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Japan's economy fares better than estimated in Q3

Japan's economy performed beyond expectations in the third quarter with an increase in government consumption and domestic demand, the second preliminary reading from the Cabinet Office showed.

The country's third-quarter GDP growth was revised up to 0.4% from the initial estimate of 0.1%, and above the 0.3% rise in the previous quarter. The consensus estimate of economists polled by Econoday was for a 0.2% increase.

Government consumption grew 0.7%, while public investment increased by 0.9%. Exports dropped 0.6%, while imports rose 0.3%. Private demand ticked up by 0.6%, compared with the initially estimated 0.1% rise.

Private non-residential investment grew 1.8%, up from the initially estimated 0.9% rise.

On a seasonally adjusted annualized basis, GDP growth came in at 1.8% for the three months ending September, as opposed to the 2.0% rise recorded in the previous quarter and the Econoday consensus estimate of a 0.9% increase.

Japan's real GDP growth rate came in at 1.7% year over year in the third quarter, accelerating from the 0.9% growth rate recorded in the second quarter.

"While the upward revision is positive, we caution against seeing the [third-quarter] print as cause for optimism," Oxford Economics wrote in a note. "The overall outlook remains clouded as growth continues to struggle against subdued external momentum and weak domestic demand."