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Economy

Japan logs 4.0% GDP growth for April-June quarter

Increased domestic demand helps beat expectations, boost figures

TOKYO -- Japan's real gross domestic product for the April-June quarter increased 1.0% from the previous quarter in seasonally adjusted terms, according to preliminary numbers released by the Cabinet Office on Monday. The figure translates into annualized growth of 4.0%. 

Japan's GDP increased for the sixth straight quarter. The latest figure beats economists' expectations of 2.4%, as compiled by QUICK.

According to the Cabinet Office, the main driver for the latest growth was domestic demand, which increased 1.3% from the previous quarter. Private consumption rose 0.9%, private residential investment jumped 1.5% and private non-residential investment climbed 2.4%.

Public demand, also an element of domestic demand, increased 1.3%.

As for foreign demand, exports of goods and services decreased 0.5%, while imports increased 1.4%. This pushed the quarterly figure down 0.3 points. 

In nominal terms, April-June GDP rose 1.1% from the previous quarter, or annualized growth of 4.6%.

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