(Corrected to reflect revised data for the last two quarters of 2022 in the 4th paragraph)
TOKYO (Reuters) – Japan’s economy grew faster than estimated in the first quarter, revised government data released on Thursday showed, as the post-COVID recovery helped offset slowing global demand.
The gross domestic product (GDP) of the world’s third-largest economy rose 2.7% year on year in the first quarter, above the first estimate published last month, which gave growth of 1.6%.
Analysts polled by Reuters had expected a 1.9% rise.
The growth comes after growth of 0.4% in October-December and a contraction of 1.5% in July-September, according to the revised data.
Figures released last month showed two consecutive quarters of decline in economic activity.
Capital expenditure increased by 1.4% in the first quarter, against 0.9% in the first estimate.
Private consumption, which accounts for more than half of Japan’s GDP, increased by 0.5%, below the first estimate of 0.6%.
Domestic demand contributed 1.0 percentage point to GDP growth in the first quarter, higher than the estimate released last month.
Net exports subtracted 0.3 percentage point from growth, a figure in line with estimates.
(Report Kantaro Komiya; Camille Raynaud)
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