Japan Economic Growth Revised Down as Firms, Consumers Cut Back
- Smaller 2Q GDP expansion of 4.8% reliant on external demand
- Kishida mulls more economic measures for households, companies
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Japan’s economy expanded at a slower pace than initially estimated as businesses and consumers spent less, an outcome that points to the fragility of the growth achieved last quarter as Prime Minister Fumio Kishida mulls further support measures.
Gross domestic product grew at an annualized 4.8% from the previous three months with the expansion almost entirely reliant on overseas demand, revised figures from the Cabinet Office showed Friday. That was a smaller gain than the preliminary reading of 6% and came in well below economists’ forecast of 5.6%.