Japanese economic growth data for the second quarter of 2019
GDP (seasonally adjusted) for Q2, preliminary, 0.4% q/q … a big beat, at least on this early indication
- expected 0.1%, prior 0.6%
GDP Annualized (seasonally adjusted) for Q2, preliminary 1.8% y/y
- expected 0.5%, prior 2.2%
GDP Nominal (seasonally adjusted) for Q2, preliminary 0.4% q/q
- expected 0.1%, prior 0.8%
GDP Deflator y/y for Q2, preliminary 0.4%, also higher than expected 9way short of the BOJ target of course)
- expected 0.3%, prior 0.1% (an inflation indicator)
GDP Consumer Spending y/y for Q2, preliminary 0.6% q/q for a miss
- expected is 0.7%, prior was -0.1%
- up for the third quarter in a row, albeit not as strong as fprecasts
GDP Business Spending y/y for Q2, preliminary 1.5% q/q … beat
- expected 0.8%, prior was 0.3%
- capex up for the third quarter in a row
OK, much better than central forecasts for growth. Which should suggest the BOJ has room to pull back on the stimulus a little …. except of course the inflation indicator is not anywhere near the 2% target.
more to come