Japan’s economy, in the April-June period, grew in a slower pace than initially estimated, chiefly due to weaker-than-expected capital spending and private consumption, the government said on Friday.
According to the Cabinet Office, the world’s third largest economy gross domestic product (GDP) expanded at an annual 4.8 percent pace in the second quarter; a downgrade from the preliminary figure of six percent growth released last month, still, the data confirmed the third straight quarter of expansion.
On a quarterly basis, GDP rose 1.2 percent in the three months ended June 30 from the January-March period, compared to an initial reading of 1.5 percent expansion.
Capital investment, a key pillar of domestic demand, fell by one percent, revised down from a 0.03 percent rise.
Moreover, personal consumption, which makes up about half of the world’s third largest economy GDP, declined by 0.6 percent, weaker than a 0.5 percent drop in the preliminary data.
GDP is the total value of goods and services produced domestically.
Kuwait News Agency (KUNA)
