Financial News: Japan Economy Rebounds 0.8% In Q2

Japan Economy Rebounds 0.8% In Q2

08/15/2024 - 03:27:00 (RTTNews)

(RTTNews) - Japan's economy expanded more-than-expected in the second quarter on the back of strong consumption and investments, preliminary data released by the Cabinet Office revealed on Thursday.

Gross domestic product grew 0.8 percent sequentially, reversing a 0.6 percent fall in the first quarter. Economists had forecast a quarterly growth rate of 0.5 percent.

On an annualized basis, economic growth came in at 3.1 percent in the second quarter, faster than the forecast of 2.1 percent.

On the expenditure side, private consumption gained 1.0 percent from the prior quarter, reversing a 0.6 percent drop in the first quarter. Government consumption increased slightly by 0.1 percent.

Gross fixed capital formation grew 1.7 percent, in contrast to the 0.9 percent decline seen in the March quarter. Both exports and imports climbed by 1.4 percent and 1.7 percent, respectively.

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