Japan's October GDP flat despite domestic demand lift: JCER

Dec 13, 2022 | News On Japan

TOKYO - Japan's seasonally adjusted gross domestic product remained flat in October from the previous month with growth in domestic demand offset by negative impacts from external factors, the Japan Center for Economic Research said on Monday.

If GDP growth for the rest of the October and December continues at the same rate, Japan's economy will expand by 2.3% in real terms in the final quarter compare to the July to September period, the think tank said.

According to JCER's estimate, two pillars of domestic demand recorded healthy growth in October. Corporate capital investment was up 1.3% and private consumption increased 0.7% compared to September. The latter was supported by robust 8.0% growth in new car sales.

Private housing investment meanwhile declined 1.5%.

On the external front, goods and services exports in real terms expanded 1.3%, but that fell well short of import growth of 4.1%, resulting in a negative contribution to the GDP calculation for the month. Exports to the U.S. and Europe were up 3.0% and 2.4%, respectively, while those to China fell 6.2%. ...continue reading

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