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Financial News: Japan GDP Expands 3.0% On Year In Q2

Japan GDP Expands 3.0% On Year In Q2

09/09/2018 - 20:48:00 (RTTNews)

(RTTNews) - Japan's gross domestic product climbed 3.0 percent on year in the second quarter of 2018, the Cabinet Office said on Monday.

That beat forecasts for 2.6 percent and was up from the previous reading of 1.9 percent.

On an annualized seasonally adjusted basis, GDP added 0.7 percent - unchanged and in line with expectations.

The GDP deflator was up 0.1 percent on year - also unchanged and matching forecasts.

Nominal GDP gained 0.7 percent on quarter, beating forecasts for 0.6 percent and up from 0.4 percent.

Private consumption was up 0.7 percent, in line with forecasts and unchanged from the previous reading.

Business spending jumped 3.1 percent on quarter, topping forecasts for 2.8 percent and up from 1.3 percent.

Also on Monday: . The Bank of Japan said that overall bank lending in Japan was up 2.2 percent on year in August, coming in at 526.912 trillion yen. That follows the 2.0 percent increase in July.

Excluding trusts, lending was also up 2.2 percent on year to 458.295 trillion yen - up from 2.0 percent in the previous month.

Lending from trusts added 2.2 percent on year to 68.617 trillion yen, while lending from foreign banks surged 25.2 percent to 2.533 trillion yen.

. The Ministry of Finance said that Japan had a current account surplus of 2,009.7 billion yen in July. That beat forecasts for a surplus of 1,893.2 billion yen and was up from 1,175.6 billion yen in June.

The trade balance showed a deficit of 1.0 billion yen, exceeding expectations for a deficit of 47.7 billion yen following the 820.5 billion yen surplus in the previous month.

The adjusted current account surplus was 1,484.7 billion yen, shy or forecasts for 1,527.3 billion yen and down from 1,762.4 billion yen a month earlier.

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