June 8, 2016 11:39:16 am
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.
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.
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