Japan has revised upward its estimate of growth in the first quarter of 2016-2017, thanks to smaller drop in business investment than reported earlier.
The government said on Wednesday, that the economy grew at a 1.9 per cent annual pace in January-March. That was an improvement over a preliminary estimate of a 1.7 per cent expansion. The quarterly rate of growth was raised to 0.5 per cent from 0.4 per cent.
- Japan’s economy shrank in July-September as trade falls
- Bank credit growth registers 4-year high in August at 12.2%
- Japan exports fall for first time since 2016 as trade war fears mount
- Spending surge powers growth: GDP is up 8.2%, best in over two years
- Consumption boost: Govt spending drives growth, private investments yet to kick in
- Japan’s economy grows at 1.7% annual pace in Jan-Mar
The latest data suggest stronger-than-expected growth in the current quarter. Still, Prime Minister Shinzo Abe judged the situation bleak enough to justify pushing back a planned April 2017 increase in the sales tax by two and a half years, to October 2019.
The latest data showed private consumption rose 0.6 percent in January-March, compared with an earlier estimate of 0.5 percent.