Japan's economy grew at slower rate than initially thought in third quarter
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Pedestrians gather in front of a department store in Tokyo on Nov 14, 2016. Japan's economy grew at an annualised rate of 1.3 per cent in the July-September quarter.
PHOTO: AFP
TOKYO (Reuters) - Japan's economy grew at an annualised rate of 1.3 per cent in the July-September quarter, revised down from a preliminary reading of 2.2 per cent annualised growth, Cabinet Office data showed on Thursday.
The revised figure compares with the median estimate for a 2.4 per cent annualised growth in a Reuters poll of economists.
The figure translates into quarter-on-quarter growth of 0.3 per cent, versus a preliminary reading of 0.5 per cent growth and the median estimate for 0.6 per cent growth.
The government adopted a new base year for calculating gross domestic product that led to changes in previous data and made forecasting revised third-quarter GDP more difficult, economists said.
The new calculation method, which will include research and development in capital expenditure for the first time, has been applied to GDP data going back to 1994.