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Asia Economy Last Updated: Nov 14, 2013 - 6:54 AM


Japan's third quarter growth halved at annualised rate
By Finfacts Team
Nov 14, 2013 - 6:33 AM

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Jacob Lew, US Treasury secretary, meets with Shinzo Abe, Japan's prime minister, Tokyo, Nov 12, 2013

Japan's economy slowed to an annualised real growth of 1.9% in the July-September period, following a 3.8% expansion the previous quarter, the government said Thursday, raising concern that the effectiveness of the "Abenomics" policy mix of massive monetary expansion, named after the prime minister, is waning, according to Kyodo News. The halving of the growth rate between the second and the third quarters, resulted from weaker consumption and exports, offset big rises in public works spending and property investment.

While the result exceeded the average market forecast of a 1.4% rise in a Kyodo News survey, the pace of economic recovery moderated as consumer spending stalled with stock prices peaking out and external demand shrank against the backdrop of a downturn in some emerging economies.

The growth in inflation-adjusted gross domestic product for the third quarter of 2013 corresponds to a 0.5% advance from the previous three months, the Cabinet Office said in a preliminary report. GDP (gross domestic product) rose 0.9% on quarter in the April-June period.

The data showed that exports dropped 0.6% from the previous quarter, while the rate of quarter-on-quarter growth in household consumption declined from 0.6% to 0.1%. Private residential investment rose by 2.7%.

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