Japan's 1st quarter GDP growth revised upwards

World's 3rd largest economy grows 2.7% in January-March, faster than initially estimated as corporate spending picks up pace

By Tuba Ongun

ANKARA (AA) – Japan's gross domestic product growth for the first quarter was revised upwards compared to the flash reading, the official data revealed on Thursday.

The Japanese economy grew 2.7% year-on-year in January-March, faster than the initial estimate of 1.6% thanks to accelerated business spending.

On a quarterly basis, the world's third largest economy grew 0.7% in January-March, up from the flash reading of 0.4% released in May, according to the Cabinet Office figures.

Capital expenditure was revised up to 1.4% in the three months to March, up from the government's initial estimate of 0.9%.

Government spending ticked up 0.1% in the first quarter from the previous three months while it was expected to be flat.

Private demand and domestic demand grew 1.2% and 1%, respectively, in the first quarter of 2023.

Private consumption posted the highest increase with 0.5% in the last three quarters boosted by lifting of COVID-19 restrictions.

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