The Magazine for Asian Investors
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%.