The economy grew by a real 0.5 percent in the January to March quarter, marking its fifth consecutive quarter of growth despite a slowdown in private consumption, the government said Friday.

The preliminary GDP figures exceeded the forecasts of private-sector economists and translate into annual growth of 1.9 percent. But they also failed to surpass the 4.3 percent annualized growth logged the previous quarter, the Cabinet Office said.

The slowdown is largely attributed to moderate private consumption, which had been boosted by a wave of cold weather during the previous period.