Japan’s gross domestic product surged an annualized 22.9 percent in the third quarter of 2020, the Cabinet Office said on Tuesday.
That beat expectations for an increase of 21.5 percent following the 28.8 percent plunge in the previous three months.
On a quarterly basis, GDP was up 5.0 percent - matching forecasts following the 8.2 percent decline in the three months prior.
Capital expenditure was down 2.4 percent on quarter, exceeding expectations for a decline of 3.2 percent following the 4.5 percent fall in the second quarter.
External demand was up 2.7 percent on quarter, shy of expectations for an increase of 2.9 percent following the 3.3 percent contraction in Q2.
The price index was up 1.2 percent on year, matching expectations following the 1.4 percent increase in the second quarter.
Private consumption was up 5.1 percent on quarter, beating forecasts for 4.7 percent after sinking 8.1 percent in the previous three months.
Also on Tuesday:
• The average of household spending in Japan was up 1.9 percent on year
in October, the Ministry of Communications and Internal Affairs said -
coming in at 283,508 yen. That was shy of expectations for an increase
of 2.5 percent following the 10.2 percent plunge in September.
On a monthly basis, household spending climbed 2.1 percent - beating expectations for a gain of 1 percent after rising 3.8 percent in the previous month.
The average of monthly income per household stood at 546,786 yen, up 2.5 percent on year.
• Japan had a current account surplus of 2,144.7 billion yen in October, the Ministry of Finance said- up 15.7 percent on year. That exceeded expectations for a surplus of 2,126.3 billion yen following the 1,660.2 billion yen surplus in September.
Exports were down 3.2 percent on year to 6,319.8 billion yen, while imports tumbled an annual 15.2 percent to 5,348.8 billion yen.
The capital account was at 853.4 billion yen and the financial account was at 860.5 billion yen.
• The value of overall bank lending in Japan was up 6.3 percent on year in November, the Bank of Japan said- coming in at 573.794 trillion yen. That follows the downwardly revised 6.1 percent increase in October (originally 6.3 percent).
Excluding trusts, bank lending was up 6.0 percent at 498.343 trillion yen after rising 5.9 percent in the previous month. Lending from trusts rose 8.3 percent on year to 75.450 trillion yen, while lending from foreign banks advanced an annual 2.1 percent to 3.119 trillion yen.
For comments and feedback contact: editorial@rttnews.com
[Economic News][1]
What parts of the world are seeing the best (and worst) economic performances lately? Click[here][2] to check out our [Econ Scorecard][2] and find out! See up-to-the-moment rankings for the best and worst performers in [GDP][3], [unemployment rate][4], [inflation][2] and much more.