In World Economy News 09/03/2016
Japan’s gross domestic product was down an annualized 1.1 percent on year in the fourth quarter of 2015, the Cabinet Office said in Tuesday’s revised reading.
That beat forecasts for a decline of 1.6 percent following last month’s preliminary reading that suggested a contraction of 1.4 percent.
GDP expanded 1.3 percent in the third quarter.
On a quarterly basis, GDP dipped 0.3 percent – which also marked an upward revision from 0.4 percent.
GDP added 0.3 percent in the three months prior.
Nominal GDP was bumped up to -0.2 percent on quarter from -0.3 percent in the preliminary reading – although it was still down from the 0.6 percent gain in the third quarter.
The GDP deflator was unrevised and in line with expectations, up 1.5 percent on year and down from 1.8 percent in the third quarter.
Private consumption was revised down to -0.9 percent on quarter from -0.8 percent in the preliminary after gaining 0.4 percent in the previous three months.
Capital expenditure was revised up to 1.5 percent from 1.4 percent in the preliminary reading. It also accelerated from the 0.7 percent increase in the three months prior.
Also on Tuesday:
• The Bank of Japan said that the total value of overall bank lending in Japan was up 2.2 percent on year in February, coming in at 496.957 trillion yen.
That follows the upwardly revised 2.4 percent increase in January (originally 2.3 percent).
Excluding trusts, bank lending was up an annual 2.2 percent to 432.182 trillion yen after rising a downwardly revised 2.3 percent in the previous month (originally 2.4 percent).
Lending from trusts added 2.3 percent to 64.774 trillion yen, while lending from foreign banks tumbled 4.2 percent to 1.811 trillion yen.
• The Ministry of Finance noted that Japan had a current account surplus of 520.8 billion yen in January – shy of forecasts for a surplus of 700 billion yen following the 960.7 billion yen surplus in December.
The trade balance showed a deficit of 411.0 billion yen – beating forecasts for a shortfall of 530 billion yen following the 188.7 billion yen deficit in the previous month.
Exports were down 15.4 percent on year to 5.355 trillion yen, while imports skidded 19.8 percent to 5.766 trillion yen.
Source: RTT News
