Japan posted a GDP growth rate of 3.9% in the third quarter, mainly due to a surge in private consumption, which in turn reflected the fact that tax incentives would soon disappear and that tobacco taxes were about to rise.
IHS Global Insight Perspective
Significance: Japan was widely expected to show poor
growth for the third quarter of this year, but instead the economy was boosted
by household spending.
Implications: The data show the importance of government
policies in stimulating domestic spending, despite bad fundamentals such as
high unemployment.
Outlook: A downward correction to consumption appears
likely in the coming quarters, as the government's pro-spending policies
expire.
Japan's first release of national income accounts data
for the third quarter show that the economy grew at a 3.9% pace
(quarter-on-quarter, seasonally adjusted at annual rate). This was much higher
than expected, especially given the deceleration seen in the first two quarters
of this year and the weakening global economy. It should, however, be noted
that the three previous quarters' growth were revised upward, by 0.5–1.5
percentage points; had these data been available earlier, the forecasts for the
third quarter of 2010 would have been higher.
Consumption and More
Private consumption has never been a major growth driver
in Japan, and in fact the data for the second quarter showed only marginal
gains. But the third quarter saw a sharp rise in real household spending. Given
the slow economy, both domestically and abroad, and relatively high
unemployment, this rise would seem anomalous. But the gain makes more sense in
light of government policies. Tax incentives for the purchases of consumer
goods are set to expire soon, so the third-quarter surge may simply represent
consumers' last chance to take advantage of lower prices. In addition, taxes on
tobacco rose in November, so that, too, would have encouraged increased
spending—for hoarding purposes—in the third quarter.
The gains in the third quarter were, however, not
exclusively driven by consumer spending. Exports also posted gains—the lowest
in six quarters, but higher than the rise in imports, so net external demand
was a net contributor to growth. Capital expenditures also rose modestly,
showing that firms were not overly pessimistic regarding the near-term outlook.
There was also a gain in inventory investment, although it is unclear whether
this was an intentional increase by optimistic firms or the result of an
unexpected drop in sales—although the latter appears unlikely due to the gains
in domestic and overseas purchases. Lastly, the effect of government spending
was neutral: government consumption rose but was offset by an equal decrease in
government investment (public works) spending.
Outlook and Implications
Assuming the consumption rise in the third quarter was
driven by policy change—namely, tax incentives ending or tax hikes
beginning—then it seems logical to expect a decline in consumer spending in the
fourth quarter and thereafter. There is, however, considerable uncertainty
about future household spending. That is, the good third-quarter performance
may have boosted wages, which would encourage future spending. On the other
hand, government incentives have been in effect for over a year, so it is
possible that households have now become sated with regards to personal
expenditures; if that is the case, then the third-quarter surge will be the
"last hurrah" for Japanese consumption, to be followed by flat—or
declining—personal spending in the near term. This would once again leave the
economy dependent on exports to drive growth, an increasingly difficult
situation as more global competitors arise to take market share away from
Japan.
fecha |
Título |
03/04/2011| |
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26/03/2011| |
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20/03/2011| |
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26/02/2011| |
|
18/02/2011| |
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18/02/2011| |
|
15/02/2011| |
|
12/02/2011| |
|
10/02/2011| |
|
10/02/2011| |
|
07/02/2011| |
|
03/02/2011| |
|
01/02/2011| |
|
29/01/2011| |
|
26/01/2011| |
|
26/01/2011| |
|
26/01/2011| |
|
25/01/2011| |
|
22/01/2011| |
|
20/01/2011| |
|
20/01/2011| |
|
18/01/2011| |
|
18/01/2011| |
|
17/01/2011| |
|
17/01/2011| |
|
15/01/2011| |
|
14/01/2011| |
|
12/01/2011| |
|
12/01/2011| |
|
10/01/2011| |
|
06/01/2011| |
|
06/01/2011| |
|
01/01/2011| |
|
31/12/2010| |
|
31/12/2010| |
|
25/12/2010| |
|
25/12/2010| |
|
25/12/2010| |
