Japon Croissance Du Pib

Japan's GDP expanded by 0.3% qoq in Q3 2024, above flash data and market forecasts of 0.2%. The latest result followed a downwardly revised 0.5% increase in Q2, marking the second consecutive period of quarterly growth, with business investment declining less than initially anticipated (-0.1%, compared with a 0.2% fall in the preliminary reading and a 1.1% rise in Q2). Additionally, a drag from net trade was softer than earlier expected (-0.2ppts, compared with the initial consensus of a 0.4ppts reduction), as both exports (1.1% vs. 1.5% in Q2) and imports (1.8% vs 3.3% in Q2) increased further. Meanwhile, private consumption remained resilient amid rising wages (0.7%, compared with a flash estimate and consensus of 0.9%, following a 0.6% gain in Q2). However, government spending was muted (0.1%, much less than a 0.5% rise in the flash print and after a 1.0% gain in Q2).