Japan - GDP
GDP growth stronger than initial estimate on robust domestic demand
GDP expanded 6.7% over the previous quarter in seasonally adjusted annualized terms (SAAR) in Q1 according to new data that was released on 9 June. The increase was well above the 5.9% rise reported in the first estimate and marked the fastest pace of expansion since Q3 2011. On an annual basis, economic activity expanded 3.1% in Q1 (previously reported: +3.0% year-on-year).
The upwardly revised growth figure was driven by stronger domestic demand, while the contribution from the external sector was not revised. Private consumption expanded 9.2% in Q1, which was above the 8.5% increase that had been reported previously. Government spending was virtually unchanged at 0.4% growth. Private non-residential investment fared better than initially reported, expanding 34.2% (previously reported: +21.0% quarter-on-quarter SAAR), while gross fixed investment followed suit and accelerated to a 19.4% increase (previously reported: +12.1% qoq SAAR).
The Bank of Japan (BoJ) expects the economy to expand between 0.8% and 1.3% in the fiscal year ending March 2015. In the subsequent fiscal year, the BoJ sees GDP growth of between 1.2% and 1.5%. FocusEconomics Consensus Forecast panelists see GDP expanding 1.4% in calendar year 2014, which is up 0.1 percentage points from last month’s projection. In 2015, the panel also sees the economy growing 1.2%.
Japan - GDP Data
|Economic Growth (GDP, annual variation in %)||-5.5||4.7||-0.5||1.5||1.6|
5 years of economic forecasts for more than 30 economic indicators.
Japan GDP Chart
Source: Cabinet Office and FocusEconomics calculations.
|Bond Yield||0.5||0.94 %||Jul 31|
|Exchange Rate||102.8||0.0 %||Jul 31|
|Stock Market||15,621||-0.16 %||Jul 31|
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July 30, 2014
In June, industrial production contracted 3.3% over the previous month in seasonally-adjusted terms, which contrasted the revised 0.7% increase recorded in May (previously reported: +0.5% month-on-month).
July 25, 2014
In June, the core consumer price index, which excludes volatile fresh food prices, was flat over the previous month.
July 24, 2014
In June, nominal yen exports fell 2.0% over the same month last year, which followed the 2.7% decrease recorded in May.
July 24, 2014
The Markit/JMMA Flash Manufacturing Purchasing Managers Index (PMI) fell from a revised 51.5 in June (previously reported: 51.1) to 50.8 in July.
July 15, 2014
At its 14–15 July monetary policy meeting, the Bank of Japan (BoJ) decided to maintain its monetary policy stance unchanged.