GDP falling 7.9% from the previous quarter, the worst figure in the postwar period. Although second-quarter GDP for July-September was expected to turn positive, concerns about a resurgence of COVID-19 had also emerged, and uncertainty about the outlook had not been dispelled.」

「As a result, weak personal consumption and deteriorating employment conditions and corporate earnings led to economic contraction across Japan, China, the United States, Europe, ASEAN and other regions.」

「During the current second quarter cumulative consolidated period, employment and income conditions improved in Japan, and a gradual recovery continued. Overseas, international economic uncertainty increased further due to the intensification of U.S.-China trade friction and concerns about a global economic slowdown stemming from the impact of the United Kingdom's withdrawal from the EU. The economic outlook therefore remained uncertain.」

「During the current consolidated fiscal year, employment conditions improved in Japan and a gradual recovery continued. Overseas, the economies of the United States, Europe and ASEAN remained firm, while China showed signs of an economic slowdown. International economic uncertainty increased due to heightened U.S.-China trade friction and the issue of the United Kingdom's withdrawal from the EU, leaving the economic outlook uncertain.」

「During the current third quarter cumulative consolidated period, Japan continued to recover gradually, despite the impact of successive natural disasters, as improvements in employment conditions were accompanied by firm personal consumption and capital investment. Overseas, the U.S. and European economies remained firm. Although signs of an economic slowdown emerged in China, recovery continued in other emerging economies in Asia, resulting in continued stable growth overall.」

「当第１四半期連結累計期間を取り巻く経済環境は、米国の保護主義的な通商政策によるグローバルな貿易摩擦のリスクや、中東の地政学的リスクなど先行き不透明感はあるものの、米国や欧州、中国など総じて堅調に推移いたしました。」

「During the current consolidated fiscal year, the economic environment generally followed a trend of gradual economic recovery despite continuing instability and uncertainty.」

「当第３四半期連結累計期間の我が国経済は、雇用・所得環境の改善や、輸出の増加などにより、堅調に推移しました。また、世界経済も米国で景気の着実な回復が続き、中国をはじめとするアジアも景気の持ち直しの動きが見られるなど、総じて穏やかな回復基調となりました。」

「The economic environment surrounding the cumulative consolidated period through the second quarter continued to show an economic recovery trend, particularly in developed countries, and was generally on a moderate improving trend.」

「During the first quarter cumulative period, economic conditions continued to recover, led by developed economies, and overall conditions showed a moderate improvement.」