MNI BRIEF: Japan's Q3 GDP Revised Down on Capex

Japan's Q3 GDP fell 0.6% q/q, or an annualised -2.3%, compared with the initial estimate of -0.4% q/q, or -1.8% annualised, as capital investment and public spending were revised down, although private consumption was revised slightly higher, second preliminary GDP data from the Cabinet Office showed Monday.

Private consumption, which accounts for about 60% of Japan’s GDP, was revised up to 0.2% from 0.1%, though its contribution remained unchanged at 0.1 pp.

Capital investment dropped 0.2% q/q, a sharp downward revision from the preliminary +1.0%. Its contribution was revised to -0.0 pp from +0.2 pp.

The contribution of net exports was unchanged at -0.2 pp.

Private-sector inventories contributed -0.1 pp, revised from -0.2 pp.

Public investment fell 1.1% q/q, revised down from +0.1%, with its GDP contribution lowered to -0.1 pp from 0.0 pp.