In the second quarter, GDP rose 0.7% over the previous quarter in seasonally adjusted annualised terms, which was half the revised 1.4% rise recorded in the first estimate released on 13 August. Moreover, the reading was well below the 5.3% rise tallied in the first quarter (previously reported: +5.5% quarter-on-quarter saar) and undershot the 1.0% increase anticipated by market analysts. The deterioration over the initial estimate was mainly caused by a weaker performance in the domestic sector. Private consumption expanded a mild 0.5% in the second quarter (previously estimated: +0.6% qoq saar), while government spending rose 0.6% (previously estimated: +1.2% qoq saar). Meanwhile, private non-residential investment increased 5.6% (previously estimated: +6.3% qoq saar). Exports of goods and services expanded 5.0% over the previous quarter in annualized terms (previously estimated: +4.8% qoq saar), while imports rose 6.7% (previously estimated: +6.4% qoq saar). As a result, the external sector's annualised net contribution to overall growth remained unchanged at the minus 0.1 percentage points initially reported. The Bank of Japan expects economic activity to expand between 2.1% and 2.4% in the fiscal year ending in March 2013 before, moderating to a range of between 1.5% and 1.8% in the following fiscal year.
Economic activity slows more than initially reported
September 10, 2012
Looking for forecasts related to GDP in Japan? Download a sample report now.
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.