BERNAMA – The Japanese government has revised its gross domestic product (GDP) growth figures for the second quarter down to the annualised 2.9 per cent from the initially reported 3.1 per cent, official data published yesterday showed, reported Sputnik.
In August, preliminary estimates showed a 3.1-per-cent growth in annual terms.
GDP in the first quarter of 2023 was revised to reflect a decline of 2.4 per cent from the previous 1.8 per cent in annual terms, in quarterly terms – to a 0.6 per cent decrease from the previous 0.5 per cent.
In the second quarter of this year, the reading was down by one per cent compared with the same period in 2023, although preliminary data showed a decline of 0.8 per cent.Compared with the first quarter of 2024, the Japanese economy grew by 0.7 per cent, while a preliminary estimate showed a 0.8-per-cent rise. Private consumption, which accounts for 60 per cent of the Japanese GDP, has increased by 0.9 per cent in quarterly terms.
Public investment increased by 4.1 per cent quarter-on-quarter, while private investment rose by 0.8 per cent in the reported period. Exports increased by 1.5 per cent quarter-on-quarter, while imports increased by 1.7 per cent.
As of yesterday morning, the US dollar traded at 142.95 yen on the back of the GDP revision, up from JPY142.27 per dollar reported at the close.
