Japan revises down economic growth data

PanARMENIAN.Net - Japan has revised down its growth data for the July-to-September period, after private investment slowed more than expected, BBC News reported.

The government said the economy grew 0.3% during the period, down from its initial estimate of 0.5% expansion. The revised number translates into an annualised growth rate of 1.1%, down from the initial reading of 1.9%.

Japan has unveiled a series of aggressive measures to try to revive the economy after years of stagnation. Analysts said the steps had started to have a positive impact on the economy and it was likely to pick up the pace in the coming quarters despite the downward revision to latest numbers.

"There are already signs that exports and capital expenditure are recovering, so I am not pessimistic about the outlook," said Yasuo Yamamoto, senior economist at Mizuho Research Institute in Tokyo.

"Economic growth should start accelerating again in the fourth quarter as domestic demand strengthens before the sales tax increase."