The Japanese economy grew at an annual rate of 3.5 percent in its second quarter, up from the initial estimate of 2.2 percent, as consumer and business spending rebounded with the easing of COVID-19 restrictions.
The figure is above the median market projection of 2.9 percent growth. Japan’s gross domestic product (GDP) increased by 0.9 percent quarterly, up from 0.5 percent in the previous quarter, Kyodo News reported.
The economy was boosted by increased consumer spending, with capital spending growing 2 percent and private consumption increasing 1.2 percent, both of which were revised from their initial estimates of 1.4 percent and 1.1 percent growth, respectively.
Japan’s exports increased by 0.9 percent and imports by 0.6 percent. Domestic demand as a whole contributed 0.8 of a percentage point to revised GDP growth, while net exports added 0.1 of a percentage point….