Japan’s Oct.-Dec. Revised GDP Up 0.4％ at Annual Rate

Jiji Press

16:33 JST, March 11, 2024

TOKYO (Jiji Press) — Japan’s revised gross domestic product in October-December 2023 rose a revised 0.1% from the previous quarter in inflation-adjusted real terms, or 0.4% at an annualized rate, the first growth in two quarters, the Cabinet Office said Monday.

The seasonally adjusted figure marked an upward revision from a 0.1% quarter-on-quarter drop, or an annualized fall of 0.4%, in a preliminary report released last month.

Corporate capital spending rose a real 2% quarter on quarter, an upward revision from the preliminary reading of a 0.1% decline, thanks to brisk investments mainly in the information and communication equipment industry.

On the other hand, personal consumption, the main pillar of domestic demand, declined a revised 0.3%, against the preliminary reading of a 0.2% drop. The downward revision reflected stagnant sales of seafood products and home appliances such as air conditioners.

The negative contribution of private-sector inventory changes to the quarter-on-quarter GDP change was revised to 0.1 point from 0.0 percentage point in the preliminary report, highlighting stronger-than-expected moves by companies to liquidate their inventories.

Exports rose 2.6% and imports 1.7%, both unchanged from their preliminary figures.