Japan's GDP growth upgraded to annualized 22.9 percent in July-September period
Source: Xinhua | 2020-12-09
Japan's economy in the July-September period grew an annualized real 22.9 percent from the previous quarter, the government said in a report on Tuesday.
According to the Cabinet Office, the latest reading is an upgrade from the initially reported 21.4 percent growth and is owing to an uptick in private consumption.
The latest expansion, which beat economists' forecasts, in terms of real gross domestic product (GDP), equates to a 5.3 percent increase on a seasonally adjusted quarterly basis, the Cabinet Office said.
The office also said that the figure marked the fastest growth since comparable data became available in the April-June quarter of 1980, with real GDP, which is the total value of goods and services produced in the country adjusted for inflation, increasing for the first time in four quarters.
Private consumption, meanwhile, which accounts for more than half of Japan's GDP, jumped 5.1 percent and was upwardly revised from the 4.7 percent drop logged in the preliminary report released on Nov. 16.
Prior to the economy's dramatic rebound, in the April-June period, Japan's economy was battered by the coronavirus pandemic and shrank an annualized 29.2 percent, making what may have been the biggest contraction on record since 1955 when record-keeping began with reference values that could be tracked.
On an annualized real basis, the Cabinet Office said that the country's GDP totaled 527.14 trillion yen (5.06 billion U.S. dollars), compared to the previous quarter's 500.63 trillion yen (4.81 trillion U.S. dollars).
The figure, however, still remained well below the January-March period's 545.72 trillion yen (5.24 trillion U.S. dollars), the figure booked before the effects of the COVID-19 pandemic had come to light.
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