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  HOME | Business & Economy (Click here for more)

Japan Upgrades GDP Growth to 1.8% in Q3

TOKYO Ė Japanís economy grew 1.8 percent year-on-year between July and September, according to the revised data published on Monday by the government.

The government added 1.6 decimal points to the initial calculation of 0.2 percent mainly due to the increase of investment in corporate capital.

The new data published by the Cabinet Office also showed that Japanís gross domestic product advanced 0.4 percent in the third quarter compared to the April-June period, three-tenths more than the first estimate reported last month.

The substantial improvement in the GDP figures is mainly due to the upward revision of the investment in the corporate capital of the companies, which advanced 1.9 percent year-on-year (compared to the previous preliminary figure of 1.2 percent) and 1.8 quarterly (compared to the previous estimate of 0.9 percent).

The review also showed that domestic consumption, which represents more than half of the volume of Japanese GDP, advanced 0.7 percent annually (two-tenths more than the previous calculation) and 0.5 percent compared to the previous quarter (one-tenth more).

Thus, household spending and companiesí expenditure boosted the upward progress of the Japanese economy and compensated for the continuous fall being registered in exports in recent months due to global trade-related tensions.

Public spending remained virtually unchanged, as did the exports, which make up one of the central pillars of the third-largest economy in the world.

The revised data, which exceeded the expectations of most analysts, showed a significant improvement in the Japanese economy that saw the fourth consecutive quarter of growth.

Japanís GDP grew by 1 percent year-on-year in the last quarter of 2018, and has continued to grow at 2.6 percent, 2.9 percent and 1.8 percent respectively in the first three quarters of this year.

Analysts attributed part of this improvement to the acceleration of domestic demand prior to the entry into force of the new consumption tax in October, and they anticipated that this tax increase would hurt Japanís GDP for the October-December (Q4) period.

Many economists have predicted a sharp decline in household spending in the October-December period due to the same factor, which could push the economic growth into negative.

The data for Japanese household spending in October Ė published last week Ė has already shown a 5.1 percent drop year-on-year, the biggest fall in the index since March 2016, which coincided with the consumption tax being raised from 8 to 10 percent.

 

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