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Japan’s gross domestic product grew more than initially estimated in the fourth quarter, with the headline gauge of economic activity pushed higher by an upward revision to capital expenditure for the period.
Japan’s fourth-quarter GDP grew 1.2 per cent year on year, according to revised figures from the Cabinet Office, up from a previous estimate of 1 per cent. That still fell short of a median forecast from economists polled by Reuters predicting a revision to 1.6 per cent growth.
Quarter-on-quarter GDP growth was revised to 0.3 per cent (previously 0.2 per cent), likewise short of expectations of an upward adjustment to 0.4 per cent.
Among the most substantial revisions, Q4 capital expenditure growth from the previous quarter was revised to 2 per cent from an initial estimate of just 0.9 per cent, besting expectations of an upward adjustment to 1.7 per cent.
However, both private consumption and external demand were unmoved from their initial readings at 0 per cent and 0.2 per cent, respectively.