Japan’s Economy Slowed Down Sharply In The 2Q, Adding Signs To A Slowing Global Growth
Japan’s economy grew at an annualised rate of 0.4% in the 2Q, compared with +4.4% in the 1Q. This was the slowest pace of growth in three quarters and less than a fifth of the pace economists estimated. The slowdown was due to a sharp slowdown in household spending, which weakened to 0.1% in the 2Q, from +2.2% in the 1Q and +2.8% in the 4Q of last year. This was made worse by a softer growth in exports, which slackened to 25.9% in the 2Q, from +31.0% in the 1Q. Similarly, investment in housing slipped into a contraction (-5.0% in the 2Q versus +1.2% in the 1Q), while
business spending on plant & machinery weakened during the quarter (+1.9% in the 2Q versus +2.2% in the 1Q). A slowdown in government consumption (+1.0% in the 2Q versus +2.2% in the 1Q) and a sharper decline in public investment (-12.9% in the 2Q versus -4.7% in the 1Q) also contributed to the slower GDP growth. Yoy, real GDP growth slowed down to 2.0% in the 2Q, from +4.7% in the 1Q.
Tracking The World Economy...-17/08/2010
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