TOKYO : Japan's economy grew more than initially thought in January-March, revised data showed on Thursday, as a post-pandemic pickup in domestic spending and company restocking helped offset the hit to exports from slowing global demand.With inflation running at a four-decade high, further growth in the
TOKYO : Japan's economy grew more than initially thought in January-March, revised data showed on Thursday, as a post-pandemic pickup in domestic spending and company restocking helped offset the hit to exports from slowing global demand.
"Despite the global economic slowdown, the Japanese economy remains resilient - ample private consumption will continue to support the growth," said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute. The January-March expansion translates to a 0.7 per cent quarter-on-quarter rise, data released by the Cabinet Office showed, against a preliminary reading of 0.4 per cent and economists' forecast for a 0.5 per cent increase.
Private consumption, which makes up more than half of Japan's GDP, grew 0.5 per cent, revised down slightly from an initial estimate of a 0.6 per cent increase.
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