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Japan's economy expands annualized 3.1 pct in Q2

TOKYO
2024-08-15 10:54

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TOKYO, Aug. 15 (Xinhua) -- Japan's economy expanded at an annualized 3.1 percent in the April-June quarter of 2024, the government said in a report on Thursday.

This marked a rebound from the annualized real 2.3-percent contraction in the January-March period.

In terms of real gross domestic product (GDP), meaning the total value of goods and services produced in the country adjusted for inflation, the economy grew 0.8 percent from the previous quarter, the preliminary report of the Cabinet Office showed.

On a nominal basis, Japan's GDP totaled 607.90 trillion yen (4.12 trillion U.S. dollars) amid a weakening yen, topping the 600-trillion-yen target proposed by former Prime Minister Shinzo Abe.

According to the office, the easing of the impacts of the auto scandal supported both domestic demand and exports during the reporting period, although soaring prices have weighed heavily on consumers.

Capital investment saw the first rise in two quarters by rising 0.9 percent, while private consumption, which accounts for more than half of GDP, increased 1.0 percent after four straight quarters of decline.

Nominal GDP increased 1.8 percent, or at an annualized rate of 7.4 percent, the preliminary data showed.
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