Japan Revises Q3 GDP Growth Up to 1.2% Annualized on Strong Exports

Dec 9, 2024, 01:35 AM

Japan's economy grew at an annualized rate of 1.2% in the third quarter, according to revised data from the Cabinet Office. This marks an upward revision from the initial estimate of 0.9% growth and exceeds market expectations of 1.0%. The increase was driven by stronger exports, particularly of automobiles and electronic components, and higher inventory contributions, which added 0.2 percentage points to GDP, exceeding the estimated 0.1 points. Private consumption rose by 0.7% quarter-on-quarter, although below the estimated 0.9%. Business spending decreased by 0.1%, contrary to the expected 0.1% increase. Net exports reduced GDP by 0.2 percentage points, less than the estimated -0.4 points. The revised GDP data suggests Japan's economic recovery is gaining momentum as the Bank of Japan considers policy decisions later this month.