MNI BRIEF: Japan Q2 GDP Revised Lower On Weaker Capex
Japan's economy grew at 1.2% q/q, or an annualised 4.8%, a slower pace than the initial 1.5% q/q, or 6.0% annualised, Q2 estimate, second preliminary data released by the Cabinet Office Friday showed.
Lower capital investment, which fell 1.0% q/q - revised down from 0.0% - drove the revision. The negative contribution from capital investments was revised to -0.2 pp from 0.0.
Private consumption, which accounts for about 60% of Japan's GDP, was revised down to -0.6% q/q from -0.5% q/q, pushing overall revised GDP rounded to -0.4 pp, widening from -0.3 pp.
The contribution of net exports was unrevised at 1.8 pp. Private-sector inventories to total domestic output contributed a revised at -0.2 pp from 0.0 pp. Public investment rose 0.2% q/q, revised down from 1.2%, but the public investment contribution to GDP contribution was revised to 0.0 pp from 0.1 pp.