2018.11.1319:25:00UTC+00Japan GDP Contracts 0.3% On Quarter In Q3

Japan's gross domestic product slipped a seasonally adjusted 0.3 percent on quarter in the third quarter of 2018, the Cabinet Office said in Wednesday's preliminary report.

That was in line with expectations following the 0.7 percent gain in the previous three months.

On an annualized seasonally adjusted basis, GDP tumbled 1.2 percent on year - missing forecasts for a fall of 1.0 percent following the 3.0 percent jump in the three months prior.

Nominal GDP fell 0.3 percent on quarter, matching forecasts following the 0.7 percent increase in Q2.

The GDP deflator fell 0.3 percent on year, missing forecasts for a drop of 0.1 percent following the flat reading in the previous three months.

GDP private consumption was down 0.1 percent on quarter, beating forecasts for a loss of 0.2 percent following the 0.7 percent increase in the second quarter.

GDP business spending slid 0.2 percent on quarter, missing forecasts for an increase of 0.2 percent and slowing from 3.1 percent in the three months prior.

The Japanese economy has now contracted in two of the last three quarters following a string of eight straight quarters of expansion, which had marked the longest such streak in more than three years.