Japanís Services Sector Increases for The First Time in Two Months
Sep 24, 2002
Japanís Index of Tertiary Industry Activity increased in July by 0.3 percent in real terms according to the Ministry of Economy Trade and Industry (METI). The rise is the first in two months and took by surprise analysts that were expecting a sharp downturn in July. The rise in the services sector helped bring the all-economy index to a 0.2% growth rate in July after more than a year of decline.
The new data follows reports that the GDP grew by 0.6 per cent between April and June, or 2.6 per cent on an annualised basis, ending more than a year of economic recession.
The rise of the services sector was the result of growth in utilities which increased by 2.3% as well as services such as recreation and amusement services that grew by 0.7% in July. Real state also registered an impressive 3% increase during the same month.
In turn, Finance and Insurance, continued to show no signs of recovery after it declined 0.8% in July. The results add to growing anxiety about the health of Japanese financial institutions. Other sector experiencing a decline in July were Transport and Communication, Whole Trade, Retail Trade, and Eating and Drinking Places.
The full report may be downloaded from Japan Ministry of Economy, Trade and Industry
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