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FILE PHOTO: Bank of Japan (BOJ) Governor Kazuo Ueda delivers a speech during a commemorative ceremony on the day the new notes of 10,000 yen, 5,000 yen and 1,000 yen went into circulation, at the BOJ headquarters in Tokyo, Japan July 3, 2024. REUTERS/Wataru Sekita/Pool via REUTERS. Image used for illustration.
TOKYO-- Japan's economy grew faster than initially estimated in the July-September period, thanks to stronger-than-expected corporate capital spending and exports, the government said Monday.
The world's No. 3 economy's gross domestic product (GDP) expanded at an annual 1.2 percent pace in the third quarter, an upgrade from the preliminary figure of 0.9 percent growth released last month, according to the Cabinet Office. The data confirmed the second straight quarter of expansion.
On a quarterly basis, GDP rose 0.3 percent in the three months ended September 30 from the previous quarter, instead of a preliminary figure of 0.2 percent growth. Corporate capital spending, a key pillar of domestic demand, declined 0.1 percent, revised up from 0.2 percent drop. Exports increased 1.1 percent compared with 0.4 percent. GDP is the total value of goods and services produced domestically.
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