JAPAN OCTOBER/DECEMBER GNP RISES 0.8 PCT

  Japan's gross national product (GNP) rose
  a real 0.8 pct in the October/December quarter after an
  upwardly revised 0.7 pct increase the previous three months,
  the Economic Planning Agency (EPA) said.
      The rise in the July/September quarter had originally been
  put at 0.6 pct. The annualized growth rate accelerated to 3.2
  pct in October/December from 3.0 pct in July/September.
      In the 1986 calendar year, GNP rose 2.5 pct, after a 4.7
  pct increase in 1985. Last year's performance was the worst
  since 1974, when GNP fell 1.4 pct. Agency officials blamed the
  strong yen for depressing exports and manufacturing industry.
      In nominal terms, GNP rose 0.5 pct in the October/December
  quarter, reflecting stable prices, after a one pct increase in
  the previous three months, the Agency said.
      Domestic real demand increased 0.6 pct in October/December,
  after a one pct rise the previous quarter.
      Domestic demand contributed 0.5 percentage point to real
  GNP growth in October/December, while foreign trade added 0.2.
  The figures do not tally exactly due to rounding.
      In July/September, domestic demand contributed one
  percentage point to GNP growth while foreign trade knocked off
  0.3 point.
      Of the 0.2 point contribution of foreign trade to GNP last
  quarter, falling exports knocked off 0.2 while falling imports
  contributed 0.4 point.
      Total export volume fell 1.2 pct quarter on quarter in
  October/December. Imports also fell, by 2.9 pct.
      Of the 0.5 point contribution of domestic demand to
  October/December GNP growth, the private sector accounted for
  0.4 point and the public sector, 0.2.
      The private sector contribution included 0.3 point for
  housebuilding, 0.4 for corporate capital outlays and 0.1 for
  stockbuilding. Consumer spending had a 0.4 negative impact.
  

