Japan Q3 GDP revised down to 1.3 percent growth

(MENAFN- Kuwait News Agency (KUNA)) TOKYO, Dec 8 (KUNA) -- Japan's economy grew much slower than initially estimated in the July-September period, partly due to weaker-than-expected corporate capital spending, the government said Thursday.

Gross domestic product (GDP) expanded at an annual 1.3 percent pace in the third quarter, a downgrade from the preliminary figure of 2.2 percent released last month, according to the Cabinet Office.

But GDP grew for the third straight quarter.

On a quarterly basis, the world's third-biggest economy's GDP rose 0.3 percent in the three months ended September 30 from the previous quarter, compared with the preliminary estimate of a 0.5 percent gain.

Business investment, a key pillar of domestic demand, declined 0.4 percent from the previous quarter, compared with a 0.03 percent gain in the preliminary reading, as steel and real estate industries cut investment.

However, personal consumption, which accounts for about 60 percent of Japan's GDP, was upgraded to 0.3 percent growth from a 0.1 percent rise in the initial report. Exports were also revised down. (end) mk.gta