Japan's GDP Expands In Q2 After Covid Curbs Lifted
Sumaira FH Published August 15, 2022 | 08:20 AM
Tokyo, (UrduPoint / Pakistan Point News - 15th Aug, 2022 ) :Japan's economy expanded in the three months to June, official data showed Monday, after the government lifted Covid-19 curbs on businesses.
The world's third-largest economy grew 0.5 percent quarter-on-quarter due to stronger consumption and capital investment.
1 percent compared with the 0.3 percent registered in the January-March quarter, according to the data released by the Cabinet Office.
Capital spending expanded 1.4 percent, compared with a 0.3 percent contraction in the previous quarter.
"After the government lifted a quasi-state of emergency in late March, consumption of services showed a relatively strong rebound, while capital investment returned to growth after staying low for a while," BNP Paribas said in a note issued before the GDP data release.
Mitsubishi UFJ Research and Consulting also noted that "as the spread of the Omicron variant subsided, private consumption steadily increased, especially in-person services, and lifted the overall economy."