Japan raises growth estimate for first quarterhttps://indianexpress.com/article/business/business-others/japan-revises-upward-growth-estimate-for-jan-mar-to-1-9-per-cent-2840645/

Japan raises growth estimate for first quarter

Latest data shows that private consumption in Japan rose 0.6 per cent in January-March; a rise from an earlier estimate of 0.5 per cent.

Japan, Japan economy, NIKKEI, Japan growth, Japanese economy, japanese Prime Minister Shinzo Abbe, Shinzo Abbe, world news
The Japanese economy grew at 1.9 per cent in January-March.

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.

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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.