Japan GDP Growth Annualized

The Japanese economy grew by 1.2% on an annualized basis in Q3 2024, compared to a preliminary figure and market consensus of 0.9%. The latest figure was much softer than a 2.2% expansion in Q2, despite marking the second consecutive quarter of yearly expansion. Capital expenditure sharply moderated in the face of rising interest rates while government spending eased sharply. Meanwhile, private consumption grew solidly, reflecting the impact of wage hikes. At the same time, external demand remained a drag on the GDP, contributing negatively for the third successive quarter.