Japan’s economy expanded at a 1.4 percent annualized rate in July-September in the seventh straight quarter of growth for the world’s third-largest economy.
The economy is in its 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.
Strong exports and corporate investment helped offset relatively weak household demand, which accounts for nearly two-thirds of business activity but remains fragile thanks to sluggish growth in wages.
Private consumption fell 0.5 percent in July-September, the first such decline in seven quarters, the report said.
In quarterly terms the economy grew 0.3 percent, slowing from a 0.6 percent quarter-on-quarter increase in April-June.