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Dec 7, 8:07 PM EST

Japan downgrades growth estimate for July-Sept to 1.3 pct


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TOKYO (AP) -- Japan has reported its economy grew at a slower pace than earlier estimated in July to September, expanding at an annual pace of 1.3 percent.

The figure released Thursday downgraded a preliminary estimate of 2.2 percent annual growth in the last quarter. Quarterly growth was 0.3 percent, down from the earlier reported 0.5 percent.

The downgrade reflects a 0.4 percent drop in business investment from the previous quarter. Originally it was reported as flat. Exports grew 1.6 percent, below the 2.0 percent earlier figure.

The government also revised annual estimates of gross domestic product for 1994-2015, raising figures across the board based on a 2011 benchmark year. The revision put Japan's GDP in 2015 at 530.5 trillion yen ($4.66 trillion), up from the earlier figure of 499.3 trillion yen.

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