Japan revises down Q2 GDP growth to 2.9 pct

TOKYO, Sept. 9 (Xinhua) — The Japanese government on Monday revised down its gross domestic product (GDP) to an annualized 2.9 percent growth in the second quarter.
For the April-June period, Japan’s economy expanded at an annualized real of 2.9 percent, revised down from 3.1 percent in the preliminary report, the Cabinet Office said in its Monday report.
The Cabinet Office attributed the downward assessment to lower-than-expected private consumption and capital spending, although the figure marked the first growth in two quarters as the negative impact of a safety data-rigging scandal in the auto sector eased.
Real GDP, the total value of goods and services produced in Japan adjusted for inflation, gained 0.7 percent from the previous quarter, compared with the preliminary reading of a 0.8 percent rise.
During the reporting period, capital investment expanded by 0.8 percent, down from the 0.9 percent increase reported earlier, while private consumption, which accounts for more than half of Japan’s economy, increased by 0.9 percent, revised down from 1.0 percent.
Local analysts noted that market attention would likely shift to GDP for the upcoming July-September quarter, citing the possibility of negative growth in real GDP for the third quarter over frequent disruptions to transportation systems due to earthquakes and typhoons. ■