Japan's GDP Growth Revised Up in Q1

Japan's economy grew 1.2%, more than the initial estimate of 1% in the first three months of the year from the preceding quarter, indicating that the country is slowly regaining the growth momentum.
TradingEconomics.com, The Cabinet Office 6/11/2012 11:35:53 AM

The upward revision was mainly because the rate of decline in capital investment was revised from minus 3.9 percent to minus 2.1 percent based on results of the Finance Ministry's Financial Statements Statistics of Corporations by Industry in the fourth quarter.

Private consumption, which accounts for about 60% of GDP, was revised up to a growth of 1.2% from the previous quarter, compared with the initial estimate of a 1.1% gain.

The rate of increase in exports was revised upward to 3 percent from 2.9 percent in the interim report.

Reflecting price fluctuations, the growth of nominal GDP, which more closely reflects consumer sentiment, was revised upward to 1.2 percent, or an annualized 4.9 percent, from 1 percent, or an annualized 4.1 percent, in the interim report.

Revised government figures released Friday showed that the nation's gross domestic product grew a price-adjusted 4.7% in annualized terms during the first quarter. That compares with an initial reading of a 4.1% expansion released last month.