Japan GDP growth revised up in Q1 to 0.5 percentStaff writer ▼ | June 9, 2016
The Japanese economy expanded 0.5 percent on quarter in the March quarter of 2016, compared to an initial estimate of a 0.4 percent growth.
Asian economy Private consumption grew faster than expected in Japan
In the first quarter, domestic demand grew 0.3 percent, higher than a preliminary reading of 0.2 percent and added 0.3 percentage points to growth.
Private consumption went up 0.6 percent, compared to an initial estimate of a 0,5 percent and adding 0.4 percentage points to growth. Private residential investment fell 0.7 percent, lower than an earlier projection of a 0.8 percent decline.
Private non-residential investment shrank 0.7 percent, compared to a preliminary figure of a 1.4 percent contraction and substracted 0.1 percent off growth. Inventories substracted 0.1 percent off growth, compared to first estimate of zero contribution.
Public investment shrank 0.7 percent, compared to a preliminary figure of a 0.3 percent rise and made no contribution to growth while government spending rose 0.7 percent (in line with estimates), adding 0.2 percent.
External demand contributed 0.2 percentage point to growth: exports grew 0.6 percent (+0.6 percent in a preliminary figure) while imports fell 0.4 percent (-0.5 percent in an earlier reading) .
On an annualized basis, the economy advanced 1.9 percent, compared to an earlier figure of a 1.7 percent expansion. It is the strongest growth in four quarters. ■