• Kyodo

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Japan’s economy grew an annualized 6.7 percent in the first quarter of 2014 when adjusted for inflation, more than reported earlier because of an upwards revision in corporate capital spending, the government said Monday.

Gross domestic product, the total value of goods and services produced at home, was up 1.6 percent in the period January to March from the previous quarter, the Cabinet Office said.

In preliminary figures released May 15, the government estimated that the world’s third largest economy grew by an annualized 5.9 percent for the period.

Corporate capital spending, which Prime Minister Shinzo Abe’s Cabinet considers to be key for shoring up the economy, jumped 7.6 percent from the previous quarter, upgraded from a 4.9 percent increase in the preliminary report.

Private consumption — accounting for roughly 60 percent of Japan’s GDP — was also upwardly revised to a 2.2 percent rise from 2.1 percent growth.

Exports and imports grew 6.0 percent and 6.3 percent, respectively, both unchanged from the initial data.

Public investment contracted 2.7 percent, downgraded from a 2.4 percent decrease.