By Anadolu Agency
September 8, 2023 8:47 amANKARA
Japan’s second quarter gross domestic product (GDP) grew less than initially estimated as business and consumer spending slowed, according to data released Friday.
Japan’s economy grew 4.8% year-on-year in April-June, down from a preliminary estimate of 6%, according to the Cabinet Office figures.
The quarter-on-quarter GDP growth was also revised downwards to 1.2%, compared to the 1.5% in the initial estimates.
While private spending fell 0.6%, government consumption was flat compared to the previous quarter.
In 2022, the world’s third-largest economy grew 1.1%, after expanding 2.1% in 2021.
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