Japan's 1st quarter GDP growth revised upwards

ANKARA

Japan's gross domestic product growth for the first quarter was revised upwards compared to the flash reading, the official data revealed on Thursday.

The Japanese economy grew 2.7% year-on-year in January-March, faster than the initial estimate of 1.6% thanks to accelerated business spending.

On a quarterly basis, the world's third largest economy grew 0.7% in January-March, up from the flash reading of 0.4% released in May, according to the Cabinet Office figures.

Capital expenditure was revised up to 1.4% in the three months to March, up from the government's initial estimate of 0.9%.

Government spending ticked up 0.1% in the first quarter from the previous three months while it was expected to be flat.

Private demand and domestic demand grew 1.2% and 1%, respectively, in the first quarter of 2023.

Private consumption posted the highest increase with 0.5% in the last three quarters boosted by lifting of COVID-19 restrictions.