Japan GDP revised up 2.2 pct growth

TOKYO, Japan’s economy in the January-March period grew faster than initially estimated and at the fastest pace in over two years, chiefly due to better-than-expected capital expenditure, the government said Monday.

The world’s third-largest economy’s Gross Domestic Product (GDP) expanded at an annual 2.2 percent pace in the first quarter of 2019, an upgrade from the preliminary figure of 2.1 percent released last month, according to the Cabinet Office.

The Office confirmed that the economy marked the second straight quarter of expansion following the 1.6 percent growth in the October-December period.

On a quarterly basis, GDP rose 0.6 percent in the three months, ended March 31 from the previous quarter, compared to an initial reading of 0.5 percent expansion.

Corporate capital spending, a major contributor to growth, rose 0.3 percent, compared to an initial reading of a preliminary 0.3 percent decline, thanks to stronger investment in non-manufacturing sectors, such as retail and services.

GDP is the total value of goods and services produced domestically.

Source: Kuwait News Agency