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Another False Positive: Japan’s Q1 GDP Down 1.3% Excluding Import Collapse’s “Add” To GDP

Summary:
It doesn’t give a very good impression of overall Japanese demand. It’s not even resilience. In GDP accounting, though, negative imports are positive especially as a second derivative where the calculations come from. As a result, the big drop in imports “contributes” 3.4 percentage points to the 2.1 percent annualized gain. https://davidstockmanscontracorner.com/?p=318329&preview_id=318329&preview_nonce=71036c01a6&preview=true

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It doesn’t give a very good impression of overall Japanese demand. It’s not even resilience. In GDP accounting, though, negative imports are positive especially as a second derivative where the calculations come from. As a result, the big drop in imports “contributes” 3.4 percentage points to the 2.1 percent annualized gain.

https://davidstockmanscontracorner.com/?p=318329&preview_id=318329&preview_nonce=71036c01a6&preview=true

David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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