|
18/12/2010| |
|
14/12/2010| |
|
10/12/2010| |
|
26/11/2010| |
|
26/11/2010| |
|
20/11/2010| |
|
17/11/2010| |
|
17/11/2010| |
|
15/11/2010| |
|
13/11/2010| |
|
13/11/2010| |
|
12/11/2010| |
|
12/11/2010| |
|
05/11/2010| |
|
04/11/2010| |
|
04/11/2010| |
|
31/10/2010| |
|
09/10/2010| |
|
02/10/2010| |
|
02/10/2010| |
|
17/09/2010| |
|
10/09/2010| |
|
10/09/2010| |
|
10/07/2010| |
|
10/07/2010| |
|
08/04/2010| |
|
05/04/2010| |
|
18/03/2010| |
|
17/03/2010| |
|
16/03/2010| |
|
09/03/2010| |
|
09/03/2010| |
|
05/03/2010| |
|
05/03/2010| |
|
04/03/2010| |
|
03/03/2010| |
|
01/03/2010| |
|
26/02/2010| |
|
26/02/2010| |
|
24/02/2010| |
|
23/02/2010| |
|
22/02/2010| |
|
20/02/2010| |
|
20/02/2010| |
|
17/02/2010| |
|
17/02/2010| |
|
16/02/2010| |
|
15/02/2010| |
|
12/02/2010| |
|
11/02/2010| |
|
10/02/2010| |
|
09/02/2010| |
|
08/02/2010| |
|
05/02/2010| |
|
04/02/2010| |
|
04/02/2010| |
|
04/02/2010| |
|
02/02/2010| |
|
01/02/2010| |
|
31/01/2010| |
|
31/01/2010| |
|
22/01/2010| |
|
21/01/2010| |
|
20/01/2010| |
|
19/01/2010| |
|
19/01/2010| |
|
15/01/2010| |
|
14/01/2010| |
|
13/01/2010| |
|
12/01/2010| |
|
11/01/2010| |
|
08/01/2010| |
|
07/01/2010| |
|
07/01/2010| |
|
05/01/2010| |
|
04/01/2010| |
|
31/12/2009| |
|
31/12/2009| |
|
30/12/2009| |
|
24/12/2009| |
|
23/12/2009| |
|
22/12/2009| |
|
21/12/2009| |
|
18/12/2009| |
|
17/12/2009| |
|
16/12/2009| |
|
15/12/2009| |
|
15/12/2009| |
|
14/12/2009| |
|
14/12/2009| |
|
13/12/2009| |
|
13/12/2009| |
|
11/12/2009| |
|
11/12/2009| |
|
10/12/2009| |
|
10/12/2009| |
|
08/12/2009| |
|
08/12/2009| |
|
08/12/2009| |
|
08/12/2009| |
|
04/12/2009| |
|
04/12/2009| |
|
04/12/2009| |
|
04/12/2009| |
|
03/12/2009| |
|
03/12/2009| |
|
01/12/2009| |
|
01/12/2009| |
|
01/12/2009| |
|
01/12/2009| |
|
27/11/2009| |
|
27/11/2009| |
|
26/11/2009| |
|
26/11/2009| |
|
25/11/2009| |
|
25/11/2009| |
|
24/11/2009| |
|
24/11/2009| |
|
23/11/2009| |
|
23/11/2009| |
|
22/11/2009| |
|
22/11/2009| |
|
16/11/2009| |
|
16/11/2009| |
|
13/11/2009| |
|
13/11/2009| |
|
11/11/2009| |
|
11/11/2009| |
|
11/11/2009| |
|
11/11/2009| |
|
10/11/2009| |
|
10/11/2009| |
|
07/11/2009| |
|
06/11/2009| |
|
04/11/2009| |
|
04/11/2009| |
|
02/11/2009| |
|
31/10/2009| |
|
30/10/2009| |
|
29/10/2009| |
|
28/10/2009| |
|
27/10/2009| |
|
21/10/2009| |
|
21/10/2009| |
|
19/10/2009| |
|
15/10/2009| |
|
14/10/2009| |
|
13/10/2009| |
|
12/10/2009| |
|
09/10/2009| |
|
09/10/2009| |
|
07/10/2009| |
|
06/10/2009| |
|
05/10/2009| |
|
02/10/2009| |
|
01/10/2009| |
|
01/10/2009| |
|
01/10/2009| |
|
30/09/2009| |
|
30/09/2009| |
|
21/09/2009| |
|
19/09/2009| |
|
17/09/2009| |
|
16/09/2009| |
|
15/09/2009| |
|
14/09/2009| |
|
12/09/2009| |
|
12/09/2009| |
|
12/09/2009| |
|
10/09/2009| |
|
09/09/2009| |
|
08/09/2009| |
|
07/09/2009| |
|
05/09/2009| |
|
04/09/2009| |
|
03/09/2009| |
|
02/09/2009| |
|
01/09/2009| |
|
31/08/2009| |
|
29/08/2009| |
|
27/08/2009| |
|
27/08/2009| |
|
26/08/2009| |
|
24/08/2009| |
|
21/08/2009| |
|
20/08/2009| |
|
19/08/2009| |
|
18/08/2009| |
|
17/08/2009| |
|
14/08/2009| |
|
14/08/2009| |
|
14/08/2009| |
|
14/08/2009| |
|
12/08/2009| |
|
12/08/2009| |
|
11/08/2009| |
|
11/08/2009| |
|
10/08/2009| |
|
10/08/2009| |
|
07/08/2009| |
|
07/08/2009| |
|
06/08/2009| |
|
06/08/2009| |
|
05/08/2009| |
|
05/08/2009| |
|
04/08/2009| |
|
04/08/2009| |
|
03/08/2009| |
|
03/08/2009| |
|
01/08/2009| |
|
01/08/2009| |
|
29/07/2009| |
|
29/07/2009| |
|
29/07/2009| |
|
29/07/2009| |
|
27/07/2009| |
|
27/07/2009| |
|
25/07/2009| |
|
25/07/2009| |
|
23/07/2009| |
|
23/07/2009| |
|
23/07/2009| |
|
23/07/2009| |
|
21/07/2009| |
|
21/07/2009| |
|
20/07/2009| |
|
20/07/2009| |
|
17/07/2009| |
|
17/07/2009| |
|
16/07/2009| |
|
16/07/2009| |
|
16/07/2009| |
|
15/07/2009| |
|
15/07/2009| |
|
15/07/2009| |
|
28/03/2009| |
|
15/03/2009| |
|
15/03/2009| |
|
15/03/2009| |
|
15/03/2009| |
|
18/01/2009| |
|
10/01/2009| |
|
06/01/2009| |
|
05/01/2009| |
|
02/01/2009| |
|
24/12/2008| |
|
24/12/2008| |
|
24/12/2008| |
|
27/11/2008| |
|
27/11/2008| |
|
27/11/2008| |
|
27/11/2008| |
|
03/10/2008| |
|
03/10/2008| |
|
03/10/2008| |
|
03/10/2008| |
|
24/09/2008| |
|
24/09/2008| |
|
20/09/2008| |
|
20/09/2008| |
|
18/09/2008| |
|
18/09/2008| |
|
18/09/2008| |
|
18/09/2008| |
|
10/09/2008| |
|
10/09/2008| |
|
08/09/2008| |
|
08/09/2008| |
|
17/08/2008| |
|
17/08/2008| |
|
11/08/2008| |
|
11/08/2008| |
|
11/08/2008| |
|
11/08/2008| |
|
11/08/2008| |
|
11/08/2008| |
|
13/05/2008| |
|
12/05/2008| |
|
12/05/2008| |
|
10/05/2008| |
|
04/05/2008| |
|
02/05/2008| |
|
27/04/2008| |
|
27/04/2008| |
|
24/04/2008| |
|
24/04/2008| |
|
