TOKYO, Dec 9 (KUNA) -- Japan's economy grew much faster than initially estimated in the July-September period, mainly due to better-than-expected capital expenditure and private spending, Japan's cabinet office said Monday.
The world's No. 3 economy's gross domestic product (GDP) expanded at an annual 1.8 percent pace in the third quarter, an upgrade from the preliminary figure of 0.2 percent released last month, according to a statement by the Cabinet Office.
On a quarterly basis, GDP rose 0.4 percent in the three months ended September 30 from the April-June period, compared with the preliminary estimate of a 0.1 percent growth.
The Office confirmed that the economy marked the fourth straight quarter of expansion following the 1.3 percent rise in the April-June period.
Corporate capital spending, a key pillar of domestic demand, rose 1.8 percent from the previous quarter, revised up from a 0.9 percent growth in the previous estimate. Personal consumption, which accounts for about 60 percent of Japan's GDP, gained 0.5 percent compared to an initial reading of 0.4 percent. GDP is the total value of goods and services produced domestically. (end)