MNI BRIEF: Weaker Consumption Drives Japan's Q4 GDP Lower
MNI (TOKYO) - Japan's economy for the October-December period grew at a slower pace as private consumption was revised down, although capital investment was revised up, second preliminary data released by the Cabinet Office showed on Tuesday.
GDP rose 0.6% q/q, or annualised 2.2%, revised from the first preliminary estimates of 0.2% q/q, and against the 0.7% q/q forecast.
Private consumption, which accounts for about 60% of Japan’s GDP, was revised to 0.0% from 0.1%, and its contribution was revised to 0.0 pp from 0.1 pp.
Capital investment rose 0.6% q/q, revised up from 0.5% seen in the preliminary release. The contribution from capital investments was unrevised at +0.1 pp.
The contribution of net exports was unrevised at +0.7 pp. Private-sector inventories to total domestic output contributed a revised -0.3 pp from -0.2 pp.
Public investment fell 0.7% q/q, revised down from -0.3%, but the GDP contribution of public investment was unrevised at -0.0 pp.