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  HOME | Business & Economy (Click here for more)

Japan’s GDP Grows by 1.4% Year-on-Year in Q3

TOKYO – Japan’s gross domestic product (GDP) grew 1.4 percent year-on-year in the third quarter of 2017 thanks mainly to an increase in exports, the government announced on Wednesday.

Between July and September, the world’s third largest economy expanded 0.3 percent compared to the previous quarter, making this the seventh consecutive quarterly increase, according to data published by the Cabinet Office.

During the second quarter of the year, Japan’s GDP grew 2.5 percent year-on-year and 0.6 percent with respect to the first quarter.

The data, which slightly exceeds the forecasts by most analysts, reflects the longest period of continuous growth of Asia’s second largest economy in 16 years.

The main contributor to the new rise in GDP was exports, one of the main drivers of the Japanese economy, which rose by 1.5 percent quarter-on-quarter and 0.6 percent year-on-year.

On the other hand, household spending, which represents around 60 percent of Japan’s GDP, fell 0.5 percent from the previous quarter and 1.8 percent compared to the third quarter of 2016.

Corporate capital investment, another key component of conservative Prime Minister Shinzo Abe’s strategy to stimulate the economic recovery, grew 1.0 percent year-on-year and 0.2 percent quarter-on-quarter.

Likewise, public investment, also included in the so-called aggressive economic reform program “Abenomics,” fell 9.7 percent year-on-year and 2.5 percent quarter-on-quarter.

The data confirms the good performance of Japan’s economy just a month after Abe’s victory in early elections, which were called by the conservative leader with the aim to revalidate his mandate and thus to complete the implementation of his economic reform program, among other reasons.

 

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