Japan’s gross domestic product grew by 2.7 percent during the first quarter of this year, exceeding expectations of 1.9 percent, according to data released by the Japanese Cabinet on Thursday.
The growth follows an increase in the last quarter of last year by about 0.4 percent, and a contraction of 1.5 percent during the third quarter of 2022. The data showed that growth during the first quarter amounted to 0.7 percent on a quarterly basis, compared to expectations of 0.5 percent.
Capital spending rose by 1.4 percent in the first quarter, versus an expected 0.9 percent, after Finance Ministry data last week showed that business spending by Japanese manufacturers was growing at the fastest rate since 2015.
Private consumption grew by 0.5 percent during the first quarter of this year, compared to expectations of 0.6 percent. The data also showed that domestic demand as a whole contributed about one percentage point to GDP.
Net exports decreased by 0.3 percentage points, in line with preliminary estimates.
(Reuters)
2023-06-08 02:33:42
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