Japan’s Economy Grows Faster Than Estimated Amid Election Talk
- Business spending grew more than expected in first quarter
- Speculation swirls over whether Kishida will call early poll
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Japan’s economy expanded at a faster pace than initially estimated as businesses ramped up spending, a largely positive development for Prime Minister Fumio Kishida amid ongoing speculation he may call an early election.
Gross domestic product grew at an annualized 2.7% in the first quarter from the previous three months, revised figures from the Cabinet Office showed Thursday. That beat both an initial reading of 1.6% and the 1.9% expansion forecast by economists. The revised data also showed that Japan avoided a technical recession at the end of last year.