In the fourth quarter, GDP contracted 0.7% over the previous quarter in seasonally adjusted annualised terms (saar), according to a second estimate released on 8 March. The reading was revised up from the preliminary 2.3% drop published by the Cabinet Office (CO) on 13 February, but came in line with market expectations. On an annual basis, GDP contracted 0.6% over the same quarter the year before (previously reported: -1.0% year-on-year). The revision confirmed that the fourth quarter's decline was mainly caused by a deteriorating external sector, while domestic demand remained resilient, bolstered by capital spending. Private non-residential investment jumped 20.7% (previously estimated: +7.9% quarter-on-quarter saar), whereas private consumption and government spending remained broadly unchanged over the previous estimate's figures. On the other hand, exports of goods and services contracted 11.8% (previously estimated: -11.9% qoq saar), while imports expanded 4.3% (previously estimated: +4.1% qoq saar). As a result, the external sector's annualised net contribution to overall growth remained unchanged over the initial estimate at minus 2.6 percentage points. In the full year 2011, GDP contracted 0.7%, softer than the preliminarily reported 0.9% drop. The Bank of Japan expects economic activity to contract 0.4% in the fiscal year ending in March 2012 and to rebound 2.0% in the following fiscal year.
Economy shrinks less than initially expected in Q4
March 8, 2012
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Japan Economic News
October 24, 2016
The Nikkei Flash Manufacturing Purchasing Managers’ Index (PMI) rose from September’s revised 50.4 (previously reported: 50.3) to 51.7 in October.
October 24, 2016
In September, nominal exports valued in yen declined 6.9% from the same month last year, which followed August’s 9.6% decline.
October 12, 2016
Core machinery orders (a leading indicator of capital spending over a three- to six-month period) declined for the first time in three months in August.
October 4, 2016
Consumer sentiment rose from August’s 42.0 to 43.0 in September.
October 3, 2016
According to the Bank of Japan’s quarterly TANKAN business survey, sentiment among large manufacturers was stable at 6 in Q3.