Japan's economy expanded in the April-June quarter at a slower pace than initially estimated as businesses and consumers spent less, an outcome that points to the fragility of the growth during the quarter as Prime Minister Fumio Kishida considers further support measures.
Gross domestic product grew at an annualized 4.8% from the previous three months with the expansion almost entirely reliant on overseas demand, revised figures from the Cabinet Office showed Friday. That was a smaller gain than the preliminary reading of 6% and came in well below economists’ forecast of 5.6% growth.
Business spending figures were revised to show outlays slipped 1% on a non-annualized basis. Previously the government estimated that capital investment was flat versus the first quarter. Consumer spending also fell more than first forecast.