Japan’s economy expanded in the second quarter at a pace slightly slower than the government’s initial estimate, while still advancing enough to keep the Bank of Japan (BOJ) on track to raise interest rates later this year.
Japan’s gross domestic product (GDP) grew at an annualized pace of 2.9% in the three months through June compared with the previous quarter, the Cabinet Office said Monday. The result compared with a preliminary estimate of 3.1%. Private consumption and capital investment were both revised a tad lower.
In noninflation adjusted terms, the economy advanced 1.8% from the previous quarter, and the data reaffirmed that the total value of the economy exceeded ¥600 trillion ($4.2 trillion) for the first time on record, a goal set a decade ago by policymakers in Japan.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.