Private Researchers Say Japan Gdp Edged Up In Jul. - Sep. Quarter
Private researchers say Japan's economy probably expanded in the July-to-September quarter. But they say the growth was limited due to weak consumer spending.
Twelve think tanks estimate that GDP grew at an annualized rate of 0.7 percent to 2.4 percent in real terms in the three-month period. That would be the fourth consecutive quarter of increase.
All say exports expanded as COVID-19-related restrictions were lifted in Shanghai and automotive shipments recovered. They also share the view that capital spending was strong on the back of improving corporate earnings.
Ten of the 12 researchers say consumer spending likely grew. They attribute that to people spending more at restaurants and hotels during summer holidays after COVID-19 restrictions were lifted. Consumer spending accounts for more than half of GDP. But they say the pace of spending growth slowed as consumers were deterred by rising prices.
The Japanese economy has been facing many problems, including the rapid depreciation of the yen, inflation and a slowdown in overseas economies.
Uncertainties remain over its future direction. The GDP figures will be released by the government on November 15.