Japan’s GDP did better than initially reported by official data: in the second quarter of the year, the Japanese economy grew at an annualized pace of 3.5%, well above the Tokyo government’s previously reported outlook of a expansion at an annualized rate of 2.2%.
The higher GDP growth compared to initial official estimates is explained by the upward revision of the components of consumer spending and corporate investments, in the wake of the decision of the local authorities of Japan to withdraw the restrictions imposed to stem the Covid pandemic, and despite the bleak outlook of a slowdown in the global economy and high energy prices.
Japan’s GDP was even better than the + 2.9% estimated by the consensus.
On a quarterly level, the expansion of the Japanese economy was equal to + 0.9% in the second quarter, compared to the first quarter of the year.