Japan’s Second-Quarter Economic Growth Adjusted to 1.9%

Source: Cabinet Office

Japan’s economic growth in the second quarter was revised upward to 1.9% from the earlier announced 1.3%, cementing the country’s rebound from the COVID-19 pandemic. EWJ is up 0.15% premarket.

• Quarter-on-quarter growth was also revised higher to 0.5% from 0.3%.
• Domestic demand was adjusted higher to 0.8% from 0.6%, reflecting the higher public demand growth which was raised to 0.7% from 0.1%.
• Upward revisions were seen in government consumption and gross fixed capital formation, while public investment was revised lower.
• Private demand growth was also lowered to 0.8% from 0.9%, as private inventories fell deeper than earlier announced.
• The latest readings compare with a 1.6% annual growth median forecast of economists and 0.4% quarter-on-quarter growth expectation.