The Japanese economy is growing twice as fast as previously estimated, official data showed yesterday, with the world’s third-largest economy posting its longest string of gains in more than two decades.
GDP in the third quarter of the year rose 0.6 percent compared with the previous quarter, the Japanese Cabinet Office said, double a previous estimate of 0.3 percent.
The gains were driven by rising exports from robust global demand and increased spending by Japanese firms on equipment and facilities, the data showed.
It was the seventh straight quarter of economic expansion — the best run for Japan since 1994 — and handily beat market expectations of a slight upwards revision.
The future looks bright for the Japanese economy, Barclays Capital economist Yuichiro Nagai said, predicting a further expansion next quarter.
“As foreign demand is strong on a recovering global economy, corporate activity is quite strong — as reflected in capital investment,” he said.
Capital spending — investment in equipment and plants by private firms — was revised from 0.2 percent to 1.1 percent for the July-to-September quarter.
“The solid investment shows Japan’s economy is making a step forward to a self-sustained recovery,” Hidenobu Tokuda, a senior economist at Mizuho Research Institute, told Bloomberg News.
On the downside, private consumption fell 0.5 percent, but this could be due to a reaction from the rise in the previous quarter and bad summer weather, economists said.
Private spending should pick up in the coming months as wages edge up due to a labor shortage, Nagai said.
Investments linked to the Tokyo 2020 Olympics have also been contributing to growth, he added.
At an annualized rate, the Cabinet Office said the economy grew by 2.5 percent, instead of the 1.4 percent estimated previously.
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