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Gov't corrects Japan's nominal GDP for Oct-Dec.

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(Globalpost/GlobalPost)

The Cabinet Office released corrections Tuesday for nominal gross domestic product and other figures for the three months to December due to miscalculations of nominal trade data.

The office said the economy in nominal terms, prior to adjustment for inflation, contracted 0.1 percent in the final quarter of 2012 compared with the July-September period, correcting the previously announced figure of a 0.3 percent contraction.

The annualized contraction of GDP, the total value of goods and services produced domestically, was also corrected from a nominal 1.3 percent to 0.5 percent, the office said.

The office started checking the data after being informed by an economist of the possibility of a mistake.

Exports, first announced as having declined 0.3 percent from the previous quarter, were actually down 1.7 percent, while imports were up 0.5 percent rather than 3.0 percent.

The GDP deflator, a wider gauge of inflation than the consumer price index, was also found to have fallen 0.2 percent, not 0.4 percent, the office said.

==Kyodo

http://www.globalpost.com/dispatch/news/kyodo-news-international/130507/govt-corrects-japans-nominal-gdp-oct-dec