Japan's GDP grows for second successive quarter

Nov 15, 2024 | News On Japan

Nov 15, 2024 (NHK) - New government data show Japan's GDP grew for the second consecutive quarter in the three months through September.

The Cabinet Office released preliminary Gross Domestic Product figures for the July-to-September period on Friday. They show the economy expanded by an annualized 0.9 percent in real terms compared with the previous three months.

Personal spending also rose by 0.9 percent, marking the second straight quarter of increases. The growth came as automobile sales recovered from production suspensions caused by a falsified test data scandal.

Strong sales of beverages due to the extreme summer temperatures also contributed to the expansion.

Private consumption accounts for more than half of Japan's GDP.

Investments were sluggish, however. Corporate capital spending declined 0.2 percent.

That is because increased factory construction had pushed up investment in the previous quarter.

Another factor was a decrease in expenditure on semiconductor manufacturing equipment.

Meanwhile, private residential investment slipped 0.1 percent.

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