April to June quarter final GDP not as good as the preliminary estimates released earlier
GDP (seasonally adjusted), final, q/q: 0.6% MISS
- expected 0.7%, preliminary was 1.0%
GDP Annualized (seasonally adjusted), final y/y: 2.5% MISS
- expected 2.9%, preliminary was 4.0%
GDP Nominal (seasonally adjusted), final q/q: 0.7% MISS
- expected 0.9%, preliminary 1.1%
GDP Deflator y/y, final: -0.4%
- expected -0.4%, preliminary -0.4%
- reminder, the deflator is a measure of inflation
GDP Consumer Spending (aka private Consumption) y/y, 0.8% MISS
- expected 0.9%, preliminary 0.9%
GDP Business Spending y/y, 0.5% in line
- expected 0.5%, preliminary 2.4%
Compared to the preliminary data and what was expected this is a disappointment. Recall Kuroda was warning the 4% growth would not be sustained. I don't think anyone was shocked by his call, and thus today's revisions won't be taken to harshly.
Check out the 'deflator', a measure of inflation. At -0.4% for the quarter. I'd suggest this too will not be sustained (at such a low level).
more to come
-
Japan GDP data released from the Cabinet Office
