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Japan’s GDP rises 3.5% in 2Q22 thanks to COVID relief and increased spending

According to the Japanese government, the Japanese economy grew more than originally expected as the lifting of COVID-19 restrictions stimulated consumer and business spending.

According to the report, Japan’s gross domestic product (GDP) increased by 3.5% year-on-year in the second quarter. This was stronger than the original forecast of a 2.2% year-on-year increase. Notwithstanding concerns about problems such as a global economic slowdown and rising energy prices

At the same time, the figure was also higher than the expected average increase of 2.9% and the actual quarterly growth of 0.9% from the previous quarter.

The data also suggest that domestic demand recovered slightly after the government lifted measures to contain the spread of COVID-19. Private consumption grew by 1.2%, above the original forecasts of a 1.1% increase.

Capital expenditures increased by 2.0%, above the original forecast of 1.4% and above the average forecast of 1.8%.

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