Japan's economy grows annualized 0.2 pct in July-September quarter

2019-11-14 09:28

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TOKYO, Nov. 14 (Xinhua) -- Japan's economy grew an annualized real 0.2 percent in the July-September quarter, marking the fourth successive quarter of expansion, the government said in a report on Thursday.

In terms of inflation-adjusted gross domestic product, the Cabinet Office said the growth reflected a 0.1-percent increase from the previous quarter.

The office's preliminary reading came in lower than median economists' forecasts and slowed from a revised 1.8-percent expansion in the previous quarter.

The biggest component of the Japanese economy, private consumption, which accounts for around 60 percent of Japan's economy, increased 0.4 percent from the previous quarter, in the recording period, the figures showed.

Japan's consumption tax hike to 10 percent from 8 percent on Oct. 1, saw a last-minute spike in demand from consumers, with some buying fairly large big ticket items like refrigerators and air conditioners before the hike.

Capital expenditure, another barometer of domestic demand, rose 0.9 percent in the recording period, while public investment was up 0.8 percent, the office said.

Exports dropped 0.7 percent from the previous quarter, the office said in its latest report.

Unadjusted for price changes, Japan's economy grew an annualized 1.2 percent, and a quarterly 0.3 percent, the Cabinet Office also said.
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