Japan's gross domestic product (GDP) grew by 21.4% year-on-year from July to September this year, showing a record growth over the past 40 years.

The unprecedented increase was preceded by a significant decline of 28.1% in April-June.

As a result, the economy reached 508 trillion yen ($4.85 trillion).

In quarterly terms, growth in July-September was 5%, which is also a record, after falling by 8.2% in the second quarter.

Analysts on average had forecasted a smaller increase of 4.4% for the quarter and 18.9% for the year, according to Trading Economics.

Consumer spending in the third quarter increased by 4.7% compared to the previous three months (it fell by 8.1% in April-March). Government spending increased by 2.2%. Exports increased for the first time in the last three quarters – by 7% after falling by 17.4% in the second quarter. Meanwhile, imports fell 9.8% after rising to 2.2%.

Rate of reduction in capex slowed to 3.4% in July-September, compared to 4.5% in the previous three months. At the same time, experts expected a decrease of only 3%.

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Saved: 17.11.2020

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