Japan’s economic growth slowed more than the government initially estimated in the third quarter as private investment stalled.
Gross domestic product expanded an annualized 1.1 percent from the previous quarter compared with a preliminary reading of 1.9 percent, the Cabinet Office said today in Tokyo. The median of 25 estimates in a Bloomberg News survey was for a 1.6 percent increase.
Growth may rebound this quarter and in the first three months of next year as consumers splurge ahead of a sales-tax increase in April that will drive down spending. Abe has urged companies to raise workers wages as he bids to reflate the world’s third-largest economy, praising Toyota Motor Corp. and Hitachi Ltd. for pledging to help in the effort.
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