24/04/2008| |
|
24/04/2008| |
|
24/04/2008| |
|
24/04/2008| |
|
06/04/2008| |
|
26/03/2008| |
|
20/03/2008| |
|
19/03/2008| |
|
13/03/2008| |
|
10/03/2008| |
|
07/03/2008| |
|
05/03/2008| |
|
18/02/2008| |
|
06/02/2008| |
|
03/02/2008| |
|
01/02/2008| |
|
01/02/2008| |
|
21/12/2007| |
|
21/12/2007| |
|
08/12/2007| |
|
08/12/2007| |
|
02/11/2007| |
|
30/10/2007| |
|
30/10/2007| |
|
27/10/2007| |
|
25/10/2007| |
|
20/10/2007| |
|
04/10/2007| |
|
28/09/2007| |
|
28/09/2007| |
|
31/08/2007| |
|
31/08/2007| |
|
30/08/2007| |
|
30/08/2007| |
|
15/08/2007| |
|
11/08/2007| |
|
11/08/2007| |
|
31/07/2007| |
|
28/07/2007| |
|
28/07/2007| |
|
04/07/2007| |
|
30/06/2007| |
|
30/06/2007| |
|
30/06/2007| |
|
30/06/2007| |
|
16/06/2007| |
|
16/06/2007| |
|
16/06/2007| |
|
16/06/2007| |
|
13/06/2007| |
|
13/06/2007| |
|
10/06/2007| |
|
10/06/2007| |
|
10/06/2007| |
|
10/06/2007| |
|
10/06/2007| |
|
10/06/2007| |
|
16/05/2007| |
|
16/05/2007| |
|
03/05/2007| |
|
03/05/2007| |
|
03/05/2007| |
|
03/05/2007| |
|
03/05/2007| |
|
03/05/2007| |
|
30/04/2007| |
|
30/04/2007| |
|
26/04/2007| |
|
26/04/2007| |
|
25/04/2007| |
|
25/04/2007| |
|
25/04/2007| |
|
25/04/2007| |
|
21/04/2007| |
|
21/04/2007| |
|
19/04/2007| |
|
19/04/2007| |
|
19/04/2007| |
|
19/04/2007| |
|
19/04/2007| |
|
19/04/2007| |
|
19/04/2007| |
|
19/04/2007| |
|
10/04/2007| |
|
10/04/2007| |
|
07/04/2007| |
|
07/04/2007| |
|
04/04/2007| |
|
04/04/2007| |
|
02/04/2007| |
|
02/04/2007| |
|
01/04/2007| |
|
28/03/2007| |
|
28/03/2007| |
|
25/03/2007| |
|
25/03/2007| |
|
20/03/2007| |
|
20/03/2007| |
|
28/02/2007| |
|
23/01/2007| |
|
23/01/2007| |
|
08/01/2007| |
|
08/01/2007| |
|
08/01/2007| |
|
08/01/2007| |
|
06/01/2007| |
|
06/01/2007| |
|
04/01/2007| |
|
04/01/2007| |
|
29/12/2006| |
|
29/12/2006| |
|
28/12/2006| |
|
28/12/2006| |
|
26/12/2006| |
|
26/12/2006| |
|
26/12/2006| |
|
26/12/2006| |
|
26/12/2006| |
|
26/12/2006| |
|
26/12/2006| |
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26/12/2006| |
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26/12/2006| |
|
26/12/2006| |
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20/12/2006| |
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20/12/2006| |
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20/12/2006| |
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20/12/2006| |
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16/12/2006| |
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16/12/2006| |
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16/12/2006| |
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16/12/2006| |
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15/12/2006| |
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15/12/2006| |
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14/12/2006| |
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14/12/2006| |
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14/12/2006| |
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14/12/2006| |
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14/12/2006| |
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14/12/2006| |
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12/12/2006| |
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12/12/2006| |
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12/12/2006| |
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12/12/2006| |
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11/12/2006| |
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11/12/2006| |
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11/12/2006| |
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11/12/2006| |
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11/12/2006| |
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11/12/2006| |
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11/12/2006| |
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11/12/2006| |
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09/12/2006| |
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09/12/2006| |
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02/12/2006| |
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02/12/2006| |
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02/12/2006| |
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02/12/2006| |
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25/11/2006| |
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25/11/2006| |
|
23/11/2006| |
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23/11/2006| |
