Tokyo: Japan’s economy experienced faster growth in the second quarter of 2023 than initially estimated, driven primarily by robust private consumption, according to a report from Japan’s Cabinet Office. The revised figures show that the country’s inflation-adjusted gross domestic product (GDP) rose by 2.2% on an annualized basis, a significant increase from the preliminary estimate of 1.0%.
According to Oman News Agency, the Cabinet Office highlighted that on a quarter-on-quarter basis, Japan’s real GDP grew by a revised 0.5%. This growth is attributed to private consumption, which represents more than half of the nation’s economy. The report indicates that private consumption increased by 0.4%, doubling the rate initially reported.
The Cabinet Office’s findings also suggest that Japan’s economy is maintaining a moderate recovery trajectory, as evidenced by real GDP expanding for five consecutive quarters. This sustained growth underscores the resilience of the Japanese economy amid global economic uncertainties.