Japan GDP


Revised GDP confirms recession

In the third quarter, GDP declined 3.5% over the previous quarter in seasonally adjusted annualised terms (saar). The print was unchanged from the first estimate released on 12 November and marked the steepest fall recorded since Q1 2011. In addition, the Q3 print represented the second consecutive contraction after the economy declined a revised 0.1% in the second quarter, thereby, confirming that the economy entered into technical recession. On an annual basis, economic activity expanded 0.5% in the third quarter (previously reported: +0.1% year-on-year).

On the domestic side of the economy, both total consumption (-0.7% saar compared to the initial -1.1% estimate) and private non-residential investment (-11.3% saar compared to the initial -12.1% estimate contracted less than initially estimated. Meanwhile, the external sector remained broadly stable.

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Japan GDP Chart

Japan GDP Q3 2012

Note: Quarter-on-quarter seasonally adjusted annualized changes and annual variation of GDP in %.
Source: Cabinet Office (CO) and FocusEconomics Consensus Forecast.

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