Japan's Q3 GDP Revised Up to 1.2% Annualized as Exports, Consumption Rise

Dec 9, 2024, 12:12 AM

Japan's Cabinet Office has revised the nation's third-quarter GDP growth to an annualized rate of 1.2%, up from the initial estimate of 0.9%. The seasonally adjusted quarter-on-quarter GDP growth was 0.3%, in line with market expectations. The upward revision was attributed to stronger than expected capital expenditure and exports. Private consumption rose 0.7% quarter-on-quarter, below the estimated 0.9%. Business spending declined by 0.1%, missing forecasts of a 0.1% increase. Net exports reduced GDP by 0.2 percentage points, less than the estimated -0.4 percentage points, while inventories added 0.2 percentage points to growth. The GDP deflator, a measure of price changes of domestically produced goods and services, rose 2.4% year-on-year, slightly below the forecast of 2.5%.