Japan: GDP grew 0.7% in Q2 compared to previous quarter

Japan’s economy grew almost as fast as initially estimated in the second quarter thanks to a recovery in household and business spending, revised government data showed.

Japan’s real gross domestic product (GDP) grew 0.7 percent in the April-June period compared with the previous quarter. A preliminary reading had indicated a 0.8 percent increase.

Real GDP for the quarter expanded 2.9% in annualized terms, compared with the preliminary estimate of 3.1% growth.

Revised data showed consumer spending rose 0.9% from the previous quarter, compared with a 1.0% increase in the preliminary reading. Capital expenditure rose 0.8%, compared with an initial estimate of a 0.9% increase.