MNI BRIEF: Japan Q2 GDP To Be Slightly Revised Up
MNI (TOKYO) - Japan's economy in Q2 expanded at 0.8% q/q, or an annualised 3.2%, a slightly higher pace than initial estimates as capital investment and public investment were slightly revised up, economists predicted in the wake of a key government survey.
The preliminary estimate for Q2 was +0.8% q/q, or an annualised 3.1%.
The six economists expected capex to be revised to 1.0% q/q from initial estimate of +0.9% following recent government data that showed capex excluding software rose 1.9% q/q in Q2, up from Q1's 0.3% fall. Capex forecasts ranged from +0.5% to +1.2% q/q.
Private consumption is forecast by the economists to be unrevised at 1.0% q.q, while public investment will be revised up to 4.7% q/q in Q2 from an initial estimate of 4.5%. (See MNI POLICY: BOJ Set For Sept Pause, Rate Hike Path Intact)
The contribution of private-sector inventories to the total domestic output is forecast to be unrevised at -0.1 percent points. Net exports of goods and services are expected to have made a negative 0.1 pp contribution to the total domestic output, unchanged from the preliminary estimate.
The Cabinet Office will release revised (second preliminary) GDP data for the April-June quarter at 0850 JST on Monday, Sept 9 (2350 GMT on Sunday, Sept 8).