Japan sees better GDP growth in Q2
Japan’s economy was seen to expand more than previously reported in the second quarter due to higher business expenditure, according to a Reuters poll. However, a new surge in coronavirus cases is expected to slow growth in the future.
The country’s gross domestic product (GDP) was projected to have a revision of an annualised 1.6% growth in April-June period. This was higher than the initial figure of a 1.3% expansion.
A foreseen 2.0% increase in capital spending contributed to GDP’s upward revision. It was initially projected to have a lower 1.7% gain in the same period.
Household spending was expected to rise 2.9% year-on-year in July, a better reading than a 5.1% drop in June. The poll of 19 economists also showed a seasonally adjusted 1.1% increase in July from the previous month.
The government is set to report the revised second-quarter GDP data on Sept. 8 (2350 GMT on Sept 7) and household spending data on Sept. 7 (2330 GMT, Sept. 6).