Giappone, Pil +0,5% grazie alla domanda interna

Giappone, Pil +0,5% grazie alla domanda interna

Il Pil giapponese è rimbalzato a +0,5% t/t nel secondo trimestre dal -0,2% t/t dei primi tre mesi dell’anno, e, come dichiara Piya Sachdeva, economista di Schroders, il dato è “incoraggiante in un quadro di indebolimento dell’outlook del commercio globale. La crescita è stata guidata dalla solida domanda domestica, riconducibile a sua volta a consumi e investimenti.”

Le parole dell'economista giapponese di Schroders Piya Sachdeva

Ecco di seguito l'intervento dell'economista di Schroders giapponese Piya Sachdeva in lingua orginale:

"The estimate for Japanese second quarter real GDP growth came in at 0.5% quarter-on- quarter (q/q), rebounding from a 0.2% q/q contraction in Q1. This not only confirmed the temporary slowdown in the Japanese economy in the first quarter but beat market expectations of 0.3% q/q and marks a return of Japanese growth to above potential growth.

Growth was driven by domestic demand, which is encouraging given the weaker outlook for global trade in the second half of the year.

Strong domestic demand

Growth in the second quarter was driven by strong domestic demand, which contributed 0.6 percentage points (pp) to growth.

Domestic demand was driven by consumption and investment. Consumption rose by 0.7% q/q, contributing 0.4 pp to growth alone. This marked an expected rebound from the contraction in consumption in the first quarter, which was due to a temporary spike in inflation.

Investment also helped drive growth, contributing 0.1 pp. Private non-residential investment (capital expenditure or capex) was particularly strong, rising by 1.3% q/q and contributing 0.2 pp to growth. This was consistent with strong capex intentions from the Tankan survey in Q2 and offset contractions in residential and public investment.