Japan upgrades third quarter GDP as capex jump boosts domestic demand

Japan's economy expanded at a much faster-than-initially-reported pace in J...

TOKYO - Japan’s economy expanded at a much faster-than-initially-reported pace in July-September, driven by resilient domestic demand even as exports took another hit from slowing global growth and rising trade tensions.

The economy grew an annualized 1.8% in July-September, stronger than the preliminary reading of 0.2% annualized growth, Cabinet Office data showed Monday. Capital spending rose 1.8% from the previous quarter, higher than a preliminary 0.9% rise and outpacing the median forecast for a 1.7% increase. The better-than-expected GDP revision comes after exports and factory output posted their largest declines in years in October, exposing widening cracks in an economy hurt by declining demand.

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