13 February 2002, 09:33 Japan Q3 GDP estimate unchanged as weak household spending offsets capex rise
TOKYO (AFX-ASIA) - The Cabinet Office said it left unchanged its
estimate for third quarter GDP, at a fall of 0.5 pct
quarter-on-quarter, as the improvement seen in corporate capital
spending was offset by a downturn in household consumption.
The annualised figure for the third quarter to September was
slightly upgraded to a fall of 2.1 pct, from an initial 2.2 pct
decline.
"Corporate investment was upgraded due to a stronger performance in
the financial and insurance sectors than we had previously thought," a
Cabinet Office official said.
Estimated corporate capital investment was upgraded to a rise of
1.6 pct quarter-on-quarter from 1.1 pct. However, household consumption
was downgraded to minus 1.8 pct, from minus 1.7 pct, due to reduced
health insurance costs.
Nominal GDP was downgraded to minus 3.2 pct from minus 3.1 pct as a
decline in building material prices dragged down prices. The adjusted
GDP deflator was downgraded to minus 0.3 pct, from minus 0.2 pct on a
quarter-on-quarter basis.
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