Japan’s economy expanded more than initially estimated in the three months through June, recovering the ground it lost during the pandemic, before downside risks began to materialize in the global economy.
Gross domestic product grew an annualized 3.5% in the second quarter from the previous period, revised figures from the Cabinet Office showed Thursday. Economists had expected a 2.9% expansion, compared with an initial reading of 2.2%.
Stronger business spending was the main driver of the upward revision indicating stronger-than-expected confidence among companies in the second quarter. Other components, including private consumption and net exports, also contributed to the larger expansion.