7 December 2001, 08:50 Japan Q3 GDP down 0.5 pct vs revised fall 1.2 pct in Q2; down 2.2 annualised
TOKYO (AFX-ASIA) - Third quarter GDP fell 0.5 pct from the June
quarter, when the revised quarter-on-quarter fall was 1.2 pct, the
Cabinet Office said.
Third quarter GDP fell an annualised 2.2 pct.
June quarter GDP was previously reported as a fall of 0.7 pct.
The third quarter GDP deflator was down 1.5 pct year-on-year after
a revised decline of 1.4 pct in the second quarter.
The Cabinet Office provided the following component breakdown of
percentage point contributions to the September quarter GDP figure:
Domestic demand - minus 0.6 pct pts
Private demand - minus 0.8 pct pts
Private consumption - minus 0.9 pct pts
Residential investment - 0.0 pct pts
Non-residential investment - plus 0.2 pct pts
Private sector inventory - minus 0.1 pct pt
Public sector demand - plus 0.2 pct pts
Govt consumption - 0.0 pct pts
Public investment - plus 0.2 pct pts
Public inventory - 0.0 pct pts (with negative implications)
Net exports - plus 0.1 pct pt
Non-residential investment is considered equivalent to private
capital expenditure.
The next two quarters of GDP must come in at a minimum 0.1 pct
fall, or annualised 0.4 pct fall, to achieve the government's GDP
forecast of negative 0.9 pct for the year to March.
Economists had forecast a third quarter decline in GDP of up to 1.0
pct over the previous quarter, although several upgraded their
estimates by as much as 0.5 percentage points after strong company
investment data from the Ministry of Finance this week.
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