Japan’s economy grows 2.2% in Q2

By Tuba Sahin

ANKARA (AA) - The Japanese economy expanded an annualized 2.2% in the second quarter of this year thanks to stronger consumer spending, according to official figures released on Monday.

The figure came in below market forecast of 2.5% but was accelerated from a revised 0.1% year-on-year growth in the first quarter when the surge in coronavirus cases hit spending.

Private consumption, which accounts for more than half of Japan’s economic output, fueled the growth with rising 1.1% in April-June period thanks to ease of COVID-19 restrictions.

Capital expenditure rebounded significantly, up by 1.4% in the same period.

On a quarterly basis, the gross domestic product (GDP) of the world's third largest economy rose 0.5% from the previous quarter.