Headline Alert
Economic Update: Japan GDP Below First Report and Expectations
Japan’s Cabinet Office said Wednesday that 3rd Quarter GDP grew at annualized rate +1.3%, which was well below the Bloomberg consensus estimate of+2.8% and the preliminary report of +4.8%.
On a quarter-to quarter basis, the economy grew by just 0.3% in the third quarter from which was below than the 1.2% first reported.
Reuters reports that consumer spending, which makes up about 60 percent of the economy, climbed 0.9%, compared with a 0.7% gain initially reported. Exports increased 6.5% from the previous quarter, compared with the 6.4% first published.
Prime Minister Yukio Hatoyama unveiled a 7.2 trillion yen ($81 billion) stimulus package Tuesday, the first for his Cabinet, and the Bank of Japan last week decided a 10 trillion yen credit program to support the economy.
Japan's Nikkei Index is trading lower by -1.25% at the present time (9:06 pm eastern)
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Source: Reuters
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