Financial News: Japan GDP Growth Revised Up To 1.4%

Japan GDP Growth Revised Up To 1.4%

(RTTNews) - Japan's economy expanded more than initially estimated in the second quarter largely due to the upward revision to business investment, second estimate from the Cabinet Office showed Tuesday.

Gross domestic product grew 1.4 percent on an annualized basis in the second quarter, which was revised up from the preliminary estimate of 1.1 percent.

On a quarterly basis, the economy expanded 0.4 percent, slightly faster than the initial estimate of 0.3 percent.

Data showed that business investment dropped 0.9 percent, better than the estimate of 1.2 percent decrease. Housing investment was down 0.6 percent and public investment decreased 0.5 percent.

Consumer spending, which accounts for more than half of Japan's economy, remained flat in the second quarter, as initially estimated. Meanwhile, government spending growth was revised to 1.7 percent from 1.6 percent.

Exports of goods and services were up 0.4 percent, while imports of goods and services decreased 1.7 percent. Net exports and imports contributed 0.5 percentage points to GDP growth in the second quarter, in line with previous estimate, data showed.

Another report from the Ministry of Health, Labour and Welfare showed that total cash earnings increased at a faster pace of 4.7 percent in July, following June's 4.0 percent increase.

Real wages advanced 2.4 percent in July, marking the seventh consecutive growth.

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