Japan's economy grows slower than expected in 2nd quarter

By Tuba Ongun

Japan's second quarter gross domestic product (GDP) grew less than initially estimated as business and consumer spending slowed, according to data released Friday.

Japan's economy grew 4.8% year-on-year in April-June, down from a preliminary estimate of 6%, according to the Cabinet Office figures.

The quarter-on-quarter GDP growth was also revised downwards to 1.2%, compared to the 1.5% in the initial estimates.

While private spending fell 0.6%, government consumption was flat compared to the previous quarter.

In 2022, the world's third-largest economy grew 1.1%, after expanding 2.1% in 2021.