Japan’s economy grew an annualised 2.7% in the first quarter, much higher than the initial estimate for a 1.6% expansion, revised government data showed on Thursday, driven by robust business spending.
The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists’ median forecast for a 1.9% gain in a poll.
On a quarter-on-quarter basis, GDP advanced 0.7% in January-March, versus the initial 0.4% reading and a median forecast for a 0.5% rise.