TOKYO – Japan reports its economy expanded at a 1.4 percent annualized rate in July-September, slowing from the previous quarter.
The preliminary data mark the seventh straight quarter of growth for the world's third-largest economy, the longest period of expansion since 2001. But growth slowed from a 2.6 percent annualized rate of growth in April-June.
The Cabinet Office reported Wednesday that strong exports helped offset relatively weak household demand. Corporate investment also helped drive growth in demand, despite a decline in public spending.
In quarterly terms the economy grew 0.3 percent, slowing from a 0.6 percent quarter-on-quarter increase in April-June.
Household demand — the lion's share of business activity — remains fragile thanks to sluggish growth in wages. Private consumption fell 0.5 percent in July-September, the first such decline in seven quarters.