Japan upgrades Q4 GDP growth to annualized 1.3 percent
Japan upgraded its fourth-quarter GDP growth to an annualized 1.3 percent on Tuesday. The revision follows stronger private consumption and business spending.
The economy of Japan expanded at a significantly faster rate than initially estimated during the final quarter of last year, according to revised government data released on Tuesday. The Cabinet Office reported that the nation's gross domestic product (GDP) grew at an annualized rate of 1.3% in the October-December period, a sharp upgrade from the preliminary figure of 0.2% and slightly above the median market forecast of 1.2%.
On a quarter-on-quarter basis, the economy grew by 0.3%, matching economist expectations and improving upon the initial reading of 0.1%. This upward revision was largely supported by stronger domestic activity, with private consumption—which accounts for more than half of the economy—rising 0.3% compared to the 0.1% uptick originally reported.
