(Cabinet Office) The gross domestic product of Japan exceeded a market expectation of 0.2% growth in posting a quarter over quarter expansion of 0.3%.
On an annualized basis, Japan’s economy grew by 1.3% in the April-June quarter.
Nominal GDP rose by 0.1% from the previous quarter, up from an expected 0.3% contraction.
Private consumption increased by 0.8% from the previous quarter, compared to a zero-growth expectation by analysts.
Capital expenditure increased by 1.7%, compared to a fall of 1.3% in the previous quarter.
Exports surged by 2.9% from the first quarter, boosted by global recoveries from the pandemic.
Japan’s annual GDP growth still lagged those of advanced economies, with the US posting a growth of 6.5% in the second quarter.
Japan’s lower growth compared to peers reflects Tokyo’s continued struggle to contain the spike in Covid-19 cases.
USDJPY is down -0.21%, Nikkei 225 is down -1.62%.
