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Economy

Japan GDP rebounds in Q2 with 1.3% annualized growth

First uptick in 2 quarters beats forecasts despite COVID state of emergency

The upswing was weaker than other advanced economies, highlighting Tokyo's struggle in containing the pandemic.   © Reuters

TOKYO -- Japan's economy grew 0.3% in April-June from the previous quarter, equal to an annualized pace of 1.3%, the Cabinet Office announced on Monday, as corporate capital spending turned positive despite consumer spending that remained sluggish amid COVID-19.

The first turnaround in two quarters was bigger than an annualized increase of 0.66% that economists had expected. Most of the period between April and June coincided with a state of emergency in Tokyo, Osaka and other areas, when measures such as curbing outings, shortening restaurant hours, and closing large commercial facilities were implemented.

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