The Japanese economy grew at a much faster rate than expected, as an increase in exports offset weaker-than-expected results for both corporate investment spending and private consumption.
Data from the Cabinet Office showed on Tuesday that the gross domestic product achieved a growth rate of 6% year-on-year in the second quarter, recording the strongest growth since the last quarter of 2020.
The growth rate exceeded economists ‘ forecasts of 2.9%. Net exports contributed 1.8 percentage points to the growth rate, against unanimous estimates of 0.9 points.
The economy grew to 560.7 trillion yen (3.85 trillion dollars), an all-time high, surpassing the pre-pandemic peak.
The growth rate came in line with the view of the “International Monetary Fund”, which recently raised the forecast for the growth of Japan’s economy to 1.4% in 2023.
However, the strong result was accompanied by caveats, as a significant part of the growth came from external demand.
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