Japan GDP Surges 1.0% In Q2

People walk on a street at Tokyo's Ginza shopping district

People walk on a street at Tokyo's Ginza shopping district

Measured in inflation-adjusted gross domestic product, the country's growth accelerated from a revised 1.5 percent in the preceding quarter to the fastest pace since the first three months of 2015.

That beat forecasts for a gain of 0.6 percent following the upwardly revised 0.4 percent increase in the three months prior (originally -0.3 percent).

The April-June economic expansion comes on the heels of a 1.5-percent annualized rate of expansion in the previous quarter, the Cabinet Office data showed and on a quarter-on-quarter basis, GDP rose 1 percent.

According to the Cabinet Office, the main driver for the latest growth was domestic demand, which increased 1.3% from the previous quarter.

The GDP deflator was down 0.4% on year, beating expectations for a fall of 0.5% after sliding 0.8% in Q1.

Exports slipped 0.5 percent, down for the first time in four quarters while imports rose 1.4 percent.

Private consumption, accounting for almost 60 percent of GDP, gained 0.9 percent, extending its growth streak to six quarters, buoyed by brisk sales of durable goods such as cars and air conditioners. This pushed the quarterly figure down 0.3 points.

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