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Japan’s third quarter economic growth was revised sharply down, according to data released today. The cut to less than a third of the original estimate, resulted from a plunge in business capital spending in the three months to September 2009. Allowing for deflation, the economy contracted in nominal terms.
GDP (gross domestic product) rose an annualised 1.3% compared to the 4.8% reported last month, the Cabinet Office said today in Tokyo.
Growth on the previous quarter was revised down from 1.2% to 0.3%.
In nominal terms, the economy contracted 0.9% in the quarter, compared with a 0.1% dip in the preliminary report. The GDP deflator fell 0.5% - - revised from a 0.2% increase. The measure has only risen twice in the past decade.
An expected recovery in business investment, was revised down from an original estimated growth of 1.6% on the previous quarter, to a 2.8% fall, accounting for two-thirds of the total revision.
Japan on Tuesday announced a new $80.6 billion - - ¥7,200 billion - - stimulus package, to support the fragile economy.
Prime Minister Yukio Hatoyama’s new government said the package, which amounted to about 1.5 percent of Japanese GDP (gross domestic product), will spend $39 billion to aid regional economies and pay for public works projects.
Of the the ¥7,200 billion package, ¥2,700 billion represents funds from the fiscal stimulus announced by the last government - - so it's not all new money.
Japan needs to do more to reduce the debt of its corporate sector in order to restore dynamism to that economy, says Dominique Dwor-Frecaut, macro strategist at the Royal Bank of Scotland. She explains more to CNBC's Lisa Oake & Sri Jegarajah:
