Whoops! Japan Overstated GDP by 300%

Wow, quite the cock up: The initial estimate of Japanese economic growth of 4.8% original was revised to 1.3%.  That is a revision that would do the US statisticians and record-keepers proud!

Bloomberg

“Japan’s economy expanded less than a third of the pace initially reported in the three months to September as companies slashed spending.

Gross domestic product rose an annualized 1.3 percent, slower than the 4.8 percent reported last month, the Cabinet Office said today in Tokyo. The revision, which was deeper than the predictions of all but one of the 17 economists surveyed by Bloomberg News, also showed that price declines accelerated.”

Ahhh, Deflation, the gift that keeps on giving.

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Source:
Japan Economy Grows 1.3%, Less Than Initial Estimate of 4.8%
Keiko Ujikane and Tatsuo Ito
Bloomberg, Dec. 9 2009
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYImYKEoksnA&pos=1

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