The Japanese economy grew during the second quarter of 2022 and returned to its pre-pandemic level, but the recovery has been slower than in other major economies.
Japan’s gross domestic product (GDP) grew at a 2.2 percent annualized rate during the second quarter, according to the Japanese Cabinet Office. The size of Japan’s economy, the third largest in the world, was at 542.1 trillion yen ($4.1 trillion). First-quarter GDP was initially reported to have contracted but later revised to 0.1 percent growth.
The second-quarter growth marks the third consecutive quarterly GDP increase.
In late March 2022, the government ended its COVID-19 restrictions, helping to stimulate the economy. Consumer spending led the growth, with a 1.1 percent gain. Consumer spending alone accounts for over 50 percent of the country’s economic output….