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Japanese Q1 GDP Growth Surges On Back of Net Exports and Consumption |
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Asian Economy |
Written by CEP News |
May 16 08 11:42 GMT |
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(CEP News) Frankfurt - The Japanese economy unexpectedly rose 3.1% in the first quarter of 2008, beating the consensus forecast of 2.5% and up from the revised Q4 figure of 2.6%.
Preliminary Q1 quarterly GDP figures also increased 0.8%, rising above the expected 0.6% forecast and beating the 0.6% revised Q4 amount. A Westpac research note highlighted that the major contributors to the surprise GDP jump were net exports (+0.5ppts), personal consumption and expenditure (+0.8%qtr), dwelling investments (+4.6%qtr) and domestic demand. Preliminary nominal GDP year-on-year came in at 0.4%, up slightly from 0.3% expectation, and improving upon the revised -0.1% figure. The preliminary Q1 GDP deflator year-over-year came in at -1.4%, below the forecasted - 1.5%, and weaker than the prior Q4 -1.3% result. By Todd Wailoo,
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and Steve Stecyk,
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, edited by Cristina Markham,
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