Japan Q1 GDP revised up to 2.7 pct growth

TOKYO, June 8 (KUNA) -- Japan's economy in the January-March period grew faster than initially estimated, thanks to stronger corporate spending, the government said Thursday.

The world's number three economy's gross domestic product (GDP) expanded at an annual 2.7 percent pace in the first quarter, an upgrade from the preliminary figure of 1.6 percent growth released last month, according to the Cabinet Office.
As the GDP in October-December of 2022 also upgraded to 0. 1 percent growth, Thursday's data confirmed the second straight quarter of expansion.
On a quarterly basis, GDP rose 0.7 percent in the three months ended March 31 from the previous quarter, compared to an initial reading of 0.4 percent expansion.
Corporate capital spending, a key pillar of domestic demand, revised up 1.4 percent from 0.9 percent. GDP is the total value of goods and services produced domestically. (end) mk.lr.