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22/11/2006| |
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22/11/2006| |
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21/11/2006| |
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21/11/2006| |
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21/11/2006| |
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21/11/2006| |
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21/11/2006| |
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21/11/2006| |
|
11/11/2006| |
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11/11/2006| |
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02/11/2006| |
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01/11/2006| |
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01/11/2006| |
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28/10/2006| |
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28/10/2006| |
|
28/10/2006| |
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28/10/2006| |
|
20/10/2006| |
|
20/10/2006| |
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20/10/2006| |
|
20/10/2006| |
|
14/10/2006| |
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14/10/2006| |
|
07/10/2006| |
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07/10/2006| |
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07/10/2006| |
|
05/10/2006| |
|
04/10/2006| |
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04/10/2006| |
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04/10/2006| |
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04/10/2006| |
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23/09/2006| |
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23/09/2006| |
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23/09/2006| |
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23/09/2006| |
|
23/09/2006| |
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23/09/2006| |
|
06/09/2006| |
|
04/09/2006| |
|
04/09/2006| |
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02/09/2006| |
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02/09/2006| |
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02/09/2006| |
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01/09/2006| |
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30/08/2006| |
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02/08/2006| |
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02/08/2006| |
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30/07/2006| |
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30/07/2006| |
|
27/07/2006| |
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27/07/2006| |
|
21/07/2006| |
|
20/07/2006| |
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20/07/2006| |
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18/07/2006| |
|
16/07/2006| |
|
13/07/2006| |
|
12/07/2006| |
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12/07/2006| |
|
07/07/2006| |
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07/07/2006| |
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06/07/2006| |
|
29/06/2006| |
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29/06/2006| |
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29/06/2006| |
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29/06/2006| |
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28/06/2006| |
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26/06/2006| |
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26/06/2006| |
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21/06/2006| |
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21/06/2006| |
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20/06/2006| |
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20/06/2006| |
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04/06/2006| |
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09/05/2006| |
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03/05/2006| |
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03/05/2006| |
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03/05/2006| |
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03/05/2006| |
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18/02/2006| |
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04/02/2006| |
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04/02/2006| |
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29/01/2006| |
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23/09/2005| |
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