Bloomberg
Published Sep 07, 2021 08:02PM ET
Updated Sep 07, 2021 08:45PM ET
Japan’s Economic Growth for Last Quarter Revised Up to 1.9%
(Bloomberg) -- Japan’s economy was expanding at a faster pace than initially estimated last quarter ahead of a record surge in virus cases that contributed to Prime Minister Yoshihide Suga’s decision to step down.
Gross domestic product grew at an annualized pace of 1.9% in the three months to June, buoyed by companies’ capital spending, extra government spending and stronger private consumption, according to a revised report by the Cabinet Office on Wednesday.
Economists had expected growth of 1.6% compared with an initial government estimate of 1.3%.
The heftier spending by businesses suggests the corporate world is already looking at growth beyond the pandemic.
Still, the subsequent surge in cases during Japan’s Olympic summer is likely to have had a bigger impact on spending by firms and shoppers this quarter. It remains unclear who will replace Suga, but economists expect the new premier will unveil a stimulus package to shore up the recovery as the nation heads into a general election this autumn.
Key Insights
What Bloomberg Economics Says...
“The delta variant outbreak is increasing downside risks -- boosting the likelihood of another large dose of fiscal stimulus.”
--Yuki Masujima, economist
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Written By: Bloomberg
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