Japan’s GDP up 4.8% quarterly, 2.2% yearly
February 15, 2007
By Ken Worsley
Today, the Cabinet Office released its preliminary GDP data for Japan’s fourth quarter (October-December) of 2006. Headlines gushed forth from the financial news websites, with Bloomberg’s Japan’s Economy Grows 4.8%, Fastest in Almost 3 Years, leading the charge.
The headline doesn’t mention that the 4.8% growth is quarter-on-quarter, and that the Japanese economy did not exactly have a stellar third quarter. A bit into the article, Bloomberg points out that the Cabinet Office revised its third-quarter growth statistics from 0.8 percent to 0.3 percent, a .5% downward revision that certainly makes the fourth quarter figures look better - and should lead us to not be overly surprised if we hear a .5% downward revision on the fourth quarter figures when the first quarter 2007 data is released in May.
It also bears mentioning that the yearly statistics show a 2.2% increase over the fourth quarter in 2005.
Document: Gross Domestic Product: Fourth Quarter 2006 (First Preliminary) - .pdf file from the Cabinet Office, in English.
Filed Under Cabinet Office, Economic Reports
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[…] And will the BOJ be put under the same political pressure as last time? We know that last week a 4.8% quarterly gain in GDP was announced, along with a 2.2% annual gain, although the accuracy of those figures has been called into […]
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