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Japan: GDP expands more than initially reported in Q2

September 9, 2013

GDP expanded a strong 3.8% in Q2 over the previous quarter in seasonally adjusted annualized terms (SAAR), according to new data released on 9 September. The print is slightly below the 4.1% increase tallied in the first quarter, but marks an improvement over the 2.6% rise that was reported in the first estimate. On an annual basis, economic activity expanded 1.2% in the second quarter (previously reported: +0.9% year-on-year).

The improvement over the initial estimate was due to more robust domestic demand, while the result for the external sector was virtually unrevised. Private non-residential investment expanded 5.1%, contrasting the previously reported 0.4% decline. GDP also benefited from strong gross fixed investment. Meanwhile, private consumption expanded 3.0% (previously reported: +3.1% quarter-on-quarter SAAR) and public spending also rose 3.0% (previously reported: +3.4% qoq SAAR).

The Bank of Japan (BoJ) expects the economy to expand between 2.4% and 3.0% in the fiscal year ending in March 2014. The BoJ sees GDP growing between 1.0% and 1.5% in the following fiscal year. FocusEconomics Consensus Forecast panelists see GDP expanding 1.4% in 2013, which is up 0.2 percentage points from last month's projection. In 2014, the panel sees the economy growing 1.5%.


Author:, Economist

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Japan GDP Chart


Japan GDP Q2 2013

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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