Japan GDP

Japan

Japan: Economic growth weaker than initially reported

December 9, 2013

GDP expanded 1.1% over the previous quarter in seasonally adjusted annualized terms (SAAR) in Q3, according to new data released on 9 December. The print is below the 1.9% increase that was reported in the first estimate and marks a sharp deterioration compared to the 3.6% rise tallied in Q2. On an annual basis, economic activity expanded 2.4% in Q3 (previously reported: +2.7% year-on-year).

The deterioration over the initial estimate was due to less resilient domestic demand, while the result for the external sector was virtually unrevised. Private non-residential investment was flat over the previous period, which was below the 0.7% increase that had been reported previously. Gross fixed investment grew at a weaker pace than initially reported, expanding 7.6% in Q3 (previously reported: +8.8% quarter-on-quarter SAAR). Conversely, private consumption performed better than initially reported, increasing 0.8% (previously reported: +0.4% qoq SAAR), while government spending growth was broadly unchanged at 1.0% (previously reported: +1.1% qoq SAAR).

The Bank of Japan (BoJ) expects the economy to expand between 2.6% and 3.0% in the fiscal year ending in March 2014. In the subsequent fiscal year, the BoJ sees GDP growing between 0.9% and 1.5%. FocusEconomics Consensus Forecast panelists see GDP expanding 1.9% in 2013, which is unchanged from last month's projection. In 2014, the panel sees the economy growing 1.7%, which is also unchanged from last month's estimate.


Author:,

Sample Report

Looking for forecasts related to GDP in Japan? Download a sample report now.

Download

Japan GDP Chart


Japan GDP Q3 2013

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


Japan Economic News

  • Japan: Machinery orders decline in May

    July 11, 2018

    Although core machinery orders—a leading indicator of capital spending over a three- to six-month period—contracted in May, the fall was weaker-than-expected, suggesting that capital expenditure will gain steam further down the road.

    Read more

  • Japan: Business confidence weakens in Q2

    July 2, 2018

    According to the Bank of Japan’s quarterly Tankan business survey, sentiment among large manufacturers fell in the second quarter of 2018, suggesting economic momentum has yet to gain traction following a weak first quarter.

    Read more

  • Japan: Consumer confidence declines marginally in June

    June 29, 2018

    Consumer sentiment inched down to 43.7 in June from 43.8 in May, coming in just below market expectations of a stable print.

    Read more

  • Japan: Industrial production falls in May

    June 29, 2018

    Industrial production contracted 0.2% on a month-on-month and seasonally-adjusted basis in May, contrasting April’s revised 0.5% increase (previously reported: +0.3% month-on-month).

    Read more

  • Japan: Core inflation stable in May

    June 22, 2018

    The core consumer price index rose 0.1% in month-on-month seasonally-adjusted terms in May, reversing April’s 0.1% fall. Core inflation was steady at 0.7% in May, unchanged from April and in line with market expectations.

    Read more

More news

